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Bay Area Portfolio 3 Multifamily Properties Offered at $21,748,702 CAD in Multiple Locations
Investment Highlights
- (4) Assets Available for Purchase Individually or as a Portfolio
- 11.48% Portfolio-Level Loss-to-Lease
- Diverse Unit Mix of (20) 1-Bed, (16) 2-Bed, and (5) 3-Bedroom Units
- 5.03% In-Place Portfolio Cap Rate
- $341 Average Price Per SF
- Well-Diversified Tenant Base Across Four Distinct Employment Corridors
Executive Summary
Bay Area Portfolio: four apartment communities totaling 41 units across Millbrae, Redwood City, Martinez, and Concord, spanning San Mateo and Contra Costa Counties.? Individual assets range from 8 to 15 units.? The Offering is available as a whole, in sub-portfolios, or asset by asset.?
The portfolio divides along county lines by basis and by yield.? The San Mateo County sub portfolio accounts for 25 units and $11,300,000 at an average go-to-market cap rate of 4.94%, while the Contra Costa County sub portfolio accounts for 16 units and $4,450,000 at 5.26% go-to-market cap rate.? On the Peninsula, 472-480 Lincoln Circle sits in the affluent Telescope Hills neighborhood roughly one mile from the Millbrae Intermodal Station, the only platform in the region where BART connects directly with Caltrain.? 1548 Hudson Street holds the portfolio's largest floorplans, averaging about 1,160 square feet per unit, in Redwood City's Palm Park neighborhood.? In-place rents at the two Peninsula assets run 10.54% and 10.34% below market, respectively.?
The East Bay assets price at a lower basis and carry higher rental upside.? 3550 Chestnut Avenue is offered at $256,250 per unit, and is situated one mile from Concord BART, operating at 11.57% below perceived market rents.? The Martinez property spans three separate buildings on a single parcel, just half a mile from the Contra Costa Regional Medical Center and less than a mile from the Martinez Amtrak platform, with current rents 15.83% below market.?
The portfolio divides along county lines by basis and by yield.? The San Mateo County sub portfolio accounts for 25 units and $11,300,000 at an average go-to-market cap rate of 4.94%, while the Contra Costa County sub portfolio accounts for 16 units and $4,450,000 at 5.26% go-to-market cap rate.? On the Peninsula, 472-480 Lincoln Circle sits in the affluent Telescope Hills neighborhood roughly one mile from the Millbrae Intermodal Station, the only platform in the region where BART connects directly with Caltrain.? 1548 Hudson Street holds the portfolio's largest floorplans, averaging about 1,160 square feet per unit, in Redwood City's Palm Park neighborhood.? In-place rents at the two Peninsula assets run 10.54% and 10.34% below market, respectively.?
The East Bay assets price at a lower basis and carry higher rental upside.? 3550 Chestnut Avenue is offered at $256,250 per unit, and is situated one mile from Concord BART, operating at 11.57% below perceived market rents.? The Martinez property spans three separate buildings on a single parcel, just half a mile from the Contra Costa Regional Medical Center and less than a mile from the Martinez Amtrak platform, with current rents 15.83% below market.?
Property Facts
| Price | $21,748,702 CAD | Number of Properties | 4 |
| Price / SF | $633.81 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 5.03% | Total Building Size | 34,314 SF |
| Sale Type | Investment or Owner User | Total Land Area | 1.05 AC |
| Status | Active |
| Price | $21,748,702 CAD |
| Price / SF | $633.81 CAD / SF |
| Cap Rate | 5.03% |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 4 |
| Individually For Sale | 0 |
| Total Building Size | 34,314 SF |
| Total Land Area | 1.05 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 3550 Chestnut Ave, Concord, CA 94519 | Multifamily | 5,280 SF | 1979 | - |
|
Parkview Apartments
472-480 Lincoln Cir, Millbrae, CA 94030 |
Multifamily | 12,975 SF | 1965 | - |
| 1548 Hudson St, Redwood City, CA 94061 | Multifamily | 16,059 SF | 1964 | - |
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