$3,550,000
Driftwood Apartments presents the opportunity to acquire a well-maintained 13-unit multifamily property in the desirable waterfront community of Benicia.​ The property consists of twelve two-bedroom, one-bath units and one standalone studio cottage, offering an attractive unit mix with a strong history of tenant performance and ongoing property improvements.​ Ownership has consistently reinvested in the property over the years, with units upgraded as they turn over and numerous improvements made to the buildings and site.​ Notable improvements include an engineered site drainage system, protective roof coatings on two buildings, and regular parking lot sealing and striping approximately every five to six years.​ The property also features mature landscaping and well-maintained common areas.​ Each building is equipped with a washer and dryer (owned) and a 75-gallon hot water heater.​ Additional property features include separately metered units, covered assigned parking, and a dedicated storage unit for each residence, providing conveniences that are attractive to tenants and help differentiate the property within the local rental market.​ Driftwood Apartments benefits from a stable existing tenant base, with all tenants currently paying on time and no outstanding collections or tenant balances owed.​ The combination of consistent ownership maintenance, upgraded units, covered parking, storage, mature landscaping, and a desirable Benicia location provides an investor with a well-positioned multifamily asset offering durable in-place income.​
9,744
SqFt.
⋅
326078848
MLS
510 East N Street, Benicia
Listing courtesy of North Valley Real Estate Advisors.
