31
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$3,500,000
Est. payment /mo
0.3 Acres Lot
New
1506 Garcez Dr Concord, CA 94521
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Subdivision Clayton Valley
MLS Listing ID 41153782
HOA Y/N No
Year Built 1960
Lot Size 0.298 Acres
Property Description
1506 Garcez is a well-maintained 12-unit apartment building in the city of Concord, 11 of 12 units occupied. The property has been meticulously maintained by current ownership, with recent capital improvements completed to extend the longevity of the property. The unit mix consists of ten (10) 2 bed/1 bath units, one (1) 2 bed/1.5 bath unit, and one (1) 1 bed/1 bath unit on low maintenance landscaping. Offered at $3,500,000 ($291,667 per unit) with a 6.13% cap rate and 11.20 GRM, based on gross scheduled rental income of approximately $312,500 annually and NOI of $214,667. Additional upside through leasing the vacant unit(s), unit turnover and renovation, and annual rental rate increases. The property collects laundry income, few units pay an additional $100 per month in utility reimbursement to offset water, recycling, and trash expenses. Several units have updated flooring, kitchens, bathrooms, and new appliances. Double pane windows throughout. Exterior painting and a 30-year foam roof were completed within the last 4 years. Covered and uncovered off-street parking. Tenants are separately metered for gas and electric. Just blocks from Clayton Valley Shopping Center, with close proximity to main thoroughfares through the city. Concord BART is approximately 4 miles away. Please do not disturb the tenants.
Location
State CA
County Contra Costa
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Gas Water Heater, Dryer, Washer
Exterior
Roof Type Foam
Total Parking Spaces 13
Building
Lot Description Corner Lot
Others
Tax ID 1171800038
Listed by Jane Al-Hazin BHHS Drysdale Properties #02142001
NEARBY SCHOOL & BUSINESS