116‑Unit Garden‑Style Asset – Santa Rosa, CA

[Steven Deollas]

Hi BP Community,

I’m marketing Marlow Apartments, a 1984‑vintage, 116‑unit property on ~5.7 acres in Santa Rosa. Here are the highlights:

• In‑Place Income – Scheduled gross rent of ~$3.27 M, EGI ~$3.04 M and NOI ~$2.28 M.
• Unit Mix & Rents – Majority 1‑bed units (~52 %), with current rents around $2,050/mo and pro‑forma $2,110/mo. Two‑bed units currently average $2,600–$2,750/mo with upside to $2,680–$2,830.
• Market Strength – Median household income within a mile is ~$104 k and median home values exceed $680 k. Limited new supply and strong job base drive durable demand.
• Assumable Debt – Approx. $22.7 M balance at 4.60 % fixed, interest‑only through Sept 2025.
• Value‑Add Plan – Interior renovations and amenity additions could lift rents and NOI; property has individual HVAC and water heaters, reducing operating costs.

I’m happy to share the OM and detailed financials with serious investors. What other metrics do you look at when evaluating a deal like this?