41-Unit Apartment
New
For Sale
$2,050,000
3550 Chestnut Avenue, Concord, CA 94519
Four apartment communities offer a 41-unit multifamily portfolio across San Mateo and Contra Costa Counties.
Property Size5,280 SF
Price / SF$388.26
Days on Market4
Property Features for 3550 Chestnut Avenue
General Information
Standard status
Active
Size
5,280 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
41
Building Details
Year Built
1979
Listing Agency:
Touchstone Commercial Partners Inc
(415) 275-0229
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 9:36AM
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 Touchstone Commercial Partners Inc
Investment Insights
Based on property information with market context.
This apartment portfolio includes four communities totaling 41 units in Millbrae, Redwood City, Martinez, and Concord. Individual properties range from 8 to 15 units, with the Concord asset located at 3550 Chestnut Avenue and built in 1979. The offering can be acquired as a complete portfolio, by county-based sub-portfolio, or as individual properties.
The San Mateo County group contains 25 units across Millbrae and Redwood City, while the Contra Costa County group includes 16 units in Martinez and Concord. The Peninsula properties include a Millbrae community near the Millbrae Intermodal Station and a Redwood City property with average unit floorplans of approximately 1,160 square feet. In-place rents at those two assets are reported at 10.54% and 10.34% below market, respectively. Go-to-market cap rates are 4.94% for the San Mateo County sub-portfolio and 5.26% for the Contra Costa County sub-portfolio.
The San Mateo County group contains 25 units across Millbrae and Redwood City, while the Contra Costa County group includes 16 units in Martinez and Concord. The Peninsula properties include a Millbrae community near the Millbrae Intermodal Station and a Redwood City property with average unit floorplans of approximately 1,160 square feet. In-place rents at those two assets are reported at 10.54% and 10.34% below market, respectively. Go-to-market cap rates are 4.94% for the San Mateo County sub-portfolio and 5.26% for the Contra Costa County sub-portfolio.
Key Highlights
- Four apartment communities totaling 41 units across Millbrae, Redwood City, Martinez, and Concord
- Individual assets range from 8 to 15 units
- Offering available as a complete portfolio, sub‑portfolios, or individual properties
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
$83,757
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
4.09%
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%
$1,675,140
$1.7M
Cap Rate 7%
$1,196,529
$1.2M
Cap Rate 9%
$930,633
$930.6K
Market Conditions
NOI Build-Up for 5,280 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
$160.3K $30.36/SF
− Vacancy
−$8.0K −$1.52/SF
EGI
$152.3K $28.84/SF
− OpEx
−$68.5K −$12.98/SF
NOI
$83.8K $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%
$1,675,140
Cap Rate 7%
$1,196,529
Cap Rate 9%
$930,633
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,757 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,398 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
41
Residential units
Location Intelligence
Trade Area within ½ mile
642
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 - Four apartment communities offer a 41-unit multifamily portfolio across San Mateo and Contra Costa Counties.
Where is this apartment building located?
The property is located at 3550 Chestnut Avenue Concord, CA.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Four apartment communities totaling 41 units across Millbrae, Redwood City, Martinez, and Concord; Individual assets range from 8 to 15 units; Offering available as a complete portfolio, sub‑portfolios, or individual properties
