1530 Adelaide St
Concord, CA 94520
$600,000 Price Reduction-Current 9.39% Return · Multifamily Property For Sale · 31 Units

-- For additional information and the complete offering memorandum, contact the Exclusive Listing Agent, Jon Holmquist-- Fifteen 30 is a thirty-one unit, highly renovate apartment community strategically located three blocks from downtown Concord, five blocks from Concord BART, and one block from Ellis Lake. Built in 1966 and extensively upgraded in 2018, construction is of wood frame, with stucco and wood shingle siding, and flat roofs. The current owner undertook a comprehensive renovation program and spent over half a million dollars improving both the building exteriors and the unit interiors. The apartment interiors consist of twenty-eight one-bedroom/one-bath units, one one-bedroom/one-bath single level cottage, and two two-bedroom/one-and-a-half bath units. Twenty-four of the apartment interiors were highly renovated to condo-quality finishes within the prior thirty-six months, allowing a new buyer to step into ownership of a pride of ownership complex. The beautifully upgraded apartment interiors feature modern kitchens with two-tone cabinetry, quartz countertops, vinyl plank flooring, new paint, ceiling fans, and new stainless-steel appliances. Spacious closets, vaulted ceilings on upstairs units, and upgraded lighting and plumbing fixtures round out the highly sought- after apartments. The apartment units are configured in four separate buildings that sit on an attractively landscaped 0.92-acre parcel, with covered parking for each unit, and a newly resurfaced sparkling pool, and pool area. There are three out parcel buildings that house additional space for laundry and mailroom, a management office, and storage. The efficient design of the subject property includes separate PG&E meters, and the tenants are billed through RUBS (utility reimbursement program) for common water and garbage services. The major recent improvements and upgrades should allow a buyer to enjoy a prized, well-located asset, with current cash flow, rental upside, and virtually no deferred maintenance. The subject property has exhibited very strong tenant demand stemming from the lack of affordable housing in the inner Bay Area, and the ease of commute enjoyed by the tenants, via. BART to the major job centers. The nearby Concord BART station allows an eight-minute commute to downtown Walnut Creek, 33-minute commute to downtown Oakland, and 46-minute commute to downtown San Francisco. With the dramatic rent differential relative to these core job-centers, the property is well positioned to enjoy a continued upward trajectory in rent growth. The seven unrenovated units that are currently occupied by longer term tenant occupants, allow an add-value proposition for a proactive buyer. There is currently 4% loss to lease, from the 7 remaining long-term tenants who are below current rent levels and represented easily captured rental upside.