316 1St StGrass Valley, CA 95945

Property Details for 316 1St St

Year built

1989

Lot size

0.24 AC

Property type

Apartment buildings

Description

This exceptional three-unit apartment building presents a compelling investment opportunity in the heart of Grass Valley, California. Located just blocks from the historic downtown area, this property boasts a strong 7.68% cap rate and a healthy net operating income (NOI) of $42,161. Built in 1989 and extensively renovated in 2015, the building comprises one two-story structure on a 0.24-acre lot. The property features three separate entrances, providing convenience and privacy for tenants. Unit configurations include one spacious two-bedroom, one-bathroom unit upstairs with a private deck, and two one-bedroom units downstairs. A large fenced yard offers ample outdoor space, while ample off-street parking caters to tenant needs. The building is equipped with solar panels, contributing to lower electricity costs and reduced maintenance expenses. Its prime location offers easy access to shopping, schools, and public transportation. The property also includes 1,895 square feet of air rights, presenting potential for future expansion. The asking price is $549,000, making this a highly attractive investment in a desirable California location. APN: 08-326-07-000.

Location Insight

City

Grass Valley

County

Nevada

State

California

Latitude

39.2209

Longitude

-121.057

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