1091 Mi Casa Ct
Concord, CA 94518
Multifamily Property For Sale · 15 Units

Berger Mandel Associates of NAI Northern California is proud to have been selected as the exclusive listing agent for 1091 Mi Casa Court, Concord. Built in 1989, the 15-unit property represents one of only a handful of small late-vintage multifamily properties located throughout central Contra Costa.  The building was built to condo specifications, and the large units feature enclosed patios on the ground floor, balconies on the second floor, washer/dryer hookups, dishwashers, wall A/C units, electric baseboard heat, and 2 assigned parking stalls (one covered and one uncovered, secured by a remote-accessed gate). The building's ownership has made regular improvements to the property, installing wood vinyl and laminate flooring in 13 of the 15 units; adding new kitchen cabinetry, counter tops, and appliances throughout the majority of the units; installing security cameras; and painting the exterior in 2019. Operating expenses are minimal, as all of the units are individually metered for PG&E, there is limited landscaping to maintain, and at 15 units, on-site management is not required by the state. An out-parcel building houses the water heaters and coin-operated laundry machines (three washers and three dryers), which are included in the sale.  The property is located just off of one of the major thoroughfares in Concord at the end of a small court, providing easy access to I-680 and the Concord BART station and surrounding national retailers and restaurants while simultaneously providing a secure living environment. The City of Concord is the largest city in Contra Costa County and the eighth-largest city in the Bay Area with a population of 122,000. Located 29 miles east of San Francisco, the Concord rental market is one of the strongest in the Bay Area, consistently posting double-digit annual rent growth with occupancy levels at over 96%. Concord's rental market has benefited greatly from spillover Bay Area population growth and skyrocketing rents in more infill locations, as renters seek out more affordable suburban housing. Even with recent robust rent growth, Concord rents, on average, are still cheaper than most other Bay Area cities, and with limited development of additional housing and continued population spillover, continuing rent growth is expected for 2020.