1640 23rd St 20 Unit Apartment Building $5,900,000 ($295,000/Unit) 5.48% Cap Rate San Pablo, CA 94806

The Property offers investors the opportunity to acquire a well-maintained multifamily asset featuring attractive assumable financing, significant recent capital improvements, and a highly desirable unit mix. Comprised entirely of spacious two-bedroom, two-bathroom apartment homes, the Property is well-positioned to capture sustained demand from workforce housing tenants seeking functional floor plans and modern amenities.
Current ownership has completed extensive exterior and interior upgrades, including siding and trim replacement, fresh exterior paint, and new landscaping throughout the community. Seven units have undergone comprehensive renovations featuring updated kitchens, bathrooms, flooring, lighting, and appliance packages, while an additional four units have received flooring and window upgrades, reducing near-term capital expenditure requirements for future ownership.
Residents benefit from an attractive amenity package that includes in-unit laundry hookups, forced-air heating, dedicated water heaters, dishwashers, enclosed patios or balconies, and remote-access gated covered parking. These features have supported strong occupancy and market-rate rental performance.
Strategically located in central San Pablo, the Property offers convenient access to Richmond BART, Contra Costa College, Interstate 80, and major East Bay employment centers. Further enhancing the investment opportunity is an assumable loan with an approximate $3.5 million balance fixed at 3.95% through December 2029, providing a meaningful financing advantage relative to current market debt. Additionally, the absence of a local rent control ordinance in San Pablo provides ownership with greater operational flexibility and long-term revenue growth potential.