Overview

This 20 unit apartment building features 12 two bedroom/one bath units and 8 three bedroom/two bath units. Built in 1965, the average unit size is quite large at 960 SF. The property has great on-site amenities such as a pool, laundry room, and garden area. The property is well located in a residential neighborhood, and is a short drive to Concord BART. The property presents a good value-add apartment opportunity for investors.

Investment Highlights

EXCELLENT unit mix with large floor plans. The average unit size is 960 SF, and Palm Court features only two and three bedroom units.

ON-SITE amenities including a pool, laundry room, and garden area. Potential for upgrading those amenities to include a BBQ area, small playground or sitting area on-site.

GOOD EAST BAY location with access to downtown Concord, Concord BART, downtown Walnut Creek and much more.

20

APARTMENT UNITS

19,200

NET RENTABLE SF

1965

YEAR BUILT

960

AVERAGE UNIT SF

Property Details

Property Summary

Property Name Palm Court Apartments
Address 3412 Willow Pass Road
Concord, CA 94519
County Contra Costa
Year Built 1965
NRSF ±19,200
Number of Units 20
Avg Unit Size 960 SF
Site Size 0.75 AC
Parking 7 open spaces / 20 covered
Parcel No. 114-451-002-9

CONSTRUCTION SPECIFICATIONS

Foundation Slab on grade
Roof Composition shingle
Structure Wood frame
Electrical Separately metered
Exterior Stucco
Windows Casement / single pane
Flooring Vinyl / carpet

Unit Mix

Unit Type No. of Units SF Total SF Current Rent Current Rent / SF
2 BR / 1 BA 12 900 10,800 $1,263 $1.40
3 BR / 2 BA 8 1,050 8,400 $1,581 $1.51
Total / Avg 20 960 19,200 $1,390  

Apartment Home Amenities

POOL AREA
LAUNDRY ON-SITE
GARDEN AREA
COVERED PARKING

Renovation Strategy

Kitchen

  • New cabinet doors/hardware
  • Stainless steel appliances
  • New counter tops
  • Vinyl flooring
  • Light fixtures

Living Room

  • Vinyl flooring
  • Ceiling fan

Bathroom

  • New cabinet doors/hardware
  • New vanity/sink
  • New shower rod
  • New shower head
  • New cabinet
  • New towel racks

Exterior

  • New signage
  • Updated entry
  • Wood balconies
  • New mailbox system
  • Create sitting area with BBQ lounge or fire pit

Pool Area

  • New landscaping
  • Pool lounge area with umbrellas
  • New pool fencing

Market Area

CONTRA COSTA COUNTY

Concord, CA sits in the heart of the Contra Costa County. This city is located about 30 miles from San Francisco and is easily accessible with two BART stations.

The city has a vibrant downtown with various restaurants, bars, shopping, and grocercy stores. It's access both to highway 680 and highway 4 allow for residents to access various cities in the East Bay and the entire Bay Area. There are many strong employeer's throughout the East Bay including AAA, Bank of America, Chevron, Oracle,Wells Fargo, and Workday. The population is continuing to grow, and the market remains a place where residents are drawn to live.


130,664

POPULATION (2020)

45TH

LARGEST CALIFORNIA CITY

36,932

HOUSING UNITS

93.4%

EMPLOYED

66.2%

WITH SOME
COLLEGE EDUCATION

5.8%

POPULATION GROWTH
SINCE 2010


MULTIFAMILY MARKET OVERVIEW

The East Bay multifamily market maintains strong apartment fundamentals for the Bay Area.

Yardi Matrix is reporting that Concord over the last twelve months has had 2% rent growth. This compares to much of the Bay Area, which has seen rent contraction due to the effect of Covid-19. The average household income in Contra Costa County stands at just below $80,000 and Plan Bay Area expects the population to be 1,198,715 in 2025 and 1,257,790 in 2030. The 680 corridor has seen limited apartment supply due to high construction costs and high development impact fees. All these factors leads Yardi to predict an average year-over-year rent growth of 2.9% for the next five years.

2.0%

CONCORD
Y-O-Y RENT GROWTH

37%

HOUSEHOLD INCOME
OVER $100K

96%

CONCORD
OCCUPANCY

$77,013

MEDIAN
HOUSEHOLD INCOME


East Bay Area Companies

Access to Major Job Nodes