Gated Apartment
For Sale
$10,000,000
3066 Willow Pass Road, Concord, CA 94519
Townhouse-style residences include central HVAC, assigned parking, and two-story layouts.
Property Size38,880 SF
Price / SF$257.20
Days on Market9
Property Features for 3066 Willow Pass Road
General Information
Standard status
Active
Size
38,880 SF
Property subtype
Commercial
Amenities
Central air
Community Pool
Assigned Spaces
Carpet Flooring
Carport(s)
Central Forced Air Heating
Coin Operated Laundry
Community Security Gate
Composition Roof
Guest Parking
Laminate Flooring
Shingle Roof
Vinyl / Linoleum Flooring
Window/Wall Unit Cooling
Building Details
Year Built
1963
Listing Agency:
COMPASS
(415) 874-5000
Listed By:
NATE GUSTAVSON · License #DRE #01898316
Source:
Corcoran
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 21 at 7:44AM
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 COMPASS
Investment Insights
Based on property information with market context.
This multifamily property includes 36 two-story townhouse-style apartments, each configured with 2 bedrooms and 1.5 bathrooms. The units feature central forced heating and air conditioning, assigned parking, and practical layouts. The gated community spans approximately 1.50 acres and includes five residential buildings, an on-site leasing and manager’s office, a swimming pool, 34 covered carport spaces, and 20 uncovered parking spaces.
Capital improvements include roof replacements on all main buildings in 2019 and Siemens electrical sub-panels installed throughout all 36 units in 2025. New parking lot asphalt and carport roofs are scheduled for completion in late summer 2026. The property is located at 3066 Willow Pass Road in Concord, California, within Contra Costa County.
Capital improvements include roof replacements on all main buildings in 2019 and Siemens electrical sub-panels installed throughout all 36 units in 2025. New parking lot asphalt and carport roofs are scheduled for completion in late summer 2026. The property is located at 3066 Willow Pass Road in Concord, California, within Contra Costa County.
Key Highlights
- 36‑unit gated multifamily community on approximately 1.50 acres
- All units offer a 2‑bedroom/1.5‑bathroom floor plan
- Five residential buildings plus an on‑site leasing/manager's office
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
$616,757
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
6.17%
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%
$12,335,140
$12.3M
Cap Rate 7%
$8,810,814
$8.8M
Cap Rate 9%
$6,852,856
$6.9M
Market Conditions
NOI Build-Up for 38,880 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
$1.18M $30.36/SF
− Vacancy
−$59.0K −$1.52/SF
EGI
$1.12M $28.84/SF
− OpEx
−$504.6K −$12.98/SF
NOI
$616.8K $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%
$12,335,140
Cap Rate 7%
$8,810,814
Cap Rate 9%
$6,852,856
Alternative Uses
Best Use
Apartment 5plus
$8.81M
$7.71M – $10.28M
NOI $616,757 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$9.51M
$8.32M – $11.09M
NOI $665,660 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,447
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Townhouse-style residences include central HVAC, assigned parking, and two-story layouts.
Where is this apartment building located?
The property is located at 3066 Willow Pass Road Concord, CA.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 36‑unit gated multifamily community on approximately 1.50 acres; All units offer a 2‑bedroom/1.5‑bathroom floor plan; Five residential buildings plus an on‑site leasing/manager's office
