June 6, 2019 – The Pinza Group, the leading East Bay Multifamily Sales Brokerage, and 2018’s Top Multifamily Sales Brokerage in the East Bay (according to CoStar) has announced the sale of a twelve unit multifamily property in the city of Antioch. Steven Pinza, Esq. and Jay Flores of The Pinza Group, represented the Buyer and Seller in the transaction, which was sold off market. The property, located at 3112 Lone Tree Way, sold for $2,280,000 which represents a sub 6% cap rate.
Built in 1969, the Lone Tree Way Apartments consists of twelve 2bd/1bth units of approximately 840 square feet. Each unit is about 30% below market in rent, which will allow the next owner to significantly raise rents without any government oversight. The property has on site coin operated laundry, tenant and guest parking, mature and easy to maintain landscaping, and much more.
The property is just a short distance to the Antioch Pier, and to city hall and other downtown attractions. Also a short distance away, is the Somersville Town Center, which is home to major national tenants such as Starbucks, In-N-Out Burger, Macy’s, Sears, Chase Bank, O’Reilly Auto Parts, Bank of America, Wells Fargo, AutoZone, Chevron and McDonald’s among many others. Antioch is well known as a new and upcoming city in Contra Costa County. With the new eBART already fully functioning, many analysts predict a significant rise in values in the future years.