1506 Garcez Dr

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Address: 1506 Garcez Dr, Concord, California, US
Created date: January 30, 2024
Date last updated: March 26, 2024
  • STRONG FUNDAMENTALS – Fantastic in-place rental income of over $290,000 annually. 5.59% cap rate and 12.72 GRM on in-place rents with additional upside through unit turnover/renovation, and annual rental rate increases.
  • ADDITIONAL ANCILLARY INCOME – The property collects laundry income and 8 of 12 units collect an additional $75-$100 per month in utility reimbursement to offset water/recycling/trash expenses.
  • WELL MAINTAINED PROPERTY WITH SIGNIFICANT INTERIOR & EXTERIOR RENOVATIONS – Several units have updated flooring, kitchens, bathrooms as well as new appliances. Double pane windows throughout. Exterior painting and a 30 year foam roof completed within the last 3 years. Covered and uncovered off-street parking. Tenants separately metered for gas and electric.
  • IDEAL UNIT MIX – Ten (10) 2 bed/1 bath units, One (1) 2 bed/1.5 bath unit, and One (1) 1 bed/1 bath unit.
  • CLAYTON VALLEY HIGHLANDS LOCATION IN EAST CONCORD – Just blocks from Clayton Valley Shopping Center, close proximity to main thoroughfares through the city, and location served by a highly regarded school district. Downtown Concord BART Station approximately 4 miles away.

Property Description

1506 Garcez presents an excellent opportunity for an investor to purchase a turnkey fully occupied 12 unit apartment building in the city of Concord. The property has been meticulously maintained by current ownership with recent capital improvements completed to further the longevity of the property. Built in 1960, the property is a two-story wood frame building with stucco siding and wood trim on a 12,990 square foot lot. The total square footage of the building is 9,548 square feet and includes 12 covered and 6 uncovered off-street parking spaces. The property consists of ten (10) 2 bedroom/ 1 bathroom units, one (1) 2 bedroom/ 1.5 bath unit, and one (1) 1 bedroom/ 1 bathroom unit on a low maintenance landscape. All units are all individually metered for gas and electricity. The property also collects ancillary income with on-site laundry facilities and a utility reimbursement program where 8 of 12 tenants pay an additional $75-$100 per month to offset garbage and water expenses. Additionally, the property also includes CCTV security cameras and a manager’s storage shed. Recent capital improvements include exterior painting and a new 30 year foam roof on the building. In all, this opportunity will provide a new investor with day one cash flow, additional upside with unit renovations upon tenant turnover, and revenue growth through annual rent increases.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $3,700,000
No. of Units: 12
Year Built: 1960
Lot Size: 0.29 Sq ft
Opportunity Zone: No
Price per unit: $308,333
Property Website Click Here
Address: 1506 Garcez Dr, Concord, CA 94521, USA
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