1506 Garcez Dr, Concord, CA 94521

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.