Renovated 27-Unit Apartment
For Sale
$5,495,000
1895 San Vincente Drive, Concord, CA 94519
Multifamily property with a diversified unit mix, completed renovations, and additional units remaining for improvement.
Property Size19,035 SF
Lot Size0.65 Acres
Price / SF$288.68
Days on Market48
Property Features for 1895 San Vincente Drive
General Information
Standard status
Active
Size
19,035 SF
Lot size
0.65 Acres
Property subtype
Multifamily
Units
Unit Mix
14 x 2BR/1BA, 8 x 1BR/1BA, 5 x studio
Multifamily Units
27
Building Details
Building Size
19,035 SF
Year Built
1961
Units
27
Listing Agency:
NAI Northern California
Listed By:
Ethan Berger · License #CalDRE #01868467
(925) 588-9740
Source:
Nainorcal
Added: Sep 1
Changed: Oct 3
Last Checked: Oct 16 at 6:38AM
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 NAI Northern California
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Driftwood Apartments is a 27-unit multifamily property at 1895 San Vincente Drive in Concord, California. Built in 1961, the property contains approximately 19,035 square feet on a 28,314-square-foot lot, with 14 two-bedroom/one-bath units, 8 one-bedroom/one-bath units, and 5 studios. Ownership has renovated 17 units with updated kitchens and bathrooms, LED recessed lighting, LVP flooring, and upgraded electrical subpanels with dedicated appliance circuits. The roof was replaced in 2019.
Ten units remain available for renovation within an established improvement program. Renovated units are achieving rent premiums of approximately 18.5% for two-bedroom units, 16.9% for one-bedroom units, and 17.4% for studios compared with average in-place rents. Electric and gas submetering supports direct tenant reimbursement, while water and trash costs are recovered through a RUBS program. The reported submarket vacancy is approximately 3.3%.
Ten units remain available for renovation within an established improvement program. Renovated units are achieving rent premiums of approximately 18.5% for two-bedroom units, 16.9% for one-bedroom units, and 17.4% for studios compared with average in-place rents. Electric and gas submetering supports direct tenant reimbursement, while water and trash costs are recovered through a RUBS program. The reported submarket vacancy is approximately 3.3%.
Key Highlights
- 27‑unit apartment property with 14 two‑bedroom units, 8 one‑bedroom units, and 5 studios
- Approximately 19,035 SF on a 28,314‑square‑foot lot
- 17 of 27 units have been renovated; 10 units remain for improvement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$301,954
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,039,080
$6.0M
Cap Rate 7%
$4,313,629
$4.3M
Cap Rate 9%
$3,355,044
$3.4M
Market Conditions
NOI Build-Up for 19,035 SF
Gross rent
$577.9K $30.36/SF
− Vacancy
−$28.9K −$1.52/SF
EGI
$549.0K $28.84/SF
− OpEx
−$247.1K −$12.98/SF
NOI
$302.0K $15.86/SF
Area
Concord, CA
Vacancy
5.00%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,039,080
Cap Rate 7%
$4,313,629
Cap Rate 9%
$3,355,044
Alternative Uses
Best Use
Apartment 5plus
$4.31M
$3.77M – $5.03M
NOI $301,954 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.66M
$4.07M – $5.43M
NOI $325,896 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 94519, CA
18,677
Population
7,427
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
4,150
Density / Sq Mi
$123,366
Median Household Income
$58,873
Median Earnings
$2,340
Median Rent
$727,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a diversified unit mix, completed renovations, and additional units remaining for improvement.
Where is this apartment building located?
The property is located at 1895 San Vincente Drive Concord, CA.
What is the asking price?
The asking price for this property is $5,495,000.
What are key features of this property?
This property features: 27‑unit apartment property with 14 two‑bedroom units, 8 one‑bedroom units, and 5 studios; Approximately 19,035 SF on a 28,314‑square‑foot lot; 17 of 27 units have been renovated; 10 units remain for improvement
