TWO, 8-unit apartment buildings in Pleasant Hill, CA

06-17-2022
06-24-2022

329 Camelback Rd, Pleasant Hill, CA 94523

Below-market rents

 

Property Description

TWO, 8-unit apartment buildings for-sale … 16-Units

Excellent location on a tree-lined street in an upscale area.   A few blocks to Safeway, Target, Sunvalley Mall and Diablo Valley College (about 22,000 students).   

First time on the market in 44-years … this has been a terrific rental property.

329 and 323 Camelback Road, Pleasant Hill
Off Hwy-680, by Walnut Creek, Concord and Martinez

Apartment Mix (each building)
4-units are 1-bed/1-bath
2-units are 1-bed + den/1-bath
2-units are 2-bed/1-bath

Current Rents :   $144,000 per year (ave per building)
HUD Rents :   $204,000 per year (per building)

Offered at :   $2,000,000 (per building)
Price Per Unit :   $250,000

Square feet :   5,808 (per building)
Price Per Sq Ft :   $344

CAP-Rates :   3.8% (current rents), 6.8% (HUD rents)

Offers reviewed on Tuesday, June 28th at 3pm

This is a Trust Sale, no court approval is required

IMPORTANT : please do not disturb Tenants - you are welcome to driveby, or do a quick walk around the buildings, but please have any discussions across the street so as not to disturb the Tenants.   

SHOWINGS :   unfortunately, we do not have a vacant unit to show, and, with apartment buildings, we cannot show the apartments prior to being in-contract because it would be much too intrusive on the Tenants.

OFFERS :   please write Offers subject to your inspections.   Do not write Non-Contingent, Buyers will have time to do inspections.

CONDITION :   apartments are in good condition and have been updated over the years.

SWIMMING POOLS and LAUNDRY :   tenants have access to 2 swimming pools and the coin laundry room - you can see them at 630 Tempe Court - the pool and laundry are owned by Camelback North Apartments and use of them is paid by the landlord to the property management company.

HVAC :   the 2-bedroom units have central HVAC, all other units have a wall heater and air conditioner.

UTILITIES :   Tenants pay for electricity and cable.  Landlord pays for water and garbage.   

PROFORMA :   email Kevin for a copy of the Proforma.  email to :  "EMAILKEVIN@ATT.NET"

Pre-Escrow is with First American Title in Orinda.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 4,000,000
No. of Units
16
Cap Rate
3.8%
GRM / GIM
13.9
Average Occupancy
100%
Year Built
1971
Year Renovated
2022
Building Size
11,616 Sq ft
Lot Size
47,916 Sq ft
No. of Stories
2
No. of Parking Spots
24
Opportunity Zone
Off
Price per unit
$ 250,000
View broker details
Sign in to use the inquiry form

37.975635, -122.071827