October 4, 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 12 unit multifamily property located at 2110 California St in Concord, CA The Pinza Group represented the Buyer and Seller in the transaction, which they sold off market for $2.53MM. The sale represented The Pinza Group’s fifth apartment building sale in Concord in 2019, not including two others currently in escrow.
2110 California St consists of one two story building with 12 1bd/1bth units of approximately 450 square feet. Unit interiors have wall to wall carpet, wall heat, A/C unit, gas stoves and formica counters. Units are separately metered for gas and electricity. The property is a short walking distance to Bart which will allow for the next owner to significantly raise rents immediately upon taking over. The property has a history to little or no vacancies and currently is fully occupied. There is onsite laundry which adds additional income each month. All units are significantly below market in rent, meaning an investor can come in and raise rents to achieve even greater cash flow. The property parking lot has been repaved and re-striped in the last few years. There is lush, mature landscaping throughout the property which creates a tranquil environment that tenants enjoy.
The subject property is ideally located in a residential neighborhood near Todos Santos Square. Local restaurants, bars, and shopping centers are within walking distance to the property. The property has easy access to Interstate 680 and both Highways 242 and 4, allowing tenants to take advantage of the property’s central Contra Costa County location. 2110 California St has a Walk Score of 88 out of 100 thereby allowing access to many pedestrians to all of Concord’s finest attractions.