337 Georgia Street, Vallejo, CA, 94590

337 Georgia Street Vallejo, CA 94590

337 Georgia Street, Vallejo, CA, 94590
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$2,400,000
Last Verified:
Jul 17, 2024

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Highlights

  • Quality Improvements - All 8 residential units & 1 commercial unit have undergone full renovations enhancing aesthetic appeal, functionality and income production.
  • Ideal Vallejo Location – The property is located in the heart of downtown Vallejo surrounded by a number of retailers, restaurants and entertainment. Vallejo city hall, the ferry terminal, Soltrans bus terminal and Amtrak transfer point are also all within 3 blocks of the property.
  • Value Add Opportunity - Leasing the vacant retail and storage areas will greatly increase income
  • One of the most beautiful buildings in downtown Vallejo constructed by iconic historical architect
  • Seismically Retrofitted – Property was seismically retrofitted in 2003.

Description

341 Georgia St is a pride of ownership building located in the Vallejo city center, showcasing a blend of modern upgrades and preserved Victorian charm. All residential units, 8 in total, and one of the two commercial units have been fully renovated to contemporary standards. These renovated units boast high ceilings, stainless steel appliances, including microwaves and dishwashers, new kitchen cabinetry with countertops, vinyl plank flooring, updated bathrooms, and modern lighting fixtures. Despite these updates, the building still retains its original and beautifully designed Victorian features such as picture rail moldings, built-in bedroom cabinets, large bay windows, and exposed brick walls, adding a unique character and appeal. The strategic improvements made to the property, coupled with its prime location, have enabled the current owner to command rents close to market rates for the area. Additionally, there are opportunities for the new owner to increase revenue by leasing the currently vacant retail and storage spaces, further enhancing the building's performance.

The property's location in downtown Vallejo offers a compelling blend of convenience and vibrancy, surrounded by numerous amenities such as retailers, restaurants, parks, museums, and accessible transit options. Vallejo itself benefits from its proximity to San Francisco, positioned just 31 miles northeast, and serves as the gateway to Northern California's renowned wine country in the North Bay region. Vallejo has experienced a resurgence driven by a strong economy and affordable housing options, attracting new businesses and residents alike. Many are drawn to the city's beautifully restored Victorian homes and business fronts, adding to its charm and appeal.
The city also serves as a pivotal transportation hub for the North Bay, highlighted by its Ferry Terminal and commuter ferry service, which have set a precedent for the entire Bay Area. Attractions like Six Flags Marine World, the Downtown Farmer's Market, Solano County Fairgrounds, Touro University, and Gateway Plaza Shopping Center contribute to Vallejo's dynamic community atmosphere. With a high Walk Score of 89 out of 100, the property's location underscores its accessibility, allowing residents to accomplish most daily errands conveniently on foot. This combination of amenities, accessibility, and community vitality makes downtown Vallejo an attractive choice for tenants.


Year Built: 1900
Building Size: 14999sq ft
Lot Size: 0.15 acres

Map of 337 Georgia Street, Vallejo, CA, 94590

Presented by:
NAI Northern California San Jose

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.