$3,900,000

598 N. Walton Ave in Yuba City, also known as the Summerfield Apartments, is a value-add multifamily property featuring 26 residential units, including 24 one bedroom and one-bathroom units and two studio units across two floors. The building measures 15,087 square feet resulting in an average unit size of 580 square feet. The Property is a classic value-add'' investment opportunity with below market rents. 13 of the 26 units are leased at an average rent of $730 per month while the other 13 units, which have been leased within the last three years, are leased at an average rent of $1,300 per month; therefore, half of the building is leased at approximately 55% of the current market rent. Almost all the units at the Property have been renovated or updated to some degree in the last decade including new LVP flooring or carpet, updated bathrooms and kitchens, and new interior paint and lighting. All units are serviced by an individual package HVAC unit and have use of a shared laundry room on the ground floor. The Property features a large on-site parking lot with 30 total stalls including a covered stall dedicated to each unit. SB721 clearance completed by the close of escrow. The property is prominently located the corner of N. Walton and Bridge Street, just minutes from Highway 99 and nearby amenities. The property is offered at $3,900,000 or $150,000 per unit.