The Washington Square Apartments consist of 16 units including a single family home. The +/- 0.4 acres is situated less than a quarter mile from the charming, downtown Sonora. This property boasts a location that cannot be beat and a history of high occupancy. The property has historically been operated as a 55+ community given the smaller unit mix and parking requirement, however there are no deed restrictions or affordability requirements. Ownership has conducted all the heavy lifting here. A new owner will have an opportunity to continue remodeling unit interiors upon achieving a vacancy in order to bring rents up to market. Rents on the property are over 15% below market. Additionally, the property is zoned General Commercial which allows for short term rentals. In a highly restrictive short term rental environment such as Sonora, an investor will be able to leverage the property to capitalize on the pent-up demand in this space.
Listing Agent: Jacob Friedrich Courtesy of: Cosol Commercial Real Estate The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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