950 East StPittsburg, CA 94565

Property Details for 950 East St

Year built

1934

Property size (Sq ft)

4,872 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Pittsburg

County

Contra Costa

State

California

Latitude

38.0277

Longitude

-121.882

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