575-579 Racquet Way

11-16-2021
11-16-2021

575-579 Racquet Way, Diamond Springs, CA 95619

•    Existing Apartment Units With Development Site
•    100% 2-bedroom/2-bathroom units
•    4.51 Acre lot
•    Brand New Construction
•    Dual Pane Windows Throughout
•    Garden Style Apartments
•    Pitched Roofs
•    Stabilized asset with upside potential

Property Description

Colliers International is pleased to present 575-579 Racquet Way, Diamond Springs, CA.  The offering is a unique opportunity to purchase a newly constructed 12-unit apartment building with entitlements for an additional 24-units to be constructed immediately after close of escrow.  This Shovel ready project includes 4.51 Acres of land with three separate fourplexes constructed in 2021 and entitlements / drawings for an additional 6 identical fourplexes to be built out by the next owner.

The existing buildings are two-story newly constructed garden-style apartments.  Each unit is almost identical with granite counter tops, beautiful brand-new wood cabinets, vinyl plank flooring and stainless steel appliances. Amenities include parking, onsite laundry facilities, large open landscape and patios / balconies for all the residents to enjoy. Each building is constructed with a pitched roof, stucco exterior and dual pane windows.  The unit mix is 100% 2-bedroom/2-bathroom units.

A new owner will benefit from completing the remaining units and increases the max potential rent for each lease. This property has an affordable housing component to it with El Dorado County so please ask listing agent for the rent structure. There is high demand for luxury living in El Dorado County since working professionals are desperately seeking a more modern way of living in a marketplace that has limited new housing available to purchase or rent. This demand, combined with ongoing population and job growth in Sacramento and its outlying areas, will benefit the new owner in the long- and short-term ownership of this amazing investment property.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
2bed/2bath 1 968 $ 1,290
2bed/2bath 5 968 $ 1,470
2bed/2bath 6 968 $ 1,590

Key Property Information

Listing Status
Available
Multifamily type
Garden Style
Price
$ 4,635,000
No. of Units
12
Cap Rate
2.72%
GRM / GIM
21.25
Year Built
2021
Building Size
11,616 Sq ft
No. of Stories
2
APN
051-461-067
Zoning Code
MFR
Opportunity Zone
Off
Price per unit
$ 386,250
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