Redwood Garden Apartments

The Offering

Twenty renovated units, and a clear, proven path to market rents.

Redwood Garden Apartments is a fully renovated, twenty-unit community in Yuba City that has already done the difficult work: new roofs, new systems, new curb appeal, and every interior renovated.

What remains is arithmetic, not renovation — the disciplined work of carrying in-place rents to market as leases turn. This page is built around three things: what the property has actually earned over the trailing twelve months, what it is earning today, and what it will earn once stabilized.

Nothing here is dressed up. We believe an investor makes their best decision when the numbers are the least interesting part of the conversation — because they are simply clear.

— Illuminated Wealth Inc., Investment Brokerage

Prepared exclusively for prospective purchasers. Financial projections and comparable data are subject to independent verification and diligence.

Aerial view of Redwood Garden Apartments showing the renovated site plan, carports and landscaping

Site Overview

All 20 units are updated 1-bedroom / 1-bath layouts at approximately ±550 SF each.
Approximately $500K of capital improvements invested across interiors, roofs, exterior siding, windows, landings, stairs, fencing, car ports, parking lot and site work.
Current average rent of $1,225 compares with proven upside of $1,350 already achieved on the current rent roll.
The remaining value-creation opportunity is rent realization rather than another major renovation program.
Underwriting carries NOI from $214,838 in Year 1 to $287,777 in Year 10.

Offering Price

$2,799,999

Year 1 NOI

$214,838

Year 1 DSCR

1.81x

Units

Investment Appeal

The heavy capital work is already done — and behind the next owner.

The physical transformation is largely complete; the remaining thesis is income realization, in this order.

Completed Renovation

Approximately $500K of capital improvements invested across interiors and the property.

20 Renovated Units

All 20 units are 1-bedroom / 1-bath layouts with updated interiors.

Proven Up-Side

Current average rent of $1,225 versus $1,350 proven up-side, with the ability to produce additional laundry income.

Lower Execution Risk

The major physical renovation program is already complete.

NOI Growth

Underwritten NOI grows from $214,838 in Year 1 to $287,777 in Year 10.

Levered Returns

23.91% ten-year levered IRR under the current underwriting model.

Current NOI

$170,222

6.08% cap rate

Year 1 NOI

$214,838

7.67% cap rate

NOI Lift

+26.2%

+$44,616

10-Yr Levered IRR

23.91%

model returns

Property

Twenty units. Two buildings. One clear operating story.

Property	Redwood Garden Apartments
Address	679 Kiley Avenue, Yuba City, CA 95991
Year Built	1988
Renovated	2024
Buildings / Stories	2 / 2
Parking	Off-Street, Covered, On-Street
Lot	26,136 SF · 0.60 AC
Zoning	R3
Ownership	Fee Simple
APN	052-461-035 & -044

Every unit was carried through the same renovation program — interiors, systems, roofs, siding, windows, landings, stairs, fencing, parking and site work — so operating condition is consistent across both buildings rather than concentrated in a handful of turned units.

Redwood Garden Apartments courtyard and landscaping, renovated site work

Renovated Site & Landscaping

Property

Capital Improvement Program

The physical transformation is visible. The ledger backs it up.

Documented Capital Improvements

$485,726

322 transactions

$24,286

Documented improvements / unit

Capital expenditure categories

Where the Capital Went

Unit renovation & upgrades $216,171

All new appliances $64,654

Fencing / gates / retaining walls $42,392

Roof / siding / carport / stairs / railings $34,390

Concrete / paving / sidewalks $28,100

Exterior painting $25,128

Labor $21,100

Landscaping / exterior grounds $16,281

Additional documented categories: HVAC, permits/design, plumbing & electrical/technology — $37,510.

Redwood Garden Apartments renovated site work and landscaping

Renovated kitchen with new appliances and cabinetry

Completed Transformation

Interiors, appliances, building envelope, site work, stairs, parking, exterior improvements and systems.

The renovations are done. The upside is still going.

679 Kiley Avenue · Yuba City, CA

Financial Analysis

Three views of the same asset: current, Year 1, and long-term.

Underwritten NOI grows from $214,838 in Year 1 to $287,777 in Year 10 — growth reflects the assumptions embedded in the model, with no aggressive rent reforecasting added.

Current / In-Place

$170,222

6.08% cap rate · current NOI

Year 1 Pro Forma

$214,838

7.67% cap rate · stabilized NOI

Year 10

$287,777

10.28% cap rate · NOI / asking price

Ten-Year NOI

$214,838

$224,228

$230,675

$240,897

$247,678

$254,594

$265,518

$272,791

$280,210

$287,777

Yr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10

Operating Statement

Current versus Year 1 underwriting.

	Current	Year 1	Change
Effective Gross Income	$270,568	$315,184	+16.5%
Operating Expenses	$100,346	$100,346	0.0%
Net Operating Income	$170,222	$214,838	+26.2%
Cap Rate @ Asking	6.08%	7.67%	+1.59 pts

Year 1 Expense Base

$100,346 total operating expenses.

Real Estate Taxes	$33,540
On-Site Manager	$15,714
Water & Sewer	$14,630
Insurance	$12,000
Repairs & Maintenance	$10,554
Refuse	$9,485
Landscaping	$1,600
Professional Services	$1,500
Pest Prevention	$800
Gas & Electric	$523

Financing & Returns

Financing assumptions and illustrative levered returns.

Loan Amount

$1,680,000

LOI amount

Equity / Down

$1,119,999

40.0% of price

Interest Rate

5.83%

fixed for 5 years

Amortization

30 years

fully amortized

Year 1 DSCR

1.81x

debt coverage

Year 1 Levered CoC

8.59%

cash-on-cash

Price / SF

$254.55

at asking price

10-Yr Levered IRR

23.91%

model returns

Illustrative Levered IRR

5-Year

37.69%

7-Year

29.87%

10-Year

23.91%

Loan Proposal

Golden Pacific Bank, a division of SoFi Bank, N.A. · Proposal dated August 25, 2026.

