Marcus & Millichap has been selected to exclusively market for sale Salmon Run , an exciting apartment redevelopment opportunity, located at 2325 Clayton Road in Concord, CA. The subject property will be delivered fully-entitled and permit ready for the construction of 32 apartment units consisting of four studios and twenty-eight one-bedroom/ one-bathroom units. The improvements include podium garage parking and what will be two levels of residential units above. Originally built-in 1989, the three-story building consists of 26,540 square feet of office space and resides on a 21,736 square foot lot. The total net rentable area after the conversion will be around 21,651 square feet with the average unit size totaling approximately 676 square feet. The plans include community features with key fob access secured entryways, reception and lobby area, lounge, fitness center, 3,450 square foot rooftop deck with tables and chairs, fire pits, and barbecues to be surrounded by a tempered glass railing. The building is currently set up with AT&T Fiber allowing the future residents to receive some of the fastest internet in the Bay Area. This property has the current zoning Downtown Mix Use (DMX). This zoning is applied to downtown areas and is appropriate for a cohesive mix of high-density residential, commercial and office, and mixed-uses, including hotels with a minimum FAR of 1.0 up to 6.0 FAR, and residential densities of 33 to 100 units per net acre (see Concord Municipal Code Chapter 18.45 – Downtown Districts).
The property also benefits from a rooftop antenna lease with Verizon. In addition to rooftop space, the tenant’s area includes an approximate 310’ square foot fenced area in the parking level for their equipment. The lease calls for 3% annual rental increases with an initial 5-year term and four, 5-year options. The current lease expires on April 26, 2020. The lease is NNN as the tenant is responsible for maintenance, property taxes and insurance.
