416-420 Benicia
Vallejo, CA 94590
Multifamily Property For Sale · 16 Units

****HUGE PRICE REDUCTION**** 416-420 Benicia Road represents an excellent opportunity for an investor to acquire a well-maintained 16-unit building with upside in the existing rent structure. The property is comprised of two, eight-unit buildings on adjacent separate parcels: APN# 0059-113-300 and APN # 0059-113-290. The buildings are constructed of wood siding on concrete slabs with stucco and wood exteriors, and pitched roofs. Each of the units feature dual-pane windows, gas furnaces and are individually metered for electric and gas. The buildings were also recently painted. Rents in the Vallejo market are low relative to all markets in the East Bay, Marin County and San Francisco; thus, a new owner will benefit from rising rents in the Vallejo rental market. According to Rentjungle website, as of February 2017 the average rent in Vallejo for a one-bedroom/ one-bath apartment is $1,420 and $1,652 for a two-bedroom/ one-bath apartment. Given this data, it is readily apparent that the existing rents at the property have additional upside, giving a new owner the ability to raise rents at the property in the future. 416-420 Benicia Road is centrally located, and is within minutes to Highway 37, Highway 80, and the Vallejo Ferry Terminal. Downtown San Francisco is accessible within 45 minutes by ferry from the Vallejo Ferry Terminal. The city of Vallejo is primed for redevelopment, and the Vallejo City Council has unanimously approved the Waterfront redevelopment project. The plans are for a mixed-use, high-density district along the Mare Island Causeway between Solano Ave. and the end of the marina. Shops, restaurants, a revamp of the ferry terminal, and new housing are all part of the plan. Additionally, the Scotts Valley Band of Pomo Indians are in negotiations with the Federal Government to build a new $700 million 400,000-square foot casino complete with a hotel and spa. A family entertainment center would follow, with a movie theater and bowling alley. The property at 416-420 Benicia Road is well positioned for future rent growth as the City of Vallejo continues to revitalize.