The Grove

06-27-2022
06-27-2022

560 Winchester St, Vallejo, CA 94590

  • Renovated Units – All 12 of the large 840 sqft 2-bedroom 1 bath units have been completely remodeled and include in-unit laundry
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  • Utility Reimbursement – Ownership has implemented a utility reimbursement system that bills the tenants for water, garbage and sewer usage
  • Late Vintage Property – Built in 1988 the Grove represents a very rare opportunity for an individual investor to purchase a late vintage property
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  • Convenient Location – located 2 minutes from I80 and 5 minutes from the ferry terminal tenants have multiple commuting options.

 

Property Description

Berger & Associates of NAI Northern California is proud to have been selected as the exclusive representative of The Grove, located at 560Winchester St, Vallejo. The Grove features twelve large 2-bedroom 1-bath units each 840 square feet all of which were extensively remodeled by the current ownership. The units are equipped with new appliances, including full sized washer and dryer, new shaker cabinetry, granite countertops, shower/tub surrounds, vanities, plumbing and light fixtures, vinyl plank flooring, and fresh paint. All of the units also include 1 covered assigned parking stall, enclosed private patio or balcony and storage closet.
Located in Southwest Vallejo The Grove fronts Sonoma Blvd (state Highway 29) and is within 2 minutes of I80 and 780 and 5 minutes from the Vallejo Ferry terminal providing tenants with excellent commuting options and connectivity to major employment centers. Vallejo is located in the northeast edge of the San Francisco Bay Area, 16 miles south of Napa, 30 miles north of Oakland and 32 miles northeast of San Francisco. Vallejo, like many other suburban Bay Area rental markets, has benefited from urban flight brought on by the COVID pandemic as renters leave core urban markets in search of more affordable housing. This has increased demand in the market yielding an impressive 8.2% year over year increase in asking rents while occupancy levels have maintained near 96% per CoStar. With no new apartment projects currently under construction new inventory will remain limited for the next few years. The city has experienced tremendous growth over the past 10 years with rents increasing 66% over that period.

Key Property Information

Listing Status
Available
Price
$ 3,100,000
No. of Units
12
Cap Rate
5.58%
Year Built
1970
Year Renovated
2020
Building Size
10,080 Sq ft
Lot Size
2613.6 acres
No. of Stories
6
Opportunity Zone
No
Price per unit
$ 258,333
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