Oak Grove Apartments | 32 Units | Value-Add | Concord, CA

09-06-2022
10-20-2022

1050 Oak Grove Rd, Concord, CA 94518

  • Rare opportunity to purchase a 32 unit investment property in the I-680/CA-24 Corridor
  • Value-add garden style investment with upside potential over all unit types
  • Concord avg. rent has grown 7.2% over the last year & is expected to grow by nearly 33% over the next 5 years
  • Great rental income upside potential with no local rent control in the City of Concord
  • Extra large parcel provides value-add opportunity via the addition of community amenities or ADU's
  • Median single family home sale price in Concord has increased by more than 48% over the last 5 years pushing more potential home buyers to rent
  • Unique location that feeds from the Treat/Oak Grove corridor, Downtown Pleasant Hill & Downtown Walnut Creek

Property Description

CALL FOR OFFERS - Tuesday, September 20th by 3:00 PM

Property Tours are available by appointment. Please reach out to the listing team to schedule a property tour. 

 

CBRE's East Bay Multifamily Sales Team is pleased to offer for sale, The Oak Grove Apartments, is a 32-unit multifamily investment property located in Concord, CA. Built in 1971, the ±24,553 sq. ft.* structure is situated on a large ±57,064 sq. ft.* lot and is comprised of 1 studio, 16 one-bedroom, one-bathroom units, 14 two-bedroom, one-bathroom units and 1 two-bedroom, two-bathroom unit. The apartments feature fantastic in-unit amenities including dishwashers, air conditioning, large walk-in closets, gas wall furnaces for heat, ceiling fans, and private patios or balconies. The complex also features great community amenities including an inviting swimming pool, on-site laundry, on-site manager and maintenance, a covered carport parking space for each unit and additional surface parking spaces for guests. The property's large lot provides the unique value-add opportunity to provide further community amenities or build detached accessory dwelling units to increase the total unit count at the property.

With perfect California weather, the natural beauty of Mount Diablo overlooking the city, quiet neighborhoods, convenient retail centers and an energetic downtown business core radiating out from Todos Santos Plaza, Concord draws residents and visitors alike with all it has to offer. Concord offers a range of attractive amenities from the Concord pavilion where residents can catch a concert under open sky to a range of community sponsored events and farmer’s markets where residents can pick up locally grown produce and snacks. Residents can also enjoy a wealth outdoor parks and recreational spaces for hiking, biking, camping and more, or they can visit one of the city’s several local breweries offering craft beer and pub food to share with friends.

Oak Grove Apartment’s location, provides convenient and walkable access to a number of dining and entertainment options on Monument Boulevard as well as Concord’s Costco location. The asset provides easy access to multiple modes of public transportation as the building is 2.5 blocks away from 3 County Connection bus lines, all of which serve the Concord BART Station. The property also provides convenient access to I-680 and CA-24, giving tenants the ability to commune anywhere in the Bay Area with relative ease.

Concord is the largest city in Contra Costa County, northeast of San Francisco, and is the eighth largest city within the San Francisco Bay Area. The city is a major regional suburban East Bay center within the San Francisco Bay area, and is 29 miles east of San Francisco. Concord’s location offers convenient access to employment centers in San Francisco, Oakland, Walnut Creek, Pleasanton, Dublin, Livermore, Fremont, and Silicon Valley. Top employers in the city include Mt. Diablo Unified School District, Wells Fargo Credit Center, Chevron, PG&E, Bank of America, John Muir Medical Center, The Conco Companies, Round Table Pizza, and Safeway.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
0 X 1 1 550 $ 1,470
1 X 1 16 1,841 $ 676
2 X 1 14 2,076 $ 814
2 X 2 1 2,600 $ 900

Key Property Information

Listing Status
Under Contract
Listing Type
Call for offers
Multifamily type
Garden Style
Price
$ 10,000,000
No. of Units
32
Cap Rate
4.75%
GRM / GIM
13.31
Average Occupancy
97%
Year Built
1971
Building Size
24,553 Sq ft
Lot Size
57,064.00 sq ft
No. of Stories
2
APN
129-310-019-2
No. of Parking Spots
50
Opportunity Zone
No
Price per unit
$ 312,500

Financial Details

Income/Expense Info
Actual
Gross Income
$ 751,140
Effective Gross Income
$ 752,159
Operating Expenses
$ 277,561
Net Operating Income
$ 474,598
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