Multifamily For Sale

Overview

Highlights

• Turn key property, 6.23% cap rate on in-place income and expenses.
• NON RENT CONTROLLED MARKET.
• Complete renovation of all units completed in 2018.
• All units feature new stainless-steel appliance packages, kitchen and bathroom cabinetry, countertops, fixtures and laminate wood flooring throughout the units.
• New interior and exterior paint.
• Sewer lateral replaced in 2017.
• On-site coin operated laundry.
• Freshly paved driveway and parking lot.
• Within 10 minutes of El Cerrito Del Norte and Richmond BART Stations.
• Less than 1 mile from Contra Costa College.
• Walk score of 85 (this location is Very Walkable so most errands can be accomplished on foot) – within walking distance of national retailers and restaurants including Walgreens, Starbucks, Subway, Jack in the Box, McDonald's and Grocery Outlet.

Description

2394 Road 20 represents a fantastic opportunity for investors to acquire a turn key, fully renovated asset in a core Bay Area location at a 6.23% cap rate on in-place income and expenses in a NON-RENT CONTROLLED market. The property consists of fifteen large 2 bedroom/1 bath units and three 1 bedroom/1 bath units.

A complete renovation of the property and all of the units was completed in 2018. Each unit features laminate-wood flooring throughout the living spaces, brand new kitchen and bathroom cabinetry, countertops, fixtures and stainless-steel appliance packages. The exterior of the property was also upgraded with new paint, outdoor design features, landscaping, sewer lateral replacement, and parking lot striping.

Location

The property is located a block from downtown San Pablo and within a short walk of Helms Middle School, Contra Costa College, Walgreens, Grocery Outlet, Starbucks, Subway and McDonalds. The location also offers convenient access to I 80, is within 10 minutes of both the Richmond and El Cerrito Del Norte BART stations, and within 15 minutes of the newly opened Richmond ferry terminal providing tenants a number of commuting options.

San Pablo is located in West Contra Costa County off Interstate 80, minutes away from the Bay Area cultural centers of Berkeley, Oakland and San Francisco. Interstate 80 is the principal arterial route between the Bay Area and Sacramento. The City of San Pablo is nestled between the cities of Pinole and Richmond and the neighboring cities of El Cerrito and Hercules. Historically one of the oldest Spanish settlements in the region, San Pablo has become a thriving residential and business community with a population of about 30,000 in an area of approximately three square miles.

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