60% LTV based on the $2,799,999 purchase price; loan amount $1,680,000.
$0 loan fee + $1,000 documentation fee.
Estimated $4,000 appraisal / technical review + $550 environmental + $150 other costs; title / escrow TBD.
3-2-1% prepayment penalty for years 1–3; up to 20% annual prepayment without penalty.
$4,500 third-party cost deposit before appraisal / third-party reports. Term renews every 5 years.

This is a lender proposal, not a commitment to lend. Final financing terms, underwriting, fees, covenants and closing conditions should be independently verified with the lender.

Location

Within walking distance of downtown dining — and 38 minutes from Sacramento International.

Easy access to the Highway 99 / Highway 20 / Highway 65 corridors, with less than two hours to the Bay Area.

69,485

2025 Population

U.S. Census Bureau

51,500

July 2026 Nonfarm Jobs

BLS, Yuba City MSA

+1.2%

12-Mo. Nonfarm Job Growth

BLS, July 2026

11,200

Education & Health Jobs

BLS, July 2026

Why the Market Matters

Yuba City's population grew from 64,925 in 2010 to 70,117 in 2020; the latest 2025 estimate of 69,485 indicates a broadly stable population base rather than rapid expansion.
The Yuba City MSA supports a diversified employment base led by government, education and health services, trade/transportation/utilities, professional services and leisure/hospitality.
Sutter County's major employers include Yuba City Unified School District, Sutter County, Sunsweet Growers, Legend Transportation, Sysco Sacramento and Sutter Health / Sutter North — supporting recurring local housing demand.

Get There

679 Kiley Avenue sits within walking distance of downtown Yuba City dining, with direct access to the Highway 99, Highway 20 and Highway 65 corridors that connect the Sacramento Valley.

To Sacramento Intl.

38 min.

To Bay Area

< 2 hrs.

To Lake Tahoe

~ 3 hrs.

To Redding

~ 2.5 hrs.

Get Directions

Sources: U.S. Census Bureau QuickFacts; U.S. Bureau of Labor Statistics, Yuba City MSA Economy at a Glance (data extracted Aug. 21, 2026); California EDD major employers, July 2026.

Market Comparables

Seven Yuba City multifamily trades frame the local pricing picture.

Comp Avg. $ / Unit

$146,861

existing comp set

Subject $ / Unit

$139,999

fully renovated, at asking

Comp Avg. Cap Rate

5.89%

where disclosed

Subject Cap Rate

6.08%

7.67% Year-1 cap rate

Property	Units	Built	Sale Price	$ / Unit	$ / SF	Cap
1. Birch Apartments	28	1966	$4,300,000	$153,571	$229.11	6.5%
2. The Summit	22	1977	$3,370,000	$153,182	$185.16	6.2%
3. Victoria Apartments	52	1976	$7,400,000	$142,308	$190.72	6.0%
4. Granada Apartments	96	1974	$17,075,000	$177,865	$232.38	—
5. Kelly Apartments	26	1963	$3,111,650	$119,679	$151.79	5.2%
6. Colonial Gardens	97	1971	$13,995,000	$144,278	$155.85	—
7. Rancho Carmel*	49	1976	$6,720,000	$137,143	$249.72	5.54%
Subject — Redwood Garden	20	1988 / renov. 2024	$2,799,999	$139,999.95	$254.55	6.08%

*Rancho Carmel: all 1BD units, inferior condition. Average price per unit of $146,861 and average cap rate of 5.89% across comparables with disclosed yields.

Rent Comparables

Renovated product supports the rent thesis — currently at the low end of the local range.

Competitive Range

$1,350–$1,490

market average 1 BD rents

Positioning

Low end of local range

with renovated product supporting the thesis

Subject Avg Rent

$1,225

current in-place average

Property	Units	Mix	1 BD Rent	Rent / SF	Occ.
1. Northpointe Commons	31	1 / 2	$1,350	$1.69	94%
2. The Grand at Park Avenue	97	1 / 2	$1,395	$1.86	95%
3. Ellis Lake Apartments	58	1 / 2	$1,400	$2.24	95%
4. Hillcrest Court Apartments	33	1 / 2	$1,350	$1.73	90%
5. Bridge Street Commons	166	1 / 2	$1,490	$2.20	96%
6. Feather Downs Apartments	52	1 / 2	$1,350	$2.25	96%
7. Delta Building	7	1	$1,450	$1.85	86%
Subject — Redwood Garden	20	1	$1,225 AVG	—	—

Illuminated Wealth

Clarity creates confidence.

An investment brokerage built around clear underwriting and disciplined positioning.

Numbers should tell the story without dressing it up.
Every investment deserves a clear bridge from in-place performance to the opportunity.
Marketing should help qualified buyers understand the asset quickly, then invite deeper diligence.
Clarity in the offering creates confidence in the decision.

Next Steps

A clean path from review to offer to close.

Review

Receive and review the rent roll and supporting property materials.

Tour

Walk the completed renovations and current operating condition.

Offer

Underwrite independently and submit an offer consistent with investment objectives.

Diligence

Validate leases, expenses, renovation records, title, physical condition and financing.

Close

Coordinate contract, financing, diligence and closing.

Prepared By

Sean O'Brian

Investment Brokerage · Illuminated Wealth Inc.

CA DRE #02052990

Request the full confidential offering memorandum for complete underwriting detail, the trailing rent roll, and supporting diligence materials.