25 10Th St Pittsburg, CA 94565

Property Details for 25 10Th St

Year built

1948

Property size

7,574 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building in Pittsburg, CA, presents a compelling investment opportunity. The 7,574 square-foot, three-story building, constructed in 1948, features a desirable unit mix: three 3-bedroom/1-bathroom units, two 2-bedroom/1-bathroom units, three 1-bedroom/1-bathroom units, and two studios. Five units have undergone renovations, including hardwood floors, new windows, paint, and updated features, while retaining charming original details. Several units offer marina views. The property includes an adjacent 14-stall parking lot, on-site laundry facilities, and perimeter fencing. Utilities are separately metered for PG&E, with the owner responsible for water and garbage. The building boasts a 100% occupancy rate, generating a strong NOI of $141,848 and a pro-forma NOI of $157,404, resulting in a 6.04% cap rate and a pro-forma cap rate of 6.70%. The asking price is $2,350,000, or $235,000 per unit. The property's location in Pittsburg offers convenient access to Highway 4, the Pittsburg Center BART station, shopping, dining, and recreational areas. A walk score of 86 adds to its appeal. Existing financing is assumable, with a balance of $1,319,000 at a 3.72% interest rate for eight years remaining, offering a significant advantage in today's market. This presents a strong cash-on-cash return potential for new investors. The lot size is 12,000 square feet.