For Sale: $11,995,000
Current CAP Rate 5.73% | CoC 5 Yr Avg. 6.18%
Showing Schedule:
By Appointment Only
Investment Overview
Hollister Hacienda offers investors a unique opportunity to acquire an extensively renovated, well-performing apartment complex strategically located in close proximity to Silicon Valley. With San Jose just a 35-45 minute commute, residents take advantage of the fact that housing costs in Hollister are approximately 40-45% less than Santa Clara County. Hollister is a perennially tight housing market, and there are no market-rate multifamily projects slated for development in the city of Hollister, as the vast majority of new product are for-sale single-family homes.
The complex has undergone significant improvements to the exterior and all 43-unit interiors (see capital improvements section), resulting in low maintenance costs and an enhanced living experience for tenants. Very few other complexes in Hollister offer the same large unit square footage, spacious low-density footprint, favorable on-site parking ratio, and a mix of complementary amenities.
Realistic upside in income potential exists for future ownership: 1) rents across the board have room for increases 2) newly passed statewide ADU law may allow the development of up to 10 ADUs (buyer to verify) 3) upside in utility billing and submetering income 4) upside in ancillary income can be realized through parking fees, storage fees 5) rent growth over time with Hollister’s population projected to grow 27% by 2040.
Property Highlights
★ Investment Opportunity with all units
extensively renovated from 2023-2024
The exterior has undergone a significant renovation
Additional upside can be realized with rent
increases, building up to 10 ADUs, implementation of RUBS, parking income & storage income
★ New Plumbing Through All Units
★ Favorable agency debt quote 5.5% 5-year fixed
Delta for renting versus owning is
$2000+/month
Close proximity to Bay Area (45 min drive to
San Jose)
Amenities include: on-site laundry facility, gated community, playground, shaded BBQ and common area, private patios/balconies, plentiful parking & storage
Principal, Broker
Joe Budka
D: 831-275-5322
E: joe@redwoodpropertyco.com
DRE#01913402; DRE#02166543
Principal
Alex Budka
D: 831-275-5321
E: alex@redwoodpropertyco.com
DRE#01913403
