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1506 Garcez Dr.

Concord, CA 94521
  • $3,700,000
  • STATUS: Active
  • ON SITE: 24 Days
  • ID#: 41048666
UPDATED: 54 min ago
$3,700,000
  • 0
    BEDS
  • 0.3
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1960
County:

School Ratings & Info

Listing Agent(s): Eric Keena of BHHS Drysdale Properties (510-399-4870)


Description

1506 Garcez is 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. 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. 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. 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. 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. Just blocks from Clayton Valley Shopping Center, close proximity to main thoroughfares through the city, and location served by a highly regarded school district. Concord BART approximately 4 miles away.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T15:35:44.413. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rusnell Real Estate Group | Vista Sotheby's. Licensed in the State of California, USA.
www.rusnellproperties.com/homes/147053816
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1506 Garcez Dr. Concord, CA 94521

  • Price: $3,700,000
  • Status: Active
  • On Site: 24 Days
  • Updated: 54 min ago
  • ID#: 41048666
0
Beds
0
Baths
0
½ Baths
0.3
Acres
1960
Built
County:
Contra Costa
Property Description
1506 Garcez is 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. 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. 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. 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. 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. Just blocks from Clayton Valley Shopping Center, close proximity to main thoroughfares through the city, and location served by a highly regarded school district. Concord BART approximately 4 miles away.
Exterior Features

Construction Materials Wood Siding Lot Features Corner Lot Parking Total 18 Roof Foam

Interior Features

Appliances Gas Water HeaterDryerWasher Cooling Wall/Window Unit(s) Cooling YN Yes Heating Wall Furnace Heating YN Yes

Property Features

Association Fee 0 Cap Rate 5.59 Gross Scheduled Income 290784 Listing Service Full Service Net Operating Income 206651 Other Expense 3000 Tax Annual Amount 50598 Tenant Pays Gas



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T15:35:44.413. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rusnell Real Estate Group | Vista Sotheby's. Licensed in the State of California, USA.
 
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Rusnell Real Estate Group | Vista Sotheby's
16 Malaga Cove Plaza
Palos Verdes Estates CA, 90274
Listing Agent(s): Eric Keena of BHHS Drysdale Properties (510-399-4870)