For Sale: $5,250,000 | Current CAP Rate 5.00% | Pro Forma CAP Rate 6.82%
Showing Schedule:
By Appointment Only
Investment Overview
The Crossing at Dutton provides a unique opportunity to acquire a turn-key asset with EXTRA upside in income potential through lease rate increases and utility income (RUBS). Future ownership will benefit from limited deferred maintenance, as the property received major upgrades to the interiors (17 of 18 units fully remodeled) and exterior over the past 12 months. Dual pane windows, new decking and all roofs were replaced between 2008-2012. The tastefully landscaped grounds of the property provide a quaint, secluded place for tenants to call home. Tree-lined courtyards, balconies and patios all make for a private living experience. The complex is located in close proximity to major highways (HWY 12) and freeways (101), schools, employers, shopping, public transportation (bus stops and light rail), and bike paths (Joe Rodota Trail). Furthermore, The Crossing at Dutton rests in the middle of the beautiful Russian River Valley, a sought after destination for wine tasting, vacationing and so much more. The submarket in which The Crossing is located is rapidly gentrifying, with numerous development projects in the approval or construction phase. Notable developments within a .75 mile radius include the parcel next door being entitled for affordable multifamily housing, 129-unit mixed-use, transit oriented “The Cannery at Railroad Square” project, and the recently built 41-unit complex called Dutton Flats, among many others.
Property Highlights
Turn-Key Investment Opportunity with 17/18 units fully remodeled
Major Upgrades in the past 12 months:
Complete Interior Renovations
Plumbing Upgrades
Access Gate + Fencing
Exterior Paint
Asphalt
Landscaping
Exterior Lighting Upgrades
Upside may be realized leasing renewals and RUBS income
Unit Mix: (18) 2 bed, 1 bath units
100% Rent Collection Throughout Pandemic
All units have private backyards or balconies
2 Parking Spots/ unit (1 covered, 1 uncovered)
Principal, Broker
Joe Budka
D: 831-275-5322
E: joe@redwoodpropertyco.com
DRE#01913402; DRE#02166543
Managing Director
Nick Oliver
D: 831-275-5320
E: nick@redwoodpropertyco.com
DRE#02133612
Principal
Alex Budka
D: 831-275-5321
E: alex@redwoodpropertyco.com
DRE#01913403
