Pinetree Garden Apartments 1144 Pioneer Ave Immeuble residentiel 32 lots 3 283 238 € (102 601 €/Lot) Taux de capitalisation 6,25 % Turlock, CA 95380

Jon Holmquist of the Holmquist Group is pleased to present the Exclusive Listing of The Pinetree Garden Apartments at 1144 Pioneer Avenue, Turlock, CA is exclusively listed by Jon Holmquist of the Holmquist team, and available for sale for the first time in several decades. The subject property is constructed on a well landscaped 1.45 acre-lot (per public records) and configured around a central courtyard with ample open space, and a sparkling pool for tenant enjoyment. The property benefits from a dedicated managers office near the front entrance, covered parking for each tenant, and a spacious maintenance/pool/laundry facility to the rear of the parcel. The ownership has been proactively managing the property with many interior and exterior improvements including a newer roof which was replaced circa 2019, new exterior paint circa 2020, new parking lot slurry 2024, and units upgraded upon turnover.
The subject property was constructed circa. 1963 of wood frame, with stucco siding, and pitched composite roofs. The complex features thirty-two spacious two-bedroom/one-bath units, each of approximately 800 square feet. Units feature gas wall heaters, individual hot water heaters, electric stoves, and double-paned windows. Approximately 50% of the units have been further renovated with luxury vinyl plank flooring, ceiling fans, updated bathrooms, updated kitchens with new appliances, new cabinetry, and new countertops. Tenants benefit from a spacious central courtyard, laundry facility (on lease which just expired) and one covered parking space for each unit, with an additional eighteen open parking spaces. The pitched composite roof, double paned windows, individual hot water heaters, and each unit being separately metered for gas and electricity should ensure stable expenses and minimal maintenance for a new owner.
The great location in the center of Turlock, CA affords tenants an easy walk to Emanuel Medical Center, Crane Park, and restaurants and commerce of Geer Rd., as well as proximity to Cal State Stanislaus. Investors will benefit from the trifecta of a well-maintained property, stable long-term tenants with rental upside, and a very strong location in a high growth market. New owners should benefit from the historical and current high occupancy and superior condition of the investment, with stable expenses. The in-place rents are significantly below market with 16.8% conservative rental upside.