1880 Robin Ln , Concord, CA, 94520

Highlights

• Stabilized preforming property - solid operating history limited gaps in income.
• Well Maintained - The ownership has meticulously maintained the property not deferring any maintenance.
• Low operating expenses - easily maintained exterior and grounds.
• Desirable unit mix - Six 2-bedroom 1-bathroom and Two 1-bedroom 1-bathroom units.
• Desirable rental location - easy access to BART and freeways, employment centers, shopping, dining and entertainment.

Description

Berger & Associates of NAI Northern California is please to offer 1880 Robin Ln. This opportunity features many of the key elements of income producing property most sought after by investors; excellent physical condition, favorable unit mix, limited operational expenses, solid in place income with immediate income growth potential, and high demand location offering excellent access to transportation, employment, shopping, dining, and entertainment.

The property consists of a total of 8 units, six 2-bedroom 1-bathroom and two 1-bedroom 1-bathroom units fully occupied at near market rents. The ownership has been diligent in their maintenance and updates to the property replacing all of the windows with dual pane vinyl windows, all of the flooring in the units with either tile or vinyl, all of the wall furnaces and recently replacing the water heater. All units feature gas oven/range, refrigerator/freezer, gas wall furnace, wall AC units, hard surface flooring, shower tub combo and come with 1 assigned parking space. Additionally select units have been updated with shaker wood kitchen cabinetry, new appliances, and feature either enclosed patio or balcony and all residents have access to the coin operated laundry facilities.

Concord, CA is located in the East Bay region of the San Francisco Bay Area. It is one of the most conveniently located cities nestled between several major employment centers in Northern California. I-680 runs through Concord granting commuters immediate access to Walnut Creek/Lafayette to the South which hosts a plethora of fine dining experiences and high end retailers. Just further south tenants and owners can reach Pleasanton, Hayward, Fremont, and San Jose. North of Concord are major towns within Solano & Napa County such as Vacaville, Vallejo, Fairfield, and the highly coveted Napa Valley that houses acres of internationally renowned wineries. Only 20 miles East and West of Concord are some of the largest employment centers in the nation, including Berkeley, Oakland, Alameda, and San Francisco to the West and Brentwood, Discovery Bay, Pittsburg, and Antioch to the East. Due to its opportune location, it is no surprise that Concord is the largest city in Contra Costa County out of 51 cities and amongst the top 1% of most populated cities in all of California. Boasting a population of about 126,000, Concord has experienced population growth almost every single year over the last 50 years. This has positively correlated with increased rents as in the past three years, rents have increased a cumulative 8.1%, significantly outpacing neighboring cities. As a result of its prime location, vacancy in the Concord multi-family submarket has an all time average of 4.42%, less than almost all cities in the East Bay metro. Investors have shown increasing interest in Concord multifamily and have scooped up 8 communities over recent years. That trend has continued over the last 5-years as investment volume hit a 12-month high of $354 million over that stretch. Additionally, the market cap rate has increased in the past 12 months to the highest cap rate investors have seen in the last five years, meaning new investors have a unique window to capture a cash-flowing asset with high projected growth at a discounted rate.

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