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3515 Chestnut Ave
Concord, CA 94519
Chestnut Gardens · Multifamily Property For Sale
·
20 Units
PROPERTY FACTS
| No. Units | 20 | Building Size | 18,050 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1971 |
| Building Class | C | Parking Ratio | 1.66/1,000 SF |
| Lot Size | 0.83 AC | ||
| Zoning | none | ||
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.83 AC |
| Building Size | 18,050 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.66/1,000 SF |
| Zoning | none |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Granite Countertops
- Refrigerator
- Oven
- Range
- Tub/Shower
- Deck
- Double Pane Windows
- Patio
- Vinyl Flooring
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
- Pool
- Property Manager on Site
- Gated
ABOUT 3515 CHESTNUT AVE , CONCORD, CA 94519
Berger Mandel Associates of NAI Northern California, as the exclusive agent, is pleased to present investors the opportunity to acquire the Chestnut Gardens Apartments, a 20-unit, pride of ownership property located in one of the Bay Area’s strongest-performing rental markets: Concord, California. The property was owned and operated by the original builder for nearly 50 years, who meticulously maintained the structures and grounds. The current ownership has undertaken a repositioning of the property, turning over and updating 14 of the 20 units with new flooring, appliances, and cabinetry, and capturing significant loss-to-lease upside. With the allowable rental increases under the proposed AB 1482, bill rents will be within 12% of market rate by the end of 2020. Additional revenue streams could also be generated through the implementation of RUBS and fees for additional on-site parking spaces.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 18 | - | 900 |
| 2+2 | 1 | - | 1,000 |
| 3+2 | 1 | - | 1,200 |
PROPERTY TAXES
| Parcel Number | 113-202-032-0 | Improvements Assessment | $2,849,374 |
| Land Assessment | $2,844,571 | Total Assessment | $5,693,945 |
PROPERTY TAXES
