1101 E Santa Fe Ave, Merced, CA 95340

Property Description

Evergreen Park apartments are located at the intersection of East Santa Fe and Glen, conveniently located on a bus route, walking distance to multiple schools, and ten minutes to the UC Merced Campus (~20% of tenants are students).
 The property is functionally full, with a a couple of move in and move outs each month. and rents are now moving up. The rent on a new studio rental has increased to $ 500; 1 bedrooms to $ 600. 
 There are eight buildings, each with the same configuration. Unit #1 is 1 large 1 bedroom, units 2-3-4 are downstairs studios, unit units 6-7-8 are upstairs studios, unit #5 is a downstairs studio with no unit above, a laundry room and a storage unit. In general, two building face each other with enclosed courtyards. There is a built in fenced pool for the tenants use.
 The office is located in the 1121 building. The complex has a payment kiosk, that allows tenants to pay rent 24 hours a day via debit/credit cards, checks or money orders.
 Gross Rent Multiplier of 8.6. 
 The complex is listed significantly below replacement cost. The cost of a building permit / entitlement fees is roughly the same amount as the $46,0000 per unit list price.