Three-Story Apartment Building with
1183 Saranap Ave Walnut Creek, CA 94595
New
1183 Saranap Ave, Walnut Creek, CA, 94595
$7,995,000
For Sale
$7,995,000
Three-story apartment building with updated roof, carports, resident storage, complex laundry, and pool/courtyard amenities.
Property Size26,040 SF
Price / SF$307.03
Days on Market4
Property Features for 1183 Saranap Ave
General Information
- Standard status
- Active
- Size
- 26,040 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1965
Listing agency
INCOME PROPERTY SERVICES
(925) 988-0502
Listed by
SHAWN WILLIS · License #DRE #01095619
Source
Corcoran
Added: Jul 18 Updated: Jul 21 at 2:23AM Checked: Jul 21 at 5:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of INCOME PROPERTY SERVICES
Investment Insights
Based on property information with market context.
Spanish Castle Apartments is a three-story, multi-family property with a concrete slab foundation and low-maintenance stucco exteriors. The building features a pitched tile and flat vinyl roof that was replaced in February 2026, along with carports, additional resident storage, a complex laundry facility, and separate meters for gas and electricity. Unit interiors benefit from well-designed floor plans, with a mix of 2-bedroom and 1-bedroom layouts (12) 2BR/1BA, (6) 2BR/1BA, (9) 1BR/1BA, (5) 1BR/1BA, and (1) 1BR/1BA townhome configuration; many units have been updated.
The property is located in Walnut Creek and is described as well-located near BART, shopping, cafes, and coffee shops in Downtown Walnut Creek. It is also near Highways I-680 and 24, with access to Larkey Park/Pool, Civic Park, and Shell Ridge Open Space. Residents have access to a pool and courtyard in addition to the on-site laundry facilities.
The property is located in Walnut Creek and is described as well-located near BART, shopping, cafes, and coffee shops in Downtown Walnut Creek. It is also near Highways I-680 and 24, with access to Larkey Park/Pool, Civic Park, and Shell Ridge Open Space. Residents have access to a pool and courtyard in addition to the on-site laundry facilities.
Key Highlights
- Spanish Castle Apartments: three‑story multi‑family building built in 1965 at 1183 Saranap Avenue, Walnut Creek
- Unit mix: (12) 2BR/1BA (~870–890 SF), (9) 1BR/1BA (~680–695 SF), and (1) 1BR/1BA TH (~655 SF)
- Roof replaced February 2026; pitched tile and flat vinyl roof, concrete slab foundation, and low‑maintenance stucco exteriors
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $790.6k | $30.36 |
| − Vacancy | −$37.9k | −$1.46 |
| EGI | $752.6k | $28.90 |
| − OpEx | −$338.7k | −$13.01 |
| NOI | $413.9k | $15.90 |
26,040 SF · lease $30.36/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.91M
$5.17M – $6.90M
NOI $413,945 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.84M
$8.61M – $11.48M
NOI $689,018 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Spanish Castle Apartments
Apartment Complex
Lyn's home cleaning
Home Help
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FAQs
What type of property is this?
Apartment building - Three-story apartment building with updated roof, carports, resident storage, complex laundry, and pool/courtyard amenities.
Where is this apartment building located?
The property is located at 1183 Saranap Ave Walnut Creek, CA.
What is the asking price?
The asking price for this property is $7,995,000.
What are key features of this property?
This property features: Spanish Castle Apartments: three‑story multi‑family building built in 1965 at 1183 Saranap Avenue, Walnut Creek; Unit mix: (12) 2BR/1BA (~870–890 SF), (9) 1BR/1BA (~680–695 SF), and (1) 1BR/1BA TH (~655 SF); Roof replaced February 2026; pitched tile and flat vinyl roof, concrete slab foundation, and low‑maintenance stucco exteriors
