Exceptional Santa Rosa Investment Opportunity

$6,300,000

2371 Corby Avenue, Santa Rosa

Presented by
Dimitri & Christos Rigopoulos
THE RIGOPOULOS GROUP
Real Estate Investments

6.5% Cap Rate | $2M+ in Capital Improvements

20-Unit Apartment Community

Welcome to The Continental Apartments of Santa Rosa. A compelling 20-unit apartment community offering a fully leased and attractive 6.5% current cap rate for the savvy investor, and potential for increased returns as operations stabilize. Situated on a level 54,695± square-foot site that is accessed by private road, this investment opportunity features two separate two-story buildings, a spacious central landscaped lawn, and two generously sized carport structures. The desirable unit mix includes 15 three-bedroom, one-bath residences and five two-bedroom, one-bath residences.
Recently enhanced with over $2 million in capital improvements from 2020-2021, including updated roofs, vinyl windows, electrical panels, updated appliances in every residence, Hardie plank siding on both buildings, along with numerous additional upgrades throughout. An on-site laundry facility provides added convenience for residents and an additional income stream for ownership. Individual water heaters and no swimming pool simplify maintenance

HIGHLIGHTS

Over $586k in current Gross Income

20-unit apartment community in Santa Rosa
Attractive 6.5% cap rate
Over $2 million in Capital Improvements
15 three-bedroom and 5 two-bedroom residences
Updated roof, vinyl windows & electrical panels
Updated appliances in every unit
Updated Hardie plank siding on both buildings
On-site laundry generating additional income
54,695± SF level site with landscaped central lawn
Two carport structures and individual water heaters

Property Details

Bedrooms

55

Bathrooms

20

Square Footage

20,875 sq ft

Explore the Neighborhood

The largest city in Sonoma County, as well as the county seat, Santa Rosa offers all the amenities of urban life but is not far removed from the spectacular natural scenery that the Wine Country is famous for.
Old Courthouse Square is the center of downtown Santa Rosa and is surrounded by numerous shops and restaurants. Historic neighborhoods, including Railroad Square, West End, and Cherry Street District, give Santa Rosa its quintessential small-town feel. Old mansions and Victorians can still be found downtown near tree-lined McDonald Avenue, perhaps the most beautiful street in Santa Rosa.
The Fountaingrove and Shiloh neighborhoods and the canyons and hillsides surrounding the city offer the most prestigious homes for sale, and prices climb along with the elevation. Estates here are of the gated variety, built on large parcels of land and offer sweeping views of the valleys below.
Activities in Santa Rosa include the Charles M. Schulz Museum, dedicated to one of the city’s most famous former residents; Redwood Empire Ice Arena; and Safari West, a private African wildlife preserve just outside the city.
There is a growing technology footprint in Santa Rosa, though many residents commute to San Francisco -- a trek that has gotten easier thanks to the addition of carpool lanes and road-widening initiatives.