$1,200,000
Blundenhouse Apartments is in Fair Oaks, California, a suburb east of Sacramento, known as a desirable bedroom community with highly rated schools. The property features eight apartment units featuring studio, one bedroom, and two bedrooms floorplans. Originally Built in 1950, Blundenhouse was built in Fair Oaks historic downtown district, which is home to numerous restaurants, boutique shops, and Village Park. Residents enjoy being walking distance to the Downtown amenities and the American River Parkway / Jedidiah Smith Bike Trail. Five of the Eight Units are in the central building of the property that was originally built as a single family home in the 1950's. In approximately 1990, the building was permitted to separate the building into five apartment units and added three more units elsewhere on the grounds. Because of the different construction phases and peculiar ways the units were created, no floorplan is the same and vary greatly in square footage. Adding to the property's unique nature, the property has a pool and a very large sundeck for residents to enjoy, a very rare amenity for a property of its size. Existing rents are approximately 17% under market, allowing the next savvy investor to maximize property value through more aggressive management and the proven renovation model. Between the charm of the property itself, the immediate surrounding area, and robust submarket fundamentals, Blundenhouse is poised for continued rent growth and upward trajectory.
5,209
SqFt.
⋅
226045511
MLS
4224 Crestline, Fair Oaks
Listing courtesy of Marcus & Millichap Real Estate.
