ANTIOCH, Calif., June 19, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Delta Court Apartments, a 28-unit apartment property located in Antioch, CA, according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $2,250,000.
The Delta Court Apartments are a Ranch-Style 28-unit apartment complex located at 221 Wilbur Avenue in beautiful Antioch, Calif.
All of the units are separate detached structures consisting of a unique unit mix of three-bedroom/one-bath houses, two and one-bedroom/one-bath detached apartment units and several detached studios or various sizes. The property lies on an 83,200-square foot lot giving its tenants a feeling of community and each unit comes with at least one on-site numbered parking space. The subject property has been held to around 90 percent of its pro forma gross annual rent, giving way to upside rent potential for an investor.
Residents of the Delta Court Apartments benefit from an on-site laundry facility that also provides an additional income stream for the landlord. The property is conveniently located within walking distance from Kimball and Fremont Elementary schools, and is just minutes from the Contra Costa County Fairgrounds.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors To learn more, please visit: www.MarcusMillichap.com