The Grove is a rare, one-of-one multifamily portfolio in midtown Sacramento, available for sale for only the second time in the last 25 years. The property includes two adjacent parcels with 4 total residential units situated over approximately 11, 761 square feet of commercial-zoned land. The portfolio is comprised of the following adjacent properties: 2006-2010 U Street, a single-story triplex building and stand-alone three-car garage on a 5, 663 square foot parcel of land; and 2016 U Street, a stand-alone single-family residence featuring two bedrooms and two full bathrooms situated on a 6, 098 square foot parcel of land. The property boasts nearly 7, 000 square feet of excess land surrounding the existing structures, providing the tenants with private courtyards and amenity space among old growth Cedar trees and curated landscaping. All four units have been carefully updated over the years including refinished original hardwood floors, varying degree of renovated kitchens and bathrooms, interior paint and lighting, and new mini-split HVAC units in all units. For those adventurous investors, the underlying land, measuring almost 12, 000 SF in a near-rectangle shape stretching from U Street to Uptown Alley, can also accommodate ground up development given the existing C-2-SPD zoning and 6.0 Floor Area Ratio as established by the 2040 General Plan. The portfolio is offered at $1, 625, 000 which is $406, 250 per residential unit or $138 per square foot for the underlying land. The in-place capitalization rate is 4.20% cap rate based on existing income and expenses. The two properties must be purchased together.
