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A CAL-HFA Workforce Housing Community
64-UNITS
$8,400,0007.0% CASH-ON-CASH
INGLEWOODOAKSAPARTMENTS7007 INGLEWOOD AVENUE, STOCKTON, CA
» 80% for middle-income (80% AMI) » 20% for low-income (50% AMI)
» Over One Million Dollars in Capital Improvements since 2017
» $5.40mm CalHFA 1st Loan (40-year amort) must be assumed
» $1.28mm CalHFA 2nd Loan (1.93% interest-only) can be assumed or prepaid penalty-free
» A well-maintained asset in a very good area of north Stockton, 2.5mi east of I-5
Inglewood Oaks is a 64-unit apartment community constructed in 1970. It’s located in a residential neighborhood in north Stockton, CA, approximately 2.5 miles east of Interstate 5. The property is a rent-restricted investment governed by a CalHFA Regulatory Agreement reserved for middle income individuals or families whose income does not exceed eighty percent (80%) of Area Median Income. 20% of the units are reserved for low income individuals or families whose income does not exceed fifty percent (50%) of Area Median Income.
Over the past two years, current ownership has invested more than $1,000,000 of interior and exterior capital improvements into Inglewood Oaks and the property shows extremely well. Interior improvements include flooring, dual-pane windows, window coverings, counter tops, appliances and fixtures. Exterior improvements include landscape, sidewalks, stair rails, patios, roofs, gated access, solar system installation and LED lighting.
For the investor, this significantly improved property provides the opportunity to acquire an extensively upgraded and well-maintained Calfiornia asset with favorable in-place assumable long-term debt, a significant property tax abatement, steady cash flow, and an above average return on investment.
INVESTMENT SUMMARYPROPERTY DETAILS
Property Information
Address 7007 Inglewood Ave, Stockton, CAProperty Name Inglewood Oaks ApartmentsProperty Type 64-unit, 100% Affordable/CALHFA
APN 081-270-010-0000Building Sq. Ft. 44,790 gross, 44,030 net
Lot Size 2.20 acresBuildings 11 one- and two-story buildings
Constructed 1970Use Code AE024A
Building Systems
Foundation Concrete slabStructure Wood frame
Siding Stucco, wood trim
Roof System
Low-sloped built up/TPO (All replaced in 2018) Mansard perimeter w/comp shingle (2004)
Gas Service Separately meteredElectric Service Separately metered, 100-AmpsElectrical Wiring Copper
Plumbing Copper supply, ABS wasteHot Water 16-central gas-fired w circ. pumps
Heat and A/CRoof-mount pckgd heat pumps (large units) wall heat and A/C (small units & office)
Photovoltaic SolarCommon area electricity supplemented by roof mounted system (2018)
Property Surveillance System
Nine strategically located exterior mounted cameras wired to office
Common Areas
Building Composition
Unit Mix • 40 one bedroom units• 22 two bedroom units• 2 three bedroom units
Parking • 64 covered spaces• 82 total spaces• Plus 1 handicap space
Bedrooms* • Carpeting or Vinyl plank flooring• New energy efficient ceiling fan
(one bedroom units)
Living Areas/Hallways*
• Carpeting or Vinyl plank flooring
Electricity Service
Units are individually metered for electricity
Natural Gas Service
Common water heaters, laundryroom dryers, wall heat in 1-bed units (tenant’s pay)
Miscellaneous A large on-site maintenance storage building includes a full complemenet of maintenance tools and comprehensive inventory of maintenance supplies. The property is staffed with full-time maintenance superintendent.
Notes *while the majority of unit interiors have upgrades as described, not all units include all upgrades
• Fenced and gated pool with lounge area
• Peaceful landscaped courtyard areas
• Well equipped laundry facility with cashless payment system
• Dual-pane windows throughout
• Well landscaped w/LED landscape lighting
• Gated parking w/remote controlled access
Gated and Controlled access• Pedestrian entry via telephone system
• Vehicle entry via remote control
Fenced and gated pool, deck and seating area
On-site laundry facility with debit card payment system
Landscaped grounds, pedestrian walkways and LED lighting
Ample vehicle parking with 64 covered spaces; 82 total spaces
IMPROVEMENTS2017-2019 Capital Expenditures totaling more than $1M
(*) Reflects an 80% real estate tax abatement and $9,211 in direct charges. Property is eligible for up to 100% tax abatement. Direct charges are not abated.