Listing provided courtesy of Listing Broker: John Garrett, Marcus & Millichap
2378 Heidi Place is comprised of (1) two-bedroom, one-and-one-half bath townhome unit, and (4) two-bedroom, one-bath unit apartments in a single building situated at the end of a cul-de-sac that is comprised entirely of small multifamily properties. The property is in a very convenient rental location in northwest Santa Rosa, walking distance to Coddingtown Mall, home of Whole Foods, Target, and many other brand name shopping, dining, and entertainment options. The Children's Museum of Sonoma County is around the corner, and access to Hwy 101 is less than one mile away. The property presents an excellent investment opportunity as it provides stable in place income at a going-in Cap Rate of 5.13% plus an estimated 9% upside in rents, which once captured should deliver the investor an estimated 5.68% Cap Rate. With a 40% down payment, and attractive market rate financing of 3.35% for a 5-year fixed loan, an investor could achieve an estimated 6.27% cash-on-cash return at market rents.