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The Kona Kai Village Apartments 3066 Willow Pass Rd 36 Unit Apartment Building $10,000,000 ($277,778/Unit) 6% Cap Rate Concord, CA 94519
Investment Highlights
- NEW Electrical Subpanels (Siemens) in All 36-Units (2025)
- Central Forced Heating in All Units & All 36-Units have In-Unit Air Conditioning
- New Asphalt in Parking Lot (Work to begin Summer 2026)
- Newer Roofs on All Five (5) Buildings (2019)
- New Roofs on Carports (Work to begin Summer 2026)
- Electrical Appliances in All Units
Executive Summary
The Kona Kai Village Apartments present a rare opportunity to acquire a well-maintained 36-unit multifamily gated community comprised entirely of spacious two-story townhouse-style apartments. All units feature a desirable 2-bedroom/1.5-bathroom floor plan of approximately 1,200 square-feet with central forced heating, air conditioning, assigned on-site parking, and functional layouts that continue to attract long-term tenants.
Situated on approximately 1.50 acres, the gated property consists of five (5) residential buildings, an on-site leasing/manager's office, sparkling swimming pool, 34-covered carport spaces, and 20 additional uncovered parking spaces. Significant recent capital improvements include Newer Roofs on all main buildings (2019), New Siemens Electrical Sub-panels installed throughout all 36-units (2025), with New Parking Lot Asphalt and Carport Roofs scheduled for completion in late summer, 2026. These improvements substantially reduce near-term capital expenditures for a new owner.
Kona Kai Village has been well-managed for years, and Chase has underwritten the property on current income/expenses for a 5-year fixed loan at current interest rates of $6,000,000, or 60% LTV at asking price. The property offers investors an attractive combination of stable in-place income and long-term upside within the strong Contra Costa County rental market. An exceptional opportunity to acquire a pride-of-ownership asset featuring large townhouse-style units, extensive recent improvements, and excellent long-term investment fundamentals.
Situated on approximately 1.50 acres, the gated property consists of five (5) residential buildings, an on-site leasing/manager's office, sparkling swimming pool, 34-covered carport spaces, and 20 additional uncovered parking spaces. Significant recent capital improvements include Newer Roofs on all main buildings (2019), New Siemens Electrical Sub-panels installed throughout all 36-units (2025), with New Parking Lot Asphalt and Carport Roofs scheduled for completion in late summer, 2026. These improvements substantially reduce near-term capital expenditures for a new owner.
Kona Kai Village has been well-managed for years, and Chase has underwritten the property on current income/expenses for a 5-year fixed loan at current interest rates of $6,000,000, or 60% LTV at asking price. The property offers investors an attractive combination of stable in-place income and long-term upside within the strong Contra Costa County rental market. An exceptional opportunity to acquire a pride-of-ownership asset featuring large townhouse-style units, extensive recent improvements, and excellent long-term investment fundamentals.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$960,720
|
$24.12
|
| Other Income |
$67,755
|
$1.70
|
| Vacancy Loss |
$30,854
|
$0.77
|
| Effective Gross Income |
$997,621
|
$25.05
|
| Taxes |
$110,230
|
$2.77
|
| Operating Expenses |
$287,533
|
$7.22
|
| Total Expenses |
$397,763
|
$9.99
|
| Net Operating Income |
$599,858
|
$15.06
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $960,720 |
| Annual Per SF | $24.12 |
| Other Income | |
|---|---|
| Annual | $67,755 |
| Annual Per SF | $1.70 |
| Vacancy Loss | |
|---|---|
| Annual | $30,854 |
| Annual Per SF | $0.77 |
| Effective Gross Income | |
|---|---|
| Annual | $997,621 |
| Annual Per SF | $25.05 |
| Taxes | |
|---|---|
| Annual | $110,230 |
| Annual Per SF | $2.77 |
| Operating Expenses | |
|---|---|
| Annual | $287,533 |
| Annual Per SF | $7.22 |
| Total Expenses | |
|---|---|
| Annual | $397,763 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $599,858 |
| Annual Per SF | $15.06 |
Property Facts
| Price | $10,000,000 | Apartment Style | Garden |
| Price Per Unit | $277,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.50 AC |
| Cap Rate | 6% | Building Size | 38,880 SF |
| Gross Rent Multiplier | 10.41 | Average Occupancy | 100% |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.39/1,000 SF |
| Zoning | Multifamily Residential - Multifamily Residential | ||
| Price | $10,000,000 |
| Price Per Unit | $277,778 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 10.41 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.50 AC |
| Building Size | 38,880 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.39/1,000 SF |
| Zoning | Multifamily Residential - Multifamily Residential |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Kitchen
- Oven
- Carpet
- Deck
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Property Manager on Site
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 36 | $2,238 | 1,200 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 113-305-003-7 | Total Assessment | $10,030,936 (2026) |
| Land Assessment | $3,343,553 (2026) | Annual Taxes | $110,230 ($2.84/SF) |
| Improvements Assessment | $6,687,383 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
113-305-003-7
Land Assessment
$3,343,553 (2026)
Improvements Assessment
$6,687,383 (2026)
Total Assessment
$10,030,936 (2026)
Annual Taxes
$110,230 ($2.84/SF)
Tax Year
2025
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The Kona Kai Village Apartments | 3066 Willow Pass Rd
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