Renovated 27-Unit Apartment
New
For Sale
$5,600,000
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$294.19
Days on Market3
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
Last Checked: Sep 2 at 2:23PM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$301,954
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 5.39%
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 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $5,600,000.
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
