I am pleased to offer for sale an eight-unit apartment community located at 5801 Packard Street. The offering represents an excellent buying opportunity to acquire a stabilized asset with remaining value-add potential. Situated on a 7,239 square foot parcel, the property comprises of four one-bedroom units, three two-bedroom units, and one three-bedroom unit (The three-bedroom unit is currently a two-bedroom den with potential to convert to a three-bedroom). Current ownership has extensively renovated three of the eight units at the property including adding stainless steel appliances, new cabinetry, new flooring, quartzite counter-tops, new ceiling fans, and upgraded lighting and is achieving premiums over the average in-place rents: $924 for one-bedroom units and $721 for two bedroom units. Additionally, current ownership has already completed the seismic retrofit work.
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