Updated Dec 4, 2024
CBRE Sells California Villas Multifamily Complex In Concord For $9.15M
1621 Detroit Avenue
$9,150,000
Units
35
Asset Type
MultiFamily
Closing
Apr 12, 2024
About this deal
AI
The California Villas, a 35-unit multifamily complex located at 1621 Detroit Avenue in Concord, was sold for $9.15 million. The property's strategic location near major highways and retail amenities, coupled with recent upgrades, contributed to its value.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,150,000
- Units: 35
- Price Per Unit: $261,429
- Address: 1621 Detroit Avenue
- Market: Concord
Keith Manson, Mac Watson, and Zachary Greenwood from CBRE facilitated the sale of California Villas. Manson highlighted the rarity of such properties in the I-680/CA-24 corridor and emphasized its appeal in the current economic climate due to its proximity to highways and retail options.
Players
Concord MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.73%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93