1640 23rd St - Apartments FOR SALE


San Pablo, CA 94806
$5,900,000 USD
925-588-9740
1640 23rd St, San Pablo, CA for Sale
$5,900,000 USD
Apartments - FOR SALE
1/19
null | 5.48% Cap Rate

1640 23rd St
San Pablo, CA 94806


HIGHLIGHTS

  • Assumable 3.95% fixed rate financing
  • Recent capital improvements to both the exterior and interiors of the property
  • Desirable unit mix of 100% two-bedroom, two-bathroom with highly desirable unit features
  • Built in 1984 - newer vintage construction relative to surrounding inventory
  • No Local Rent Control
  • Central San Pablo infill location, direct access to retail, employment and commuting options

OVERVIEW

The Property offers investors the opportunity to acquire a well-maintained multifamily asset featuring attractive assumable financing, significant recent capital improvements, and a highly desirable unit mix. Comprised entirely of spacious two-bedroom, two-bathroom apartment homes, the Property is well-positioned to capture sustained demand from workforce housing tenants seeking functional floor plans and modern amenities. Current ownership has completed extensive exterior and interior upgrades, including siding and trim replacement, fresh exterior paint, and new landscaping throughout the community. Seven units have undergone comprehensive renovations featuring updated kitchens, bathrooms, flooring, lighting, and appliance packages, while an additional four units have received flooring and window upgrades, reducing near-term capital expenditure requirements for future ownership. Residents benefit from an attractive amenity package that includes in-unit laundry hookups, forced-air heating, dedicated water heaters, dishwashers, enclosed patios or balconies, and remote-access gated covered parking. These features have supported strong occupancy and market-rate rental performance. Strategically located in central San Pablo, the Property offers convenient access to Richmond BART, Contra Costa College, Interstate 80, and major East Bay employment centers. Further enhancing the investment opportunity is an assumable loan with an approximate $3.5 million balance fixed at 3.95% through December 2029, providing a meaningful financing advantage relative to current market debt. Additionally, the absence of a local rent control ordinance in San Pablo provides ownership with greater operational flexibility and long-term revenue growth potential.

FOR SALE DETAILS

PRICE

$5,900,000 USD

PRICE/SF

$303 USD /SF

# OF UNITS

20

PRICE/UNIT

$295,000

CAP RATE

5.48%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1984

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

SP1 - 23rd St Spec. Plan

APN/PARCEL ID

527-041-020-1

ASK ABOUT THIS PROPERTY

Ethan BergerNAI Northern CaliforniaMore Info
925-588-9740

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Ethan BergerNAI Northern CaliforniaMore Info
925-588-9740

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.