Concord, CA – The Pinza Group announced the sale of 1136-1142 Lacey Lane, a total of ten units. Steven Pinza, Esq (the 2014, 2015, & 2016 Top Multifamily Sales Broker in the East Bay according to CoStar), President of The Pinza Group (the 2014, 2015, & 2016 Top Multifamily Sales Brokerage in the East Bay according to CoStar) represented the Buyer and Seller in the transaction, which Pinza sold off market. The property sold for $1,925,000 which represented a 5.5% CAP rate on current numbers.
“Over the past year we’ve seen a number of buildings within a block of this property sell for well below their true value due to those Sellers not knowing what their property was actually worth. The Sellers of this property received an offer from that same Buyer/Broker and quickly called me. Needless to say my client’s offer beat that offer significantly” stated Pinza. “I am just happy they were smart enough to call me before they accepted the other offer” concluded Pinza.
1136-1142 Lacey Lane boasts a great unit mix of six two bedroom one bath units, and four one bedroom one bath units. The property has a history to little or no vacancies and currently is fully occupied. The property is separate for PG&E and there is onsite laundry which adds additional income each month. Currently there are storage lockers that are free for tenants but can be rented out as the units turn over to increase income for the next owner. Similar two bedroom units in the area rent for $1,700+ and similar one bedroom units rent for $1,400+ which means this property has significant rental upside. There is no rent control ordinance in Concord, which will allow the next investor to immediately raise rents without any restrictions.
About The Pinza Group, Inc.
The Pinza Group, Inc was recently named as the 2014 & 2015 & 2016 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. 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 or Info@pinzagroup.com.