$500,000 PRICE REDUCTION! HIGHLY MOTIVATED SELLER! The Camelback North Apartments located at 330 Golf Club Road, Pleasant Hill is a clean, ideally located multi-family property that has been well maintained and has now been brought to market for the first time in decades. It represents a rare opportunity to own property in one of the Bay Area’s most desirable locations—near Diablo Valley College, Sun Valley Mall, Downtown Pleasant Hill, BART, Interstate 680 and Highway 24—making this an uncommon investment opportunity.
Additionally, the property is within the Camelback North Owners Association, which for $38 per unit per month provides amenities such as a sparkling pool, greenbelt area, laundry facility, and clubhouse. Unlike many apartment buildings that were built as inexpensively as possible, it is clear to see the quality construction designed and built at a higher level. Low maintenance stucco exteriors, steel and concrete stairs, concrete landings, fireplaces, doorbells, solid core front doors are all rarely seen in apartment complexes of this vintage.
The property has well designed floor plans and a mix of easy to rent 1BR/1BA and 1BR/1BA + Den units. Since the 1BR/1BA + Den units have closets, some owners of other properties in this neighborhood have successfully converted this floor plan to a 2BR/1BA plan. As mentioned above, the units have fireplaces, large closets, all electric kitchens, and tub/shower combinations. The complex consists of one building that sits on a legal parcel of approximately 22,651 s.f. per the Contra Costa County Tax Assessor. The building features a concrete slab foundation and a pitched, composition shingle roof. The units are separately metered for PG&E. The owner currently pays for the water and trash services, but many owners have reimbursement programs for these utilities, which is a possible strategy that might improve cash flow. There are 16 carport spaces and 11 uncovered parking spaces.
THE UNIT MIX CONSISTS OF:
(8) 1BR / 1BA of 612 s.f. +/-
(8) 1BR / 1BA + Den of 720 s.f. +/- (easily converted to 2BR/1BA)
While there are a few units that have not been updated, several of the units have been updated in the past several years including painted and refaced cabinetry, coated countertops, new sinks, appliances, window and floor coverings, fixtures, doors and hardware. The units present well and the property can be owned and operated as it has been for years to come. Alternatively, as many investors in the Pleasant Hill area have noticed, the property could benefit from a significant upside in rents after making upgrades to the apartments. We believe the subject property would respond well with additional amenities such as granite counters, stainless steel appliances, and Pergo style floor coverings.
