Antioch, CA (June 6, 2019) – The Pinza Group, the leading East Bay Multifamily Sales Brokerage, and 2018’s Top Multifamily Sales Brokerage in the East Bay (according to CoStar) has announced the sale of a twelve unit multifamily property in the city of Antioch. Steven Pinza, Esq. and Jay Flores of The Pinza Group, represented the Buyer and Seller in the transaction, which was sold off market. The property, located at 3112 Lone Tree Way, sold for $2,280,000 which represents a sub 6% cap rate.
Built in 1969, the Lone Tree Way Apartments consists of twelve 2bd/1bth units of approximately 840 square feet. Each unit is about 30% below market in rent, which will allow the next owner to significantly raise rents without any government oversight. The property has on site coin operated laundry, tenant and guest parking, mature and easy to maintain landscaping, and much more.
The property is just a short distance to the Antioch Pier, and to city hall and other downtown attractions. Also a short distance away, is the Somersville Town Center, which is home to major national tenants such as Starbucks, In-N-Out Burger, Macy’s, Sears, Chase Bank, O’Reilly Auto Parts, Bank of America, Wells Fargo, AutoZone, Chevron and McDonald’s among many others. Antioch is well known as a new and upcoming city in Contra Costa County. With the new eBART already fully functioning, many analysts predict a significant rise in values in the future years.About The Pinza Group
The Pinza Group, Inc was named as the 2014, 2015, 2016, 2017, and 2018 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014, 2015, 2016, and 2017. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California.
Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. The Pinza Group is an investment real estate brokerage built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in the East Bay. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors. For more information on off market investments, an estimate of value, or for free real estate advice please visit: www.pinzagroup.com.