Description
96 Units Fully Entitled and Permitted, Shovel Ready. The Gabilan Apartment Homes will provide high quality rental residences to the Soledad rental market. Demand for quality housing in the Salinas Valley continues to outpace the supply of new housing built. Quality rental housing is in great demand. Soledad residences are mainly employed by the agriculture industry and the California State Correctional Facility in Soledad that employs over 1,000 employees with many high paying salaries. The Gabilan Apartments are centrally located in the City of Soledad in an upscale single family neighborhood. The site is located on the south side of Gabilan Drive between Orchard Lane and Granada Street. The project is fully entitled and permitted with a total project cost estimated at $27,250,000 or $283,000/unit. The stabilized NOI is approximately $1.8M providing a yield on cost of approximately 6.6%. Upon stabilization, we expect the property to be worth over $38.0M.
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4.61ACRES
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01/2 BATHS
School Ratings & Info
Description
96 Units Fully Entitled and Permitted, Shovel Ready. The Gabilan Apartment Homes will provide high quality rental residences to the Soledad rental market. Demand for quality housing in the Salinas Valley continues to outpace the supply of new housing built. Quality rental housing is in great demand. Soledad residences are mainly employed by the agriculture industry and the California State Correctional Facility in Soledad that employs over 1,000 employees with many high paying salaries. The Gabilan Apartments are centrally located in the City of Soledad in an upscale single family neighborhood. The site is located on the south side of Gabilan Drive between Orchard Lane and Granada Street. The project is fully entitled and permitted with a total project cost estimated at $27,250,000 or $283,000/unit. The stabilized NOI is approximately $1.8M providing a yield on cost of approximately 6.6%. Upon stabilization, we expect the property to be worth over $38.0M.
Based on information from California Regional Multiple Listing Service, Inc. as of 2021-02-26T09:26:06.467. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Twiss Realty. Licensed in the State of California, USA.