Investment Highlights

• Trustee Sale
• 28 unit Apartment Complex
• Open courtyard
• Garden Style Complex
• Parking spaces 28 on-site spaces
• On site laundry
• Pool
• Property Manager on site
• 24-Hour access
• Utilities include water & garbage
• Small complex nestled away from main traffic
• Air Conditioning/Heating

Excellent Location

The subject property is located in Concord, Contra Costa County, California. Pinehaven Apartments is a small community nestled away from main traffic. Units are well cared for with attention to detail. Small/quiet complex. Can walk to schools, transportation and shopping. Well maintained and good management.

Overview of Concord/Pleasant Hill Multi-Family Market

Concord/Pleasant Hill is one of the more affordable submarkets in the East Bay, with an average asking price of $2,200/month. It is also one of the few areas recording positive rent growth, increasing by 0.8% over the past year. Concessions are significant in attracting new residents and will become more important as lease-up begins on the locations still under construction. The outlook of Concord/Pleasant Hill is relatively stable. Pent-up demand for high-end inventory will likely result in quick lease-up of properties under development. In the interim, net absorption totals will remain muted, as the submarket lacks the available inventory to achieve high demand figures.

Strong Unit Mix

Pinehaven Apartments features 28 apartments in a single building
(26) 1 bedroom/1 bathroom apartments
(2) 2 bedroom/2 bathroom apartments

Complex Amenities

Pool, Laundry facilities, property manager on site, walk up units.

Unit Amenities

Include ceiling fans, tub/shower, & carpet & vinyl flooring, high speed internet access, Dining room, Family Room & Crown Moldings.

Kitchen Features & Appliances

Kitchens have refrigerator, Disposal, kitchen, oven, refrigerator, Breakfast Nook, range, pantry, eat in kitchen.

Investment Overview

• Property Address: 1150 Virginia Lane, Concord, CA 94520
• APN: 128-210-053-4
• Lot Size: 32,670 SF
• Total Building Square Footage: 16,292 SF
• Zoning: RH
• Units: 28
• Building: 2 Story
• # of Buildings 1
• Year Built: 1964
• 1 Bedroom/1 Bathroom Apts: 26
• 2 Bedroom/2 Bathroom Apts: 2
• Total Rooms: 88
• Total Bedrooms: 30
• Total Bathrooms: 30
• Parking: On Site Parking Spaces
• Parking Spaces: 1.00 Per Unit

FINANCIAL INFORMATION

• 2022 – Gross Income: $506,526
• 2023 – Gross Income: $522,197
• 2024 – Gross Income: $543,969