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BUCHANANGARDENS
1 6 0 0 B U C H A N A N R O A DA N T I O C H , C A
N E W M A R K K N I G H T F R A N K
EXECUTIVE SUMMARYINVESTMENT HIGHLIGHTS
POSITIVE CASH FLOW: Current market conditions in the East Bay Area region are stable for apartments, affording investors the opportunity to acquire assets yielding Cap Rates in the 5% range, while sourcing debt in the 4% range, providing very attractive cash-on-cash returns compared to growth markets that are not very distant.
RENTAL UPSIDE/VALUE-ADD OPPORTUNITY: Current rents in Buchanan Gardens appear to be 5% under-rented base on in-house rents recently achieved. Buchanan Garden’s current rents are roughly 11% under-market when compared to its nearby competitors. While current ownership has done an excellent job of maintaining Buchanan Garden competitive position in the market, a comprehensive program aimed at modernizing unit interiors would be well received by the market and higher income residents. The landscaping is mature and could be freshened up to improve curb appeal and attract more residents.
ATTRACTIVE COMMUNITY: Competed in 1976, Buchanan Gardens thoughtful design and construction continue to be attractive to renter households. The community features attractive two-story buildings with individual entrances and most feature a private yard or balcony. The community features a beautiful swimming pool centered around lush landscaping and a community picnic area.
PROPERTY NAME BUCHANAN GARDENS
PROPERTY ADDRESS 1600 Buchanan Road | Antioch, CAPARCEL SIZE ±1.46 acresAPPROX. RENTABLE SF ±30,600A.P. NUMBER 076-440-004-0YEAR BUILT 1976NUMBER OF UNITS 34AVERAGE UNIT SIZE 900 Square FeetNUMBER OF BUILDINGS 3 ResidentialPARKING 34 covered, 11 openPRICE PER UNIT $220,588PRICE PER SQUARE FOOT $245PRICE $7,500,000
UNIT MIX
NO. UNITS UNIT TYPE UNIT SIZE (SF) % OF COMMUNITY
34 2 BD / 1 BA 900 100%
34 TOTAL 900 Average
STRONG RENTAL MARKET: Buchanan Gardens benefits from an exceptionally strong local and regional rental market. According to the Axiometrics database, Buchanan Gardens sits in the Northeast Contra Costa County submarket of the East San Francisco Bay Area. The AxioMetrics database indicates that the Northeast Contra Costa County submarket has an average rent of $1,735 and annual rent growth of over 4%. Occupancy during this period remained strong at over 96%.
OPPORTUNITY ZONE: Buchanan Gardens is located in a designated qualified opportunity zone. Opportunity zone benefits include: Temporary Tax Defferral, step-up in basis, permanent exclusion from taxable income of capital gains. Click here for more information.
HISTORICALLY LOW COST OF DEBT: Multifamily assets are strongly favored by commercial lenders. Mortgage rates remain near historic lows ranging from 4% - 4.5%, depending on term.
2
B U C H A N A N G A R D E N S
EXCLUSIVE AGENTSANTHONY [email protected] RE LICENSE #0150044
ZACHARY [email protected] RE LICENSE #01954043
RICHARD [email protected] RE LICENSE #00831650
LOCATIONAMENITIES AERIAL
B U C H A N A N G A R D E N S
N E W M A R K K N I G H T F R A N K 3
4
SOMERSVILLE TOWN CENTER
CENTURY PLAZA CENTER
SYCAMORE PLAZA
ORCHARD SQUARE
62WALKSCORE
DRIVE TIMESWalnut Creek 27 minsDT Oakland 54 minsDT San Francisco 70 minsSacramento 72 mins
E BART - Antioch StationWalnut Creek 32 minsDT Oakland 56 minsDT San Francisco 67 mins
“Gateway to the Delta”
Midway between San Francisco and Sacramento
An exciting destination for boating, fishing and other
water sports
BUCHANANGARDENS
N E W M A R K K N I G H T F R A N K
THEPROPERTYBUILDING SUMMARY
CONSTRUCTION SUMMARY
YEAR OF COMPLETION 1976
UNITS 34
RENTABLE BUILDING AREA 30,600
FOUNDATION Slab
STORIES 2
FRAMING Wood Frame
ROOF Mansard
EXTERIOR WALLS Stucco, T1-11
WINDOWS Single Pane
HVAC Gas wall heat / Wall AC
GAS/ELECTRIC Individually Metered
PARKING Covered and Open
4
B U C H A N A N G A R D E N S
THEPROPERTY
COMMUNITY FEATURES
B U C H A N A N G A R D E N S
Lush Landscaping
Carport Parking
Sparkling Swimming Pool
Leasing Office
Common Laundry
Residential Neighborhood
Close to Freeway
Walking Distance to Somersville Town Center
Picnic Area
Close to Public Transportation
Professionally Managed
Gated Community
Upgraded L.E.D. Lighting
Ample Storage
THEPROPERTY
B U C H A N A N G A R D E N S
UNIT AMENITIES
Ceiling Fans
Granite Countertops
Wood-look Flooring
Carpeted Bedrooms
Dishwasher
Disposal
Extra Storage
Patios or Balconies
Well Equipped Kitchen
Two wall A/C per unit
*Amenities vary per apartment
EXCLUSIVE AGENTSANTHONY PAPPAGEORGE
CA RE LICENSE #0150044
ZACHARY LEBEOUF925.974.0128
[email protected] RE LICENSE #01954043
BUCHANANGARDENS
1 6 0 0 B U C H A N A N R O A DA N T I O C H , C A
RICHARD KNUTSON510.995.3564
[email protected] RE LICENSE #00831650
