3100 Truax Court is an excellent opportunity to acquire a well-kept 24-unit secured & gated apartment complex in the thriving submarket of Arden-Arcade in Sacramento, CA. The subject property provides nearly 19,026 square feet of rentable living space tucked onto a 0.79 acre lot. The apartment complex consists of six fourplexes, built in 1961, that have been consistently maintained both on the exterior and interior. More than half of the interiors have been remodeled with fresh new white cabinets, granite countertops, Lamton laminate flooring, and dual-pane windows that provide a finished look while helping to reduce the residents’ utility costs. Each unit features 2-bedroom/1-bath-room, 700 square feet spacious floor plans with wall heat and air conditioners. Each unit is metered separately for gas and electricity which is paid by the resident, while the owner pays for sewer, water, garbage, and common area lighting costs. A portion of these costs could be billed to the residents through a Ratio Utility Billing System (RUBS) which is becoming more common in California. These charges can range from $25 to $75 per unit in addition to the residents’ standard monthly rental payment.
The subject property has unassigned parking surrounding the six buildings, an on-site laundry facility that generates some additional income for the owner, and a sparkling gated pool on-site for the tenants to enjoy. The open space and nicely groomed landscape makes this complex attractive to families and/or roommates living at the property. Due to the access of existing businesses and opportunities in the surrounding region, residents will migrate to this corridor for convenience and affordability. The area continues to attract a wide range of national, regional, and local employers because of the proximity to major highways and the liveliness of the area. As residents are priced out of the single family housing market, many residents in the community are realizing without significant wage growth they will be long term renters. Additionally, average rents in Sacramento increased by more than 10% in the past year and many landlords have not kept pace with these rising rents. This is the case at Truax Court Apartments where a new owner will want to focus on raising rents to the current market level to maximize the income and cash flow of the property.
Representation – Buyer