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Apartment Properties
These are some of the better apartment listings available in Northern California. Apartment prices depend in large part on location; prices are relative. Prices in San Francisco are higher than Oakland, which is higher than Stockton, etc. The properties presented here are good deals within their location. For more information about any of these listings, or to find a property that meets your requirements, please call John Bremner at 415-234-6093. Principals Only, Please.
San Francisco. The current average asking price for apartments in SF is $319 per SF, 14 x Gross, and 5.2% Cap Rate.
1) Tehama St. - 6 Units: $1,495,000, $274/SF, 11 x Gross, 6.8% Cap Rate. Located in the diverse, interesting, South of Market district, this is an attractive, Victorian 6 plex, with six 2BR units (+ 2 unwarranted studios). Significant upside in controlled units.
2) Steiner St. - 7 Units: $1,550,000, $265/SF, 12 x Gross, 6.0% Cap Rate. Located in Lower Pacific Heights, this is a mixed use building with a two room retail unit, plus three 1BR units, two 2BR units, and one 3BR unit. Owner provides hot and cold water, garbage and steam heat.
San Mateo/Santa Clara. The current average asking price in San Mateo/Santa Clara is $254 per SF, 12.6 x Gross, and 5.5% Cap Rate. The average price per unit is $171,000.
1) San Jose - 16 Units - Kollmar Apartments: $1,895,000, $182 per SF, 8.7 x Gross, 6.9% Cap Rate. This is a 16 unit complex with eight 1BR, and eight 2BR units, located near schools, restaurants and stores.
2) Santa Clara - 19 Units - Homestead Apartments: $2,500,000, $214 per SF, 9.4 x Gross, 5.9% Cap Rate. Quiet apartment complex with garden setting, five 2BR, fourteen 1BR units, near shopping center and Kaiser.
Marin/Sonoma/Napa. The current average asking price in the Marin/Sonoma/Napa area is $292 SF, 13.3 x Gross, 5.1% Cap Rate.
1) Sebastopol - 21 U - Sebastopol Square Apartments: $1,995,000, $95K per Unit, $151 per SF, 7.9 GRM, 7.0% Cap Rate. This is a 21 unit apartment complex in Sebastopol, California, conveniently located within walking distance of downtown, near shopping, hospitals, parks and transportation. The complex is comprised of two 3BR Units @ $1,250, fifteen 2BR Units @ $1,025, three 1BR Units @ $875, and one Studio @ $650. The property is a garden style apartment complex with a pool and landscaping in the center. All units are individually metered, and most units have new dual pane windows and new water heaters.
2) Rohnert Park - 24U - Bridgit Apts: $3,600,000, $150K per Unit, $128 per SF, 9.8 GRM, 6.7% Cap Rate. These units are priced as an apartment building, but they were built and approved in 1982 as individual PUD units. They have never been offered for sale individually. The units are spacious one and two bedroom townhouses.
3) Novato - 39 U - Ignacio Pines: $6,700,000, $172K per Unit, $226 per SF, 9.9 GRM, 6.3% Cap Rate. Rare Marin County offering, 39 Unit apartment complex on lush hillside with views. Historically low turnover and strong demand. Thirty six 2BR units @ $1,500, and three Studios @ $1,300.
4) Napa - 66 U - Rutherford Townhomes: $7,250,000, $110K per Unit, $136 per SF, 7.3 GRM, 7.3% Cap Rate. Built in 1974, this apartment complex features townhouse style units on a landscaped 2.8 acre site. Many recent upgrades, including new roofs, new double pane windows, new awnings and landscaping, etc. Assumable loan - $4.4M @ 5.75%.
Alameda/Contra Costa/Solano. The current average asking price in the Alameda/Contra Costa/Solano area is $179 SF, 9.5 x Gross, 6.8% cap rate.
1) Oakland - 16 Units - 47th Ave Apartments: $1,050,000, $66K per Unit, $140 per SF, 7.2 Gross, 7.2% Cap Rate. This is a bread and butter traditional apartment building with 16 units, offered for sale at $1,050,000. At $140 SF, and a gross rent multiple of 7.2, this is a solid money maker. This is a generally well maintained property, with several recent upgrades, including new formica countertops, new carpeting, new appliances (gas ranges and refrigerators), and new exterior paint. The building has on-site laundry facilities, a front security gate, and private on-site gated parking. There are two private garages which provide for additional rental income. Offered at $1,050,000, $65,625 per unit, $140 per SF, 7.2 GRM, 7.2% cap rate.
