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.
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.
NET RENTABLE SF
AVERAGE UNIT SF
|Property Name||Palm Court Apartments|
|Address||3412 Willow Pass Road
Concord, CA 94519
|Number of Units||20|
|Avg Unit Size||960 SF|
|Site Size||0.75 AC|
|Parking||7 open spaces / 20 covered|
|Foundation||Slab on grade|
|Windows||Casement / single pane|
|Flooring||Vinyl / carpet|
|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|
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.
LARGEST CALIFORNIA CITY
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.
Y-O-Y RENT GROWTH