1506 Garcez offers a prime investment opportunity with a turnkey, fully occupied 12-unit apartment building located in the heart of Concord. Built in 1960, the two-story wood-frame structure features stucco siding with wood trim and sits on a 12,990-square-foot lot. The building spans 9,548 square feet and includes 12 covered and 4 uncovered off-street parking spaces.
Additional income is generated through on-site laundry facilities and a utility reimbursement program, with 8 of the 12 tenants contributing an extra $100 per month to offset water and garbage expenses. The property also features CCTV security cameras and a manager’s storage shed.
Strong Investment Fundamentals
• Generates over $305,500 in current annual rental income.
• Offers a 6% cap rate on current rents and 7.4 market cap rate.
• Upside in GSI through tenant turnover, and annual rent escalations.
Well-Maintained Asset with Recent Upgrades
• Major capital improvements include updated flooring, kitchens, bathrooms, and new appliances.
• Exterior enhancements feature double-pane windows, fresh paint, and a 30-year foam roof installed within the last 3 years.
• Hydro Jetting Drain System
• Water Saving Recirculating Pump for instant hot water
• Water Heater & New Wall Furnaces
• New Patio Doors for all Apartments
• Remote camera monitoring
• All units are separately metered for gas and electricity.
Desirable Unit Mix
• 10 units: 2 bed / 1 bath
• 1 unit: 2 bed / 1.5 bath
• 1 unit: 1 bed / 1 bath
LOCATION SUMMARY
This property is ideally situated off Clayton Road near the Ygnacio Valley/Kirker Pass intersection, within the Clayton Valley Highlands neighborhood of Concord. The surrounding area is highly attractive to renters, offering convenient access to a variety of retail centers, restaurants, and essential services—all within walking distance.
Just half a mile away, the Clayton Valley Shopping Center stands as the largest retail hub within a three-mile radius. It features a wide range of national retailers including CVS, Grocery Outlet, Ross, Five Guys, Chipotle, Burger King, Panera Bread, and Peet’s Coffee.
The neighborhood is also served by some of the top-rated public schools in Contra Costa County, enhancing its appeal for families. Located along Clayton Road—one of Concord’s primary east-west thoroughfares—the property offers excellent connectivity. The Concord BART Station is just four miles away, providing direct transit access.
