Sycamore Street Apartments is a stunning, 16-unit townhouse style apartment community located at 36851 & 36857 Sycamore Street in Newark, California.
Built in 1963, the subject property consists of two identical apartment buildings situated on two separate but contiguous parcels approximately 0.30 acres each and has a combined gross building area of approximately 14,946 square feet. The Sycamore Street Apartments offer an outstanding unit mix consisting of (14) two-bedroom/one-and-a-half-bath townhouse units and (2) three-bedroom/one-and-a-half-bath townhouse units.
Sycamore Street Apartments has recently undergone significant capital improvements. Exterior renovations include new paving, new roof on both buildings, replaced or repaired fencing around property, new unit, address and parking numbers, landscaping, modern paint and wood siding to bring the property up to date, as well as a replaced sewer lateral on the 36851 side. Tenants at Sycamore Street Apartments enjoy access to convenient community amenities including, private patios, assigned carport parking, on-site laundry facility, and ample street parking.
The investment appeal of this asset is driven by the bay area’s strong employment fundamentals and low vacancy levels. With a world-class location in the East Bay, Sycamore Street Apartments presents an attractive choice for East Bay renters due to the close proximity to major employers, transportation corridors, shopping, dining and entertainment options.
This asset is well positioned for significant added value through interior renovation, or potential re-development, allowing the investor to operate the property as apartments for cash flow while potentially taking the property through the entitlement process to get approval for high-density single-family homes. More information on zoning is available upon request.
