1230 Pine St

Current Cap Rate: 6.41%
Market Cap Rate: 7.95%
Vinyl dual-pane windows in all units
Completely updated electrical (previous owners)
Extensive plumbing updates
Hot water heaters have all been replaced
Most stoves and refrigerators have been replaced
Many railings and decks have been replaced and upgraded
Awnings were replaced
New decks were added to units 6, 7 and 8
New fire escape walkways and stairs were built
The laundry room was completely rebuilt

Property Description

Extremely rare 18-unit apartment complex with four commercial spaces in Downtown Martinez, California. With frontage on both Pine Street and Susana Street, the subject property consists of four separate buildings situated on a level corner parcel of approximately 0.22 acres. Highlighted by a unit mix of ten (10) 1-bedroom, 1-bath units, eight (8) studio units and four (4) individual retail spaces with frontage on Pine Street, this well-located property has easy access to restaurants, shops, schools and public transportation. This location fits perfectly with the building unit mix of 1-bedroom and studio units. This fully stabilized asset consists of mostly long-term tenants and any vacancies are filled quickly. This well-maintained property offers investors a significant value-add opportunity to capture huge upside that could be realized by modernization of the units and increasing the under-market rents.