721-735 Mellus St
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721-735 Mellus St
10 Unit Apartment Building $3,401,928 CAD ($340,193 CAD/Unit) 6.38% Cap Rate Martinez, CA 94553
Investment Highlights
- Add Value Property In Desirable Location
- Garages
- Individual Water Heaters
- Hard to Find Amenities - Mostly Townhouse Units
- Washers/Dryers
- Separately Metered PG&E
Executive Summary
The Mellus/Ferry Apartments located at 721 Mellus Street, Martinez, is a clean, well-located, multi-family property that has been well maintained and represents a rare opportunity to own property in one of the Bay Area’s most desirable locations — Downtown Martinez. The property is minutes away from three BART stations, and walking distance to the shopping, cafes, and coffee shops in Downtown Martinez. The property is also close to Highways I-680, 24 and 4 and provides access to recreational opportunities such as Rankin Aquatic Center, Waterfront Park, Martinez Regional Shoreline, George Miller Regional Trail, Carquinez Straight Regional Shoreline, Briones Regional Park and the Martinez Marina. Martinez is also the County Seat of Contra Costa County and home to three hospitals.
The two-story property features uncommon construction details that include raised foundations, low maintenance stucco exteriors, pitched, composition shingle and flat roofs, garages, individual water heaters, washer/dryer hookups and separate meters for gas and electricity. The property has well designed floor plans and a mix of easy to rent units:
(8) 1BR / 1BA Townhouses of 564 s.f. +/-
(1) 2BR / 1.5BA Townhouse of 678 s.f. +/-
(1) Studio of 450 s.f. +/-
The complex consists of four buildings that sit on a legal parcel that totals approximately 10,000 s.f. per the Contra Costa County Tax Assessor.
The two-story property features uncommon construction details that include raised foundations, low maintenance stucco exteriors, pitched, composition shingle and flat roofs, garages, individual water heaters, washer/dryer hookups and separate meters for gas and electricity. The property has well designed floor plans and a mix of easy to rent units:
(8) 1BR / 1BA Townhouses of 564 s.f. +/-
(1) 2BR / 1.5BA Townhouse of 678 s.f. +/-
(1) Studio of 450 s.f. +/-
The complex consists of four buildings that sit on a legal parcel that totals approximately 10,000 s.f. per the Contra Costa County Tax Assessor.
Financial Summary (Pro forma - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$324,952
|
$57.65
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$16,247
|
$2.88
|
| Effective Gross Income |
$308,705
|
$54.76
|
| Taxes |
$48,857
|
$8.67
|
| Operating Expenses |
$42,869
|
$7.60
|
| Total Expenses |
$91,726
|
$16.27
|
| Net Operating Income |
$216,979
|
$38.49
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $324,952 |
| Annual Per SF | $57.65 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $16,247 |
| Annual Per SF | $2.88 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $308,705 |
| Annual Per SF | $54.76 |
| Taxes (CAD) | |
|---|---|
| Annual | $48,857 |
| Annual Per SF | $8.67 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $42,869 |
| Annual Per SF | $7.60 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $91,726 |
| Annual Per SF | $16.27 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $216,979 |
| Annual Per SF | $38.49 |
Property Facts
| Price | $3,401,928 CAD | Apartment Style | Garden |
| Price Per Unit | $340,193 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 6.38% | Building Size | 5,637 SF |
| Gross Rent Multiplier | 10.47 | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1938/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.95/1,000 SF |
| Price | $3,401,928 CAD |
| Price Per Unit | $340,193 CAD |
| Sale Type | Investment |
| Cap Rate | 6.38% |
| Gross Rent Multiplier | 10.47 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 5,637 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built/Renovated | 1938/2024 |
| Parking Ratio | 1.95/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Oven
- Range
- Tub/Shower
- Double Pane Windows
- Linen Closet
- Vinyl Flooring
Site Amenities
- Courtyard
- Laundry Facilities
- Gas Range
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 8 | - | - |
| 2+1 | 1 | - | - |
1 of 1
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 372-363-004-6 | Total Assessment | $1,955,435 CAD |
| Land Assessment | $488,853 CAD | Annual Taxes | $48,857 CAD ($8.67 CAD/SF) |
| Improvements Assessment | $1,466,583 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
372-363-004-6
Land Assessment
$488,853 CAD
Improvements Assessment
$1,466,583 CAD
Total Assessment
$1,955,435 CAD
Annual Taxes
$48,857 CAD ($8.67 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | R-50, Martinez (Multi-family) |
| R-50, Martinez (Multi-family) |
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721-735 Mellus St
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