2711 I Street, Sacramento, CA 95816, Sacramento, 95816 - bed, bath
ACTIVE$1,600,000
2711 I Street, Sacramento, CA 95816
0Bed
0Bath
3,852Sqft
6,534Lot
Year Built
1920
Close
-
List price
$1.6M
Original List price
-
Price/Sqft
$415
HOA
$0
Days on market
-
Sold On
-
MLS number
NDP2408879
Home ConditionGood
Features
Deck
Patio
View-
About this home
We found 4 Cons,5 Pros. Rank: price - $1.60M(89th), sqft - 3852(89th), beds - undefined(11th), baths - undefined(11th).
Exceptional Midtown Sacramento Investment Opportunity. Annual Income $114,400; Cap Rate 4.2%, GRM 7.2. A 5-unit complex in a highly sought-after area - Midtown Sacramento. This landmark property is in central location, away from freeway noise and overpass traffic. Along with leased five 1 bed/1 bath units the property has a converted 3-car garage storage/studio spaces, potential opportunity for extra income. Exterior recently painted and units updated dual pane windows, tankless water heaters, new fixtures and paint. Beautiful fountain in front and serene pond in back. Very maintained property, prior owner was on site landlord. A must see.
Nearby schools
6/10
David Lubin Elementary School
Public,•K-6•0.7mi
/10
Washington Elementary School
Public,•K-6•0.8mi
7/10
Theodore Judah Elementary School
Public,•K-6•1.0mi
6/10
William Land Elementary School
Public,•K-6•1.6mi
3/10
Woodlake Elementary School
Public,•K-6•2.1mi
8/10
Caleb Greenwood Elementary School
Public,•K-6•2.1mi
7/10
Sutter Middle School
Public,•7-8•0.3mi
3/10
Rio Tierra Junior High School
Public,•6-8•3.5mi
5/10
C. K. Mcclatchy High School
Public,•9-12•2.2mi
2/10
Hiram W. Johnson High School
Public,•9-12•3.5mi
4/10
Grant Union High School
Public,•9-12•4.6mi
6/10
Rosemont High School
Public,•9-12•7.3mi
Price History
Date
Event
Price
09/19/24
Price Change
$1,600,000
Condition Rating
Good
Despite being built in 1920, the property has undergone significant recent updates, including exterior paint, dual-pane windows, tankless water heaters, new fixtures, and paint throughout the units. Images show well-maintained interiors with hardwood floors, and at least one kitchen (Unit B) appears modern with updated appliances and cabinetry. While some elements like the common area carpet and Unit C's kitchen show an older style, the overall condition is move-in ready with no immediate major renovations required, aligning with a 'Good' rating due to extensive recent renovations.
Pros & Cons
Pros
Prime Investment Opportunity: Explicitly marketed as an 'Exceptional Midtown Sacramento Investment Opportunity' with clear financial metrics: Annual Income $114,400, Cap Rate 4.2%, and GRM 7.2, indicating a performing asset.
Highly Desirable Location: Situated in a 'highly sought-after area - Midtown Sacramento' and a 'central location, away from freeway noise and overpass traffic,' enhancing tenant appeal and potential for appreciation.
Multi-Unit with Income Upside: A 5-unit complex offering consistent rental income, complemented by converted 3-car garage storage/studio spaces that present a 'potential opportunity for extra income' beyond current figures.
Recent Upgrades & Good Maintenance: The property benefits from recent updates including exterior paint, dual pane windows, tankless water heaters, new fixtures, and paint, suggesting reduced immediate capital expenditures for a new owner. It's also described as 'very maintained' by a prior on-site landlord.
Aesthetic Appeal & Tenant Amenities: Features like a 'beautiful fountain in front and serene pond in back' enhance the property's curb appeal and provide attractive amenities for tenants, potentially supporting higher rental rates.
Cons
MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 3852, other record living area = 3502.
Property Age: Built in 1920, the property is over a century old. Despite recent updates, older buildings can incur higher long-term maintenance costs and may have hidden structural or system issues not immediately apparent.
Limited Unit Diversity: All five units are configured as 1 bedroom/1 bathroom. This limits the potential tenant demographic, primarily appealing to singles or couples, and may not cater to families or those seeking larger living spaces, potentially impacting long-term rental demand flexibility.
Unrealized Income Potential: The 'converted 3-car garage storage/studio spaces' are noted as a 'potential opportunity for extra income,' implying they are not currently generating revenue. Realizing this potential would require additional effort, investment, or permitting, and the current financial metrics do not reflect this future income.