229 Benicia Rd
Vallejo, CA 94590
Multifamily Property For Sale · 5 Units

Marcus & Millichap is pleased to present 229 Benicia Road. 229 Benicia Road is a five unit apartment building that was constructed in 1947. This property is comprised of two one-bedroom/one-bathroom units at 400 square feet, two two-bedroom/one-bathroom units at 650 square feet, and studio unit at 320 square feet. Rents in the Vallejo market are low relative to all markets in the East Bay, Marin County and San Francisco; thus, a new owner will benefit from rising rents in the Vallejo rental market. The existing rents at the property have additional upside, giving a new owner the ability to raise rents at the property in the future. 229 Benicia Road is an excellent value-add opportunity for an investor to own real estate in one of the Bay Area's most desirable micro-climates. 229 Benicia Road is Located at the Southern end of Vallejo, just a few blocks from Highway 80. Downtown San Francisco is accessible within 45 minutes by ferry from the Vallejo Ferry Terminal. The city of Vallejo is primed for redevelopment, and the Vallejo City Council has unanimously approved the Waterfront redevelopment project. The plans are for a mixed-use, high-density district along the Mare Island Causeway between Solano Ave. and the end of the marina. Shops, restaurants, a revamp of the ferry terminal, and new housing are all part of the plan. Additionally, the Scotts Valley Band of Pomo Indians are in negotiations with the Federal Government to build a new $700 million 400,000-square foot casino complete with a hotel and spa. A family entertainment center would follow, with a movie theater and bowling alley. The property at 229 Benicia Road is well positioned for future rent growth as the City of Vallejo continues to revitalize. ***CAP RATE IS PRO FORMA