Concord, CA – The Pinza Group, the leading East Bay Multifamily Sales Brokerage, has announced the sale of nine units in Concord. Steven Pinza, Esq. (the East Bay’s leading multifamily sales broker according to CoStar) represented the Buyer in the transaction. The property, located at 1111 Detroit Ave, sold to an experienced multifamily investor at a well below market price of $1,218,500. This represented a 6% CAP rate, with current rents 75% below market. Further, the purchase price of only $135,000 per unit is the lowest per door price of any apartment sale in Concord in the last three years.
1111 Detroit Ave consists of six 1bd/1bth units and three studio units. There is ample tenant and guest parking, tenant storage, covered parking, and onsite laundry capabilities. Many of the units have been updated with dual pane windows, paint, flooring, and more.
The property is separately metered for gas and electricity and heat is provided via electric wall heaters or forced air heating systems. The exterior has mature landscaping and large palm trees that add to the property’s secluded ambiance. The subject property adjoins the rear of a newer neighborhood shopping center with Rite Aid, Albertsons, the newly constructed McDonalds, and directly across from Costco. The property is 1/2 block to bus line the bus stop and a mile or so from BART and local freeway access.
About The Pinza Group, Inc.
The Pinza Group, Inc was recently named as the 2014, 2015, 2016, and 2017 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.