Centrally located apartment community which features large single level two- and three-bedroom floor plans. The property is comprised of eight three-bedroom/two-bathroom units, which are approximately 1,150 square feet and two two-bedroom/one-bathroom units, which are approximately 1,050 square feet. The property sits on a large lot which is slightly less than an acre of land, and features stucco exteriors, dual-pane windows and two-car garages. Unit amenities include hardwood floors, washer and dryer hookups, dishwashers, disposals, patios, and central heat and air.
The property is surrounded by single-family homes which average $400,000 and above for a starter three-bedroom/two-bathroom home. With the recent expansion of the 580 Freeway and the connection of the ACE Train to BART, Tracy has become an extremely desirable bedroom community for employers and residents connected to the San Francisco Bay Area. The commute to the greater East Bay and downtown Oakland employment centers is only 54 miles, and thus occupancy rates in the Tracy Market have averaged nearly 96% for five years running and counting. Consequently, apartment rentals in Tracy have enjoyed double-digit rent increases year over year since the beginning of 2014, and there is continued pressure on rents from employers like Amazon, which has a 1.2 million square feet fulfillment center located in Tracy. All of these factors coupled with the lack of new rental housing construction will continue to drive rents upward into the foreseeable future.
***CAP RATE IS PRO FORMA
Get more information: T 415.885.9090
Listing # 14401559