534 Allen St - Apartments FOR SALE


Martinez, CA 94553- Outer Richmond/Martinez
$965,000 USD
408-909-8629
534 Allen St, Martinez, CA for Sale
$965,000 USD
Apartments - FOR SALE
1/20
null | 7.34% Cap Rate


HIGHLIGHTS

  • Four Unit Property Comprised of Two 1Bed/1Bath Cottages and a Duplex With One 1Bed/1Bath and One 2Bed/1Bath Unit
  • Corner Lot Offers Direct Street Access and Distinct Addresses for Two Cottages, Enhancing Privacy and Tenant Appeal
  • Four On-Site Garages Provide Significant Income Growth Potential, Either Through ADU Conversion or by Renting to Tenants as Additional Storage Space
  • Current Rents Positioned Over 25% Below Market, Highlighting Immense Upside Potential w/ No City Rent Control

OVERVIEW

534-536 Allen Street in Martinez, CA, is a strategically situated four-unit property on a 5,500 SqFt corner lot, enhancing tenant privacy and access. The property's diverse mix comprises two detached 1bed/1bath cottages, each with their own direct street access and exclusive Castro St. addresses, adding a layer of convenience and appeal. Additionally, there is a duplex that includes a 1bed/1bath unit and a larger 2bed/1bath unit. The corner lot also hosts a private gated courtyard and four garages currently utilized as storage, offering significant potential for extra income through ADU conversion or as paid storage facilities. Fully occupied, the property benefits from a stable tenant base while presenting substantial rental growth opportunities, as current rents are over 25% below market rates. This setup not only ensures a steady cash flow but also positions the property for substantial growth in Martinez, a city free from local rent control. Email agent on property website for more info.

FOR SALE DETAILS

PRICE

$965,000 USD

PRICE/SF

$726 USD /SF

# OF UNITS

4

PRICE/UNIT

$241,250

CAP RATE

7.34%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1929

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,502 SF

ZONING

R3.5, Martinez

APN/PARCEL ID

372-241-003-6

ASK ABOUT THIS PROPERTY

Alec MatutPinza GroupMore Info
408-909-8629

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Alec MatutPinza GroupMore Info
408-909-8629

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.