500 Texas St
- Potential ADU Opportunity
- Well Maintained Motel Style Building on an Oversized 11,900 Sq. Ft. Lot
- Fresh Paint and Easy to Maintain Landscaping
- Significant Rental Upside
Property Description
Current operations reflect below-market rents and vacancy, offering a clear path to upside. Market rents are estimated at approximately $1,850 for 2-bedroom units and $1,650 for the 1-bedroom unit, which would significantly increase NOI once stabilized. At full market rents, the property supports a pro-forma cap rate of approximately 4.75%. The oversized lot presents potential ADU development opportunity (buyer to verify), providing an additional long-term value-add component beyond rental growth. Offered at $2,388,000, this property is well-suited for investors seeking stable cash flow, immediate rent growth potential, and future development upside in a growing East Contra Costa County submarket.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,388,000 |
| No. of Units: | 8 |
| Average Occupancy: | 3.25 |
| Year Built: | 1963 |
| Lot Size: | 0.27 Acres |
| Opportunity Zone: | No |
| Price per unit: | $298,500 |
| Property Website | Click Here |
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