Casa Linda Apartments 2001 Broadway 24 Unit Apartment Building $6,496,480 CAD ($270,687 CAD/Unit) 6.12% Cap Rate San Pablo, CA 94806

Casa Linda Apartments is a rare, newer-construction (1993-built) 24-unit multifamily asset offering meaningful upside through income growth and strategic repositioning. The 18,711 square foot building is situated on a 30,675 square foot lot and was built as a senior housing facility. Operating as a market rate apartment building for the last 25 years, this newer-construction asset delivers the kind of durable infrastructure rarely found in conventional multifamily — a full building fire sprinkler system, elevator access, and a tile roof that enhances safety, long-term marketability, and appeal.
All units feature private outdoor space in the form of patios, balconies, or backyards—an increasingly scarce amenity that supports rent premiums and strong tenant retention. The property also includes a large ground-floor amenity room, which offers flexibility to be utilized as a tenant amenity space for fitness, community, or co-working uses, or alternatively converted into an additional accessory dwelling unit (ADU), subject to buyer verification and local approvals.
Investors can further enhance NOI through multiple value-add initiatives, including the expansion of laundry facilities to increase ancillary income, implementation of a Ratio Utility Billing System (RUBS), selective interior renovations, and targeted exterior upgrades to improve curb appeal. Additional upside may exist through potential ADU development and amenity enhancements, positioning the asset to attract higher-income renters while maintaining operational efficiency. With its newer construction, durable infrastructure, flexible amenity space, and multiple avenues for revenue enhancement, Casa Linda Apartments presents a compelling opportunity for both cash-flow-oriented and long-term appreciation-focused investors.
San Pablo is centrally located in western Contra Costa County, providing convenient access to major Bay Area employment and education centers. The city is approximately 20 miles from San Francisco, 14 miles from Oakland, 13 miles from the University of California, Berkeley, and 18 miles from Walnut Creek. The local economy is supported by major regional employers including Chevron, Kaiser Permanente, John Muir Health, Safeway, and PG&E, providing a diverse and stable employment base. San Pablo offers strong regional connectivity with access to the nearby Richmond BART Station, extensive AC Transit bus service, and the Amtrak Richmond Station. Immediate access to Interstates 80 and 580 allows for efficient travel throughout the East Bay and greater Bay Area.