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CALIFORNIA STREET 18 Apartment homes
2 1 2 0 - 2 1 4 0 C a l i f o r n i a S t r e e t | C o n c o r d , C A
22120-2140 CALIFORNIA STREET
INVESTMENT HIGHLIGHTS
Price $3,600,000
$ / Unit $200,000
Cap Rate Current 3.47%
Cap Rate Market 6.18%
GRM Current 14.63
GRM Market 10.05
Property Address 2120, 2130, 2140 California St Concord, CA
Parcel Size ±0.44 Acres
Approx. Rentable SF ±8,506
A.P. Number Multiple
Year Built 1950, 1954, 1965
Number of Units 18
Average Unit Size 473
Number of Buildings 3
BAY AREA MULTIFAMILY INVESTMENT OPPORTUNITY2120-2140 California Street represents the opportunity to acquire a boutique multifamily asset in one of the Bay Area’s most attractive rental markets.
DISTINCTIVE LOCATIONThe property is strategically located in the burgeoning city of Concord, California. The property is walking distance to BART, Concord City Center and the lively Todos Santos Plaza.
VALUE-ADD POTENTIALThere is tremendous opportunity to create value by completing an interior and exterior renovation program at the property. The property’s in place average rent is roughly 35% under market when compared to its nearby competitors. A modest rehab will provide an investor attractive returns.
STRONG RENTAL MARKETConcord serves an exceptionally strong regional and local rental market. The Axiometrics database indicates rent growth in the Concord area has increased roughly 10% since Q1 of 2017. With market occupancy at 96%, we expect further rent growth through 2019.
STRONG METRO AREAConcord is the largest city and job center for Contra Costa County. It has more than 5.5 million SF of office, 5.8 million SF of industrial space and 790,000 SF of R&D. Approximately 76,000 employees are located within a 3 mile radius of downtown.
HISTORICALLY LOW COST OF DEBTStabilized multifamily assets in the San Francisco Bay Region are the darling of commercial lenders. Mortgage rates range from 3.75% to 4.75%, depending on the term. Leverage is in the range of 60% to 70% LTV, affording a new investor both cash flow and attractive leverage to boost their return on investment.
OPPORTUNITY ZONE2120-2140 California Street is located in a designated qualified opportunity zone. Opportunity zone benefits include: Temporary tax deferral, step-up in basis, and a permanent exclusion from taxable income of capital gains. Click here for more details.
32120-2140 CALIFORNIA STREET
BUILDING SUMMARY
2120Year of Completion 1950
APN 126-041-024-4
Rentable Building Area 1,035 SF
Number of Buildings 1
Stories 1
Exterior Stucco/Wood
Roof Flat
Windows Single Pane
HVAC Wall AC / Gas Wall Heat
Utilities Individual Gas & Electric
Plumbing Copper
Electrical Copper
Parking 4 Uncovered
Laundry Common
2130Year of Completion 1954
APN 126-041-042-6
Rentable Building Area 1,869 SF
Number of Buildings 1
Stories 1
Exterior Stucco/Wood
Roof Tar & Gravel (Slight Pitch)
Windows Dual Pane
HVAC Central HVAC
Utilities Master Gas/Individual Electric
Plumbing Copper
Electrical Copper
Parking Garage + 4 Uncovered
Laundry Common
2140Year of Completion 1965
APN 126-041-043-4
Rentable Building Area 5,600 SF
Number of Buildings 1
Stories 3
Exterior Stucco/Wood
Roof Flat
Windows Dual Pane Front SideSingle Pane Back Side
HVAC Gas Wall Heat/Wall AC
Utilities Master Gas/Individual Electric
Plumbing Copper
Electrical Copper & Aluminum
Parking 14 Covered
Laundry Common
# Units Unit Type Approx Unit Size (SF)
% of Community
2 1 Bd / 1 Ba 518 11%
# Units Unit Type Approx Unit Size (SF)
% of Community
2 2 Bd / 1 Ba 935 11%
# Units Unit Type Approx Unit Size (SF)
% of Community
14 Studio 400 78%
TODOS SANTOS PLAZA
HERITAGE SQUARE
PLEASANT HILLSHOPPING CENTERTHE WILLOWS SHOPPING CENTER
SUNVALLEY SHOPPING CENTER
PARK N SHOP
BUCHANAN FIELDSGOLF COURSE
2120-2140CALIFORNIA
STREET
AMENITIES MAP
- 5 Minute walking distance to Todos Santos Plaza- 10 Minute walking distance to BART
42120-2140 CALIFORNIA STREET
680
24
4
242
680
4
CONCORD
LAFAYETTE
MARTINEZ
SAN FRANCISCO / OAKLAND
ORINDA
PACHECO
PLEASANTHILL
WALNUTCREEK
MORAGA
CROCKETT
CLAYTON
ConcordNaval
WeaponsStation
2120-2140CALIFORNIA
STREET
BART SCHEDULECity Min
Walnut Creek 8
Oakland City Center 32
Embarcadero (SF) 43
52120-2140 CALIFORNIA STREET
TRANSPORTATION MAP
