Multifamily For Sale

Overview

Highlights

• One of the Strongest Rental Markets in the Bay Area – currently 3.4% vacancy, 5.6% Year Over Year rent growth, and an average annual rent growth of 5.1% over the past decade
• Well-maintained and located 4plex – The kitchens in all four units have been updated during the current ownership, with new appliances, flooring, cabinetry, and countertops. Additional updates include flooring, bathroom fixtures, dual pane vinyl windows, and fresh paint upon turnover
• Attractive Market for Price sensitive renters – Remote working has increased rental demand in the Pittsburg market as renters leave higher-priced urban markets. Average rent in Pittsburg is significantly lower than the East Bay average, which has created a very stable rental market even through the pandemic
• Current rents are 23% below average rent for the market
• Low operating costs – each unit is individually metered for PG&E, and each unit has it’s own water heater leaving the landlord only responsible for water and trash service
• Off-street and garage parking – Additional revenue streams possible from renting garages as storage units and providing laundry facilities
• Excellent unit mix of 2-bedroom and 1-bedroom units

Description

Berger & Associates of NAI Northern California is proud to have been selected as the exclusive listing agent for 109 Alturas Ave in Pittsburg. 109 Alturas Ave has been meticulously maintained and updated over the past six years of the current ownership. The building features a mix of two 2-bedroom, 1-bathroom units, one 1-bedroom + den, 1-bathroom unit, and one 1-bedroom, 1-bathroom unit. All units have been updated with new kitchens that are individually metered for PG&E, including an enclosed outdoor patio area, individual water heater, dual pane vinyl windows, and newer flooring. Current rents are 23% below the market average, promising solid future revenue growth while still providing solid cash flow day one of ownership for investors.

Location

The Pittsburg market has been one of the strongest performing rental markets in the Bay Area, with a 3.4% current vacancy rate, 5.6% YOY rent growth, and average annual rent growth of 5.1% over the past decade. Despite consistent rent growth in Pittsburg, it still remains one of the most affordable markets in the East Bay as price-sensitive renters moving from larger urban markets look for more affordable options. 109 Alturas Ave is located in an ideal Pittsburg location just off of Railroad Avenue,  surrounded almost entirely by residential properties but still boasting a Walk Score of 75, which means that most errands can be accomplished on foot. The local elementary and junior high schools and a number of national retailers, including CVS, Walgreens, Starbucks, McDonald's, Bank of America, Foods Co., and Ace Hardware, are all within easy walking distance of the property. Tenants also enjoy multiple commuting options: the new Pittsburg E-BART station and Highway 4 on- and off-ramps are less than a mile away, and Kikker Pass Road provides direct access to Clayton and Concord. 

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