Active

1506 Garcez Dr.

Concord CA, 94521

$3,700,000


$387.52 per sqft

Active

9,548 sqft

Multi-family

Built in 1960

1506 Garcez is a turnkey fully occupied 12 unit apartment building in the city of Concord. The property has been meticulously maintained by current ownership with recent capital improvements completed to further the longevity of the property. The property consists of ten (10) 2 bedroom/ 1 bathroom units, one (1) 2 bedroom/ 1.5 bath unit, and one (1) 1 bedroom/ 1 bathroom unit on a low maintenance landscape. Fantastic in-place rental income of over $290,000 annually. 5.59% cap rate and 12.72 GRM on in-place rents with additional upside through unit turnover/renovation, and annual rental rate increases. The property collects laundry income and 8 of 12 units collect an additional $75-$100 per month in utility reimbursement to offset water/recycling/trash expenses. Several units have updated flooring, kitchens, bathrooms as well as new appliances. Double pane windows throughout. Exterior painting and a 30 year foam roof completed within the last 3 years. Covered and uncovered off-street parking. Tenants separately metered for gas and electric. Just blocks from Clayton Valley Shopping Center, close proximity to main thoroughfares through the city, and location served by a highly regarded school district. Concord BART approximately 4 miles away.

41048666

MLS ID

January 29, 2024

Listed

February 16, 2024

Updated

Map

1506 Garcez Dr.
Concord CA, 94521

Interior Features

Appliances

Dryer, Washer, Gas Water Heater


Floor Description

None


Fireplace

No


Cooling

Yes


Cooling Description

Multi Units, Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.29 Acres


Lot Features

Corner Lot, Regular, Paved


Roof

Foam


Sewer

Public Sewer

Other Property Details

Area Name

Listing


Garage

No


Parking

Covered, Uncovered Park Spaces 2


View

No


County

Contra Costa


Water Source

Public


Pool

No


Buyer Agency Compensation

2.5%

Listed by Eric Keena with BHHS Drysdale Properties
Listing Contact: 510-381-5434 

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