1506 Garcez Dr

The property is conveniently located off of Clayton Road near the Ygnacio Valley/Kircher Pass intersection in the Clayton Valley Highlands neighborhood of Concord. The immediate area is desirable for renters as it is surrounded by retail shopping centers with numerous restaurants, shopping, and services all within walking distance. The Clayton Valley Shopping Center, located a ½ mile from the property, is the largest shopping center within 3 miles and contains many national retailers such as CVS, Grocery Outlet, Ross, Five Guys, Chipotle, Burger King, Panera, and Peet's Coffee. In addition, the area is served by some of the best public schools in Contra Costa County. The property is off of Clayton Road, one of the main east-west arterials through Concord with the Concord BART Station located 4 miles from the property directly off of Clayton Road. Commuters can access HWY 242 from Clayton Road, take Ygnacio Valley Road south to Walnut Creek and HWY 680, or Kircher Pass north to HWY 4 near Pittsburg. The property also boasts a “Very Walkable” walk score of 79.1506 Garcez presents an excellent opportunity for an investor to purchase 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. Built in 1960, the property is a two-story wood frame building with stucco siding and wood trim on a 12,990 square foot lot. The total square footage of the building is 9,548 square feet and includes 12 covered and 6 uncovered off-street parking spaces. 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. All units are all individually metered for gas and electricity. The property also collects ancillary income with on-site laundry facilities and a utility reimbursement program where 8 of 12 tenants pay an additional $75-$100 per month to offset garbage and water expenses. Additionally, the property also includes CCTV security cameras and a manager’s storage shed. Recent capital improvements include exterior painting and a new 30 year foam roof on the building. In all, this opportunity will provide a new investor with day one cash flow, additional upside with unit renovations upon tenant turnover, and revenue growth through annual rent increases.