$5,925,000
$6,120,000
3.2%For more information regarding the value of a property, please contact us for a free consultation.
1.63 Acres Lot
SOLD DATE : 11/27/2023
Key Details
Sold Price $5,925,000
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 223093447
Sold Date 11/27/23
HOA Y/N No
Originating Board MLS Metrolist
Year Built 1965
Lot Size 1.630 Acres
Acres 1.63
Property Description
We are pleased to present the La Espana Apartments, a thirty-one (31) unit apartment complex located at 350 S. Ham Lane in Lodi, California. The property provides an investor a unique opportunity to own an apartment complex in a high barrier to entry market, with below market rents, and a clear path to a higher return through loss to lease recovery. Built in 1965, the apartment complex is comprised of three (3), two-bedroom / two-bathroom units that are each approximately 1,200 SF, and twenty-eight (28), two-bedroom / one-bathroom units, each approximately 940 SF. Downstairs units have large, outdoor patios and five of the units feature vaulted ceilings. The apartment grounds offer residents secured assigned parking, professionally maintained grounds with large, landscaped community areas, storage, and two on-site laundry rooms. In addition to the amenities listed above, a new owner may increase revenue by instituting a utility reimbursement and fee program for storage and excess parking. Seller financing available.
Location
State CA
County San Joaquin
Area 20901
Direction Take exit 264B on HWY 99 and head West on Kettleman Lane (HWY 12). Turn right on Ham Lane and head north until you reach the property. The property will be on your right.
Interior
Heating Central
Cooling Ceiling Fan(s), Central
Flooring Carpet, Vinyl
Appliance Gas Water Heater, Dishwasher, Free Standing Electric Oven
Laundry In Common Area
Exterior
Parking Features Carport, Covered
Utilities Available Cable Available, Natural Gas Connected, Electric, Internet Available
Water Access Desc Meter on Site
Total Parking Spaces 36
Building
Lot Description Garden
Story 2
Foundation Slab
Sewer See Remarks
Water Meter on Site
Schools
Elementary Schools Lodi Unified
Middle Schools Lodi Unified
High Schools Lodi Unified
School District San Joaquin
Others
Senior Community No
Tax ID 033-080-05
Special Listing Condition None
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Bought with Colliers Parrish Intenational Inc.