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Location |
Santa Rosa, CA |
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Units/SF |
178 Units |
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Year Built |
1986 |
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Status |
Available |
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Asking Price |
$20,500,000 |
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Offer Date |
N/A |
> Download Confidentiality Agreement |
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Highlights |
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-Well Amenitized – Pioneer 2000 features low-density, garden-style grounds with a
swimming pool and spa, fitness center, extensive landscaping, ample parking with
1.75 spaces per unit, and four on-site laundry facilities. Approximately 37% of the
units have been moderately renovated, achieving an average rent premium of 8%
compared with standard units.
- Excellent Unit Mix – The unit mix consists of 100 one-bedroom and one-bath (1x1)
units averaging 577 square feet, and 78 two-bedroom and one-and-½-bath (2x1.5)
units averaging 900 square feet.
- Local Amenities – As the largest city in the North Bay, and the fifth largest city in
the Bay Area, Santa Rosa offers a variety of attractive opportunities for employment,
education and recreation. Thriving local industries, strong public schools (including
two higher education institutions), over 13,000 acres of public open space, and
convenient access to the widely popular Sonoma and Napa County wine regions are
a few of the numerous benefits that attract thousands of visitors and new residents
to the area each year.
- High Barrier to Entry Market – A lack of suitable building sites and onerous
local building regulations and fee structures create Sonoma County’s perpetual
rental housing shortage. The county is consistently one of the most supplyconstrained
housing markets in the state, resulting in relatively stable rents and high
occupancy levels.
- Upside Revenue Potential – 37% of the unit interiors have been moderately
renovated and are achieving an average 8% rent premium over standard units at
the property. A nearby competing property – Redwood Park (also built in 1986) – is
achieving an average of $200 more rent (24%) for one-bedroom units and also $200
more rent (18%) for two-bedroom units. (Redwood Park has 2 x 2 units; Pioneer 2000
has 2 x 1.5 units.)
- Condominium Map – Pioneer 2000 has been tentatively approved by the City of
Santa Rosa for condominium conversion. Details and documents regarding the
conversion approval are available upon request. |
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Contacts |
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David Silver l Vice President l 415.273.2198
Jamie Clifford l Senior Associate l 415.273.2137
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