721 Mellus St Martinez, CA 94553

Property Details for 721 Mellus St

Year built

1938

Property size

5,640 SF

Property type

Commercial real estate

APN

372-363-004-6

Description

This exceptional 10-unit apartment building, located at 721 Mellus St, Martinez, CA 94553, presents a compelling value-add opportunity. The property boasts 5,640 square feet of net rentable space across four buildings, situated on a 10,000 square foot lot. Built in 1938 and renovated in 2023, the complex features a mix of desirable unit types: eight 1-bedroom/1-bathroom townhouses, one 2-bedroom/1.5-bathroom townhouse, and one studio. Units include garages, individual water heaters, washer/dryer hookups, and separate gas and electric meters. The property benefits from a desirable location, minutes from BART stations and downtown Martinez amenities, with easy access to major highways. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $130,787, with a pro-forma NOI of $153,074, representing a 5.45% cap rate and a pro-forma cap rate of 6.38%. The asking price is $2,400,000, or $240,000 per unit, and the property is zoned MF. The absence of local rent control presents significant upside potential for rental income and operational efficiency. This is a rare opportunity to acquire a well-maintained multifamily property in a highly sought-after Bay Area location. The property's unique features, including raised foundations, stucco exteriors, and varied unit types, contribute to its strong rental appeal and long-term investment value. The property is classified as Class C and is offered at $425.53 per square foot. The APN is 372-363-004-6.