Sandpiper Apartments 1180 Saranap Ave 24 Unit Apartment Building $5,500,000 ($229,167/Unit) 5.95% Cap Rate Walnut Creek, CA 94595

The Sandpiper Apartments at 1180 Saranap Avenue presents a rare opportunity to acquire a fully stabilized 24-unit multifamily property located just minutes from Downtown Walnut Creek. The property features a well-balanced unit mix consisting of twenty (20) one-bedroom / one-bath units and four (4) studio units. Tenant amenities include perimeter fencing, on-site parking, and on-site laundry facilities, all of which contribute to consistent occupancy and strong tenant retention.
All units are individually metered for gas and electric, providing operational efficiency and reduced owner expense exposure. The property has undergone meaningful capital improvements, with the majority of units having been remodeled. Recent upgrades include new flooring, fresh interior and exterior paint, and all-new LED lighting. Unit interiors are equipped with waterproof vinyl flooring, double-pane windows, and air-conditioning units, features that align well with tenant expectations in this highly desirable submarket.
The Sandpiper Apartments is currently fully occupied and stabilized, offering immediate and reliable in-place cash flow. In addition, the asset provides future upside potential through continued unit turnover, mark-to-market rent adjustments, and organic rent growth through annual increases. This opportunity is well-suited for investors seeking a low-maintenance, stabilized asset in Walnut Creek.
The property’s desirable location in the Saranap Village neighborhood is a charming and sought-after area within Walnut Creek. Located in the unincorporated part of Contra Costa County, Saranap offers a mix of residential, commercial, and recreational spaces. The neighborhood is characterized by tree-lined streets, well-maintained homes, and a serene atmosphere. The proximity to Broadway Plaza, Walnut Creek’s premier dining & shopping district, approximately 1.5 miles away enhances the appeal of the property’s location to prospective tenants. For commuters the property is appealing given its proximity to the Walnut Creek BART Station, located 1.5 miles away, and just minutes from the intersection of Interstates 680 and 24.
Walnut Creek is an attractive destination for businesses and entrepreneurs with a strong economy, high quality of life, and a population of 67,000. Located 25 miles east of San Francisco, the city is home to a diverse roster of top employers, including Kaiser Permanente, CSAA, Safeway, Nordstrom, and John Muir Health. Walnut Creek’s affluent population enjoys an abundance of shops and restaurants, outdoor recreational amenities, and employment opportunities, making it an ideal place for businesses to establish and grow.