221 Wilbur Ave., The Delta Court Apartments, offers investors a fantastic value-add opportunity priced 30-35% less than other multifamily properties in the area. The property consists a mix of (9) studios, (8) 1 bed / 1 bath units, (9) 2 bed / 1 bath units, and (2) 3 bed / 1 bath units providing a diverse array of rental options. The Delta Court Apartments is a prime candidate for re-positioning. While the current income and expenses operate at just over a 9 GRM and a 5.8% cap rate, a new Owner can dramatically improve on those numbers by reducing costs and increasing income. One of the most significant operating costs for the property is that there a number of units that are not individually metered for PG&E. While there is sub-metering in place, it is not used by the current Owners, a new owner may alternatively opt to install individual PG&E meters for all of the units, either option should reduce the bill by 65-85% and the overall operational expenses by 4-5%. Additionally, undergoing a systematic rehabilitation and remodeling of the structures and grounds will yield rents closer to market rate and increase revenue.
221 Wilbur Ave. benefits from a rural setting boarded on 2 sides by open creek area and views of the San Joaquin River and Delta but is also within 7 minutes drive of the newly opened Hillcrest BART Station and Highway 4. The Antioch/Pittsburg area remains the most affordable housing market in the East Bay despite leading the East Bay in rent growth dating all the way back to 2015.
