534 Allen St 4 Unit Apartment Building $965,000 ($241,250/Unit) 7.34% Cap Rate Martinez, CA 94553
INVESTMENT HIGHLIGHTS
- Four Unit Property Comprised of Two 1Bed/1Bath Cottages and a Duplex With One 1Bed/1Bath and One 2Bed/1Bath Unit
- Four On-Site Garages Provide Significant Income Growth Potential, Either Through ADU Conversion or by Renting to Tenants as Additional Storage Space
- Corner Lot Offers Direct Street Access and Distinct Addresses for Two Cottages, Enhancing Privacy and Tenant Appeal
- Current Rents Positioned Over 25% Below Market, Highlighting Immense Upside Potential w/ No City Rent Control
EXECUTIVE SUMMARY
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.
PROPERTY FACTS
| Price | $965,000 |
| Price Per Unit | $241,250 |
| Sale Type | Investment |
| Cap Rate | 7.34% |
| Gross Rent Multiplier | 9.48 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 2,700 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built | 1929 |
| Parking Ratio | 1.85/1,000 SF |
| Zoning | R3.5, Martinez |
AMENITIES
SITE AMENITIES
- Smoke Free
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | 600 - 650 |
| 2+1 | 1 | - | 800 |
1 of 1
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 372-241-003-6 | Improvements Assessment | $194,099 |
| Land Assessment | $156,535 | Total Assessment | $350,634 |
