For Sale | Westbrook Apartments | 1650 Floral Ave, Selma

1650 Floral Ave | Selma, California
Multifamily
$8,000,000

NAI Northgate is proud to present The Westbrook Apartments at 1650 Floral Ave, Selma, Ca 93662.

The complex, featuring a mix of nineteen 1-bedroom (800 sq. ft.) and twenty 2-bedroom (900 sq. ft.) units, underwent a complete renovation ending in 2024. Located on a main thoroughfare adjacent to a charter school, each unit is separately metered, enhancing tenant convenience and operational efficiency.

Westbrook Apartments is walking distance to nearby restaurants & shops such as McDonalds, Rite Aid, Grocery Store, Dutch Bros. There are local shopping centers (0.3) miles away with retail, banking, pharmacy, government and car repair facilities. Local schools nearby including a neighboring charter school, elementary school (0.4 mile) and Selma High School (0.4),

Priced at $8,000,000 with a 5.95% Cap Rate on Current Operations/7.68% Cap Rate on Proforma.

Highlights:

  • Newly Renovated: Comprehensive remodeling has modernized the units, ensuring high demand and tenant satisfaction.
  • Ideal Community Living: Nestled in an idyllic bedroom community, the property promises a serene living environment with easy access to urban conveniences.
  • Unmatched Tenant Value: Offers the best value for tenants in the area, balancing affordability with quality amenities.
  • Stable Occupancy: Historically low vacancy rates reflect the property’s desirability and potential for consistent rental income.
  • Modern Living Spaces: Up-to-date living spaces designed to meet the expectations of modern renters.
  • Community Appeal: The combination of privacy and community amenities makes it a standout in the local market.

Investment Highlights

  • Gated Community: Secure, controlled access for residents.
  • Ample Parking: Thirty-nine covered parking spots plus additional street parking.
  • Convenient Location: Situated on a main thoroughfare in a residential neighborhood.
  • Educational Proximity: Directly adjacent to a charter school.
  • Separate Metering: Each unit is individually metered for gas and electric.
  • Onsite Laundry: Accessible facility for laundry services available to tenants.
  • Outdoor Spaces: Newly landscaped areas enhancing the outdoor living experience.

Renovations Summary

The recent renovation of our Selma property has transformed its interiors, introducing modern comforts like new plumbing, electrical systems, counters, cabinets, and resilient vinyl plank flooring. A fresh coat of paint adds to the contemporary atmosphere, while energy-efficient windows enhance natural light and insulation. These upgrades already in place not only ensure an appealing aesthetic but also position the property for long-term stability, promising consistent cash flow without the need for further investment in the foreseeable future. Externally, the property’s makeover is evident with a new roof, updated air conditioning units, and a revitalized facade of paint and stucco.

  • Fully Renovated and Remolded Modernized Apartment Complex
  • Electrical & Plumbing: Systems upgraded where needed for safety and efficiency.
  • Interior Finishings: New counters, cabinets, and vinyl plank flooring installed in each unit.
  • Fresh Paint: Interiors given new paint for a contemporary aesthetic.
  • Window Replacement: Old windows replaced with new, energy-efficient models.
  • Fixtures & Lighting: New fixtures, lights, and doors installed to enhance the modern feel.
  • Exterior Updates: Asphalt repaved and landscaping updated for curb appeal.
  • Structural Upgrades: Roof, air conditioning, and water heaters all updated.
  • Fresh Exterior Look: New paint and stucco applied for a revitalized facade.
Sale Price:
$8,000,000
Price Per Sq Ft:
$240.96
Parcel Size:
1.88 Acres
Building Size:
27,426 SF
Cap Rate:
5.95%
Pro Form Cap Rate:
7.68%

Additional Images

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