For Sale
$1,700,000

950 East StPittsburg, CA 94565

7-Unit Apartment Building, High Cash Flow

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 7-unit apartment building presents a compelling value-add opportunity in Pittsburg, CA. Situated on a 5,000 sq ft lot, this 4,872 sq ft property boasts a mix of four 2-bedroom and three 1-bedroom units, one of which is non-conforming. Built in 1934 and meticulously maintained for over 30 years, the property features a new roof (installed last year) and two recently renovated units with updated kitchens, bathrooms, paint, and flooring. Numerous other interior and exterior improvements have been made throughout the years. The property includes a gated entry and driveway providing ample tenant parking. The current NOI is $108,644, with a pro-forma NOI of $121,925, resulting in a 6.39% cap rate and a pro-forma cap rate of 7.17%. The asking price is $1,700,000, or $242,857 per unit, and the property is located on a quiet street in Pittsburg, offering convenient access to Old Town's amenities and major transportation routes. The sizeable lot presents potential for future expansion, such as adding accessory dwelling units (ADUs) or additional units. This well-maintained property offers strong cash flow and significant upside potential in a desirable location. The property's APN is 085-182-005-0. This is a rare opportunity to acquire a well-maintained investment property with strong cash flow in a prime location.

Highlights

  • $1,700,000 asking price for a 7-unit apartment building in Pittsburg, CA.
  • Value-add investment opportunity with a 6.39% cap rate and a pro-forma cap rate of 7.17%.
  • 4,872 square feet on a 5,000 square foot lot, with a price per square foot of $348.93.
  • $108,644 current NOI and a pro-forma NOI of $121,925.
  • Seven units (one non-conforming), including four 2-bedroom and three 1-bedroom units, priced at $242,857 per unit.
  • Built in 1934, this three-story building features a new roof and recently renovated units.

Property Details for 950 East St

Property type
Apartment buildings
Square Feet
4,872 SF
Year Built
1934
Buildings
1
Stories
3
Units
7

Location Insight

City
Pittsburg
County
Contra Costa
State
California
Latitude
38.027709
Longitude
-121.8817089
950 East St, Pittsburg, California

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950 East St
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