Villas Papillon, Fremont, CA
75 Units
Marcus & Millichap and Institutional Property Advisors, as the exclusive listing agents, are pleased to present Villas Papillon, a 72-unit value-add community ideally located in Fremont, California. The city’s central Bay Area location, robust employment base, lifestyle amenities, and strong schools have established Fremont as a destination city within Silicon Valley.
Investment Highlights
Significant Value-Add Upside: Owned by the seller since 1987, Villas Papillon represents a transformational value-add opportunity through the renovation of unit interiors, upgrades to common area amenities, optimization of underutilized open space, and implementation of operational improvements.
Attractive, Boutique Community: Villas Papillon boasts an attractive, park-like setting with appealing garden-style architecture and an extremely low density of just 9.07 units per acre. The property offers a diverse unit mix including two- and three- bedroom floor plans, presenting a large average unit size of 1,161 square feet. The homes are either townhomes, cottage style, or flats above garages, all featuring vaulted ceilings, skylights, and separate private garages. Villas Papillon is individually parceled, offering a potential condominium conversion
Top-Rated Public Schools: Recognized as a California Exemplary School District, the Fremont Unified School District is home to some of the best public schools in the Bay Area. All three of Villas Papillon’s assigned schools are highly ranked.
Robust Local Economy: Situated in the northeastern region of Silicon Valley, Fremont is the Bay Area’s fourth largest city and is home to notable companies such as Tesla Motors, Facebook, Seagate Technology, and LAM Research. Fremont’s 850-acre Warm Springs Innovation District, located adjacent to Villas Papillon, is transforming into a vibrant mixed-use neighborhood that is expected to create over 20,000 new jobs, state-of-the-art education facilities, community parks, and more.
Transit-Oriented: Villas Papillon is centrally located near essential mass transit systems and major commuting corridors including BART, Interstates 880 and 680, and State Route 84 (Dumbarton Bridge). The Warm Springs/South Fremont BART station, situated approximately one mile away, offers convenient commutes to major employment centers throughout the Bay Area including San Jose, Oakland, San Francisco, and the Peninsula.
Proximity to Neighborhood Amenities: Residents enjoy easy access to a variety of popular neighborhood retailers including Walmart, Home Depot, REI, Chipotle, and Starbucks, which are all within walking distance.
Favorable Market Fundamentals: The city of Fremont boasts an average household income of $176,795 and a median home price of $1,269,810. Furthermore, Fremont residents face a monthly rent-versus-own affordability gap of $3,958 (184 percent), resulting in a disproportionate demand for rental housing.