2) Concord - 9 Units - Robin Lane: $1,300,000, $119 SF, 10.1 GRM, 6.5% Cap Rate. These are well maintained garden apartments with attractive landscaping, consisting of eight 2BR Units and a single family residence. Separately metered, new copper piping and interior upgrades, parking for 9+.
3) Oakland - 25 Units - Pueblo Allegre Condos: $1,295,000, $89 SF, 5.4 GRM, 9.6% cap rate. These 25 units were converted to condos but are currently being rented as apartments. The units were updated for the conversion, including granite counters, new appliances, new cabinets, etc. Two studio and two one-bedroom units are unfinished in various stages of readiness, and will be delivered as-is.
4) Oakland - 18 Units - Mountain Blvd: $2,200,000, $106 SF, 9.1 GRM, 7.3% Cap Rate. Brown shingled apartment building in the Oakland hills off Golf Links Road. This is a recently constructed (1990) condo-quality apartment complex with large units in a residential neighborhood in the Oakland hills. There are four 1BR/1BA apartments @ $950, twelve 2BR/2BA @ $1,200, and two 3BR/2BA @ $1,250. There is significant upside in the rental rates, and the building is not subject to rent control. Utilities are separately metered, with tenants paying water, sewer, cable, broadband, gas and electric. The landlord pays only trash and common area utilities.
5) Berkeley - 22 Units - Haste Apartments: $2,950,000, $205 SF, 9.5 GRM, 6.3% Cap Rate. Near the UC Berkeley campus, these 22 units in three buildings on two parcels, consist of 2 studios, 14 1BR, five 2BR, and 1 3BR Penthouse with upside on the rents.
6) Oakland - 96 Units - Garden View & Pinecrest Apartments: $4,250,000, $55 SF, 3.9 x Gross, 10% Cap Rate. Short Sale. These are two adjacent apartment buildings with 47 and 49 units, with a mix of one, two and three bedroom apartments. Both properties were developed in 1964 and are in fair condition, with some deferred maintenance.
7) Concord - 69 Units - Sunset Pines Apartments: $6,800,000, $99K per Unit, $156 per SF, 8.4 GRM, 6.7% Cap Rate. Sunset Pines consists of fifty five 1BR Units @ $920, and fourteen 2BR Units @ $1,120. Recent upgrades include new tile flooring, newer appliances and cabinets. The property provides secured coded entry for parking.
Sacramento. The current average asking price in the Sacramento area is $180 SF, 10 x Gross, 6.8% Cap Rate.
1) Villaggio Condos: 32 Units, $1,895,000, $59K per Unit, $70 per SF, 6.6 GRM, 8.3% Cap Rate. The Villagio is a 32 unit apartment community within a larger 72-unit Villaggio Condominium project. The property was fully renovated by the developer, including granite countertops, stainless steel appliances, new cabinets, new washer/dreyers, dual pane windows, etc. There is an existing HOA which is responsible for maintenance, landscaping, insurance and common area utilities, paid out of dues of $201 per unit per month. Located close to the American River College and McClellan Business Park.
2) Rancho Cordova - 44U - Cordova Estates: $2,199,000, $50K per Unit, $61 per SF, 6.3 GRM, 7.8% Cap Rate. Cordova Estates consists of 44 units - 15 x 1BR @ $550, 14 x 2BR @ $700, 15 x 3BR @ $775. The property is conveniently located near shopping, schools and major thoroughfares.
3) Sacramento - 72U - Bradford Pointe Apartments: $3,700,000, $51K per Unit, $64 per SF, 5.9 GRM, 8.0% Cap Rate - Short Sale. Bradford Pointe is comprised of 72 large two bedroom units. The seller has completed condo conversion local approvals for the property, and has upgraded 12 units to condo quality. Other recent improvements include installation of new roofing, Low-E windows, new insulation, parking lot sealing and striping, and landscaping.
Stockton. The current average asking price in the Sacramento area is $104 SF, 9.2 x Gross, 7.3% Cap Rate.
1) Stockton - 128 U - Doyle Gardens Senior Citizen Apartments: $6,500,000, $51K per Unit, $106 per SF, 7.2 GRM, 7.0% Cap Rate. Doyle Gardens is a 128 Unit (all 1BR @ $595) senior citizen complex originally built in 1974, and well maintained with new HVAC units, and new electric stoves. Assumable loan of $4,600,000 @ 5.625%.
For More Information, Please Call John Bremner at 415-234-6093. Principals Only, Please.
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