By Jon Peterson
A private owner of 4.92 acres of land in the East Bay city of Antioch has put the parcel up for sale, according to sources familiar with the property. The land is located near 2700 Hillcrest Ave., and no pricing guidance has been established at this time.
The listing agent on the sale Cushman & Wakefield through its San Francisco office. One of the people leading the efforts on the sale of this property is Jason Parr, a senior director with the company. He declined to comment when contacted for this story.
The owner of the property has owned it for at least 10 years. The parcel is currently zoned P-D on medical office and retail plan approved by the city of Antioch in 2008. The parcel could potentially be re-zoned as R-35, which would allow development of a multifamily development with up to 172 units or 35 units per acre. The city of Antioch did recently approve the re-zoning of a neighborhood site to include more than 100 housing units.
The land is located just half a mile from the Antioch BART station, which is a major public transportation solution for people looking to commute into the Bay Area and San Francisco in particular. The city of Antioch itself is roughly 45 miles northeast from San Francisco, and the BART connectivity would give the potential renters in the property access to the main large-scale public transportation in the area. Transportation Oriented Developments, or TODs, have been able to capture greater value for the owners and developers in the last decade, and they have also been able to charge a premium in rents.
The apartment market in Antioch remains very tight. The overall occupancy in the market is hovering around 95 percent, as stated by sources tracking this information in Antioch. Since 2014, the area of this city has experienced rent growth of 43 percent, since the city has benefited from the San Francisco Bay Area’s population overflow. Yardi, a multifamily technology solutions company, has projected that the market rents in Antioch will increase by another 41 percent by 2028 while maintaining a 96 percent occupancy level.
Apartment rents in Antioch remain much lower than other parts of the Bay Area. Discounts from average Class A rents in San Francisco can be well over 75 percent, while renting in Antioch is roughly 47 percent cheaper than renting in Oakland and 45 percent lower than rents in Walnut Creek.