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$ 5,600,000
Est. payment | /mo
19,035 SqFt
$ 5,600,000
Est. payment | /mo
19,035 SqFt
Key Details
Property Type Commercial
Sub Type Apt Complex
Listing Status Active
Purchase Type For Sale
Square Footage 19,035 sqft
Price per Sqft $294
Subdivision Concord
MLS Listing ID 41146851
HOA Y/N No
Year Built 1961
Lot Size 0.650 Acres
Acres 0.65
Property Sub-Type Apt Complex
Property Description
The Driftwood Apartments, a well-maintained 27-unit multifamily property offering a proven value-add strategy and continued rental upside. The property consists of 14 two-bedroom, 8 one-bedroom, and 5 studio units totaling approximately 19,035 SF on a 28,314 SF lot. Ownership has renovated 17 of 27 units with updated kitchens and bathrooms, LVP flooring, LED lighting, dual-pane windows, and upgraded electrical. Renovated units currently achieve significant rental premiums, averaging approximately $593 for two-bedrooms, $504 for one-bedrooms, and $468 for studios. Additional highlights include a 2019 PVC roof replacement, 27 parking spaces, on-site laundry, and a utility recovery program for gas, electricity, water, and trash. With proven renovations, demonstrated rent premiums, and additional units available for future upgrades, The Driftwood Apartments offers investors multiple avenues for continued income and NOI growth.
Location
State CA
County Contra Costa
Rooms
Basement None
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl
Fireplace No
Appliance Dryer, Washer, Gas Water Heater
Exterior
Utilities Available All Utilities
Building
Lot Description Level
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 1141920163
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Listed by Ethan Berger • NAI Northern California
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