Carmel Pines | 50 Value-Add Units 1770 Carmel Dr Immeuble residentiel 50 lots 10 529 617 € (210 592 €/Lot) Taux de capitalisation 4,52 % Walnut Creek, CA 94596

OFFERS DUE APRIL 18TH BY 3:00 PM
PROPERTY TOURS AVAILABLE BY APPOINTMENT
The Cushman & Wakefield Northern California Multifamily Capital Markets Team, is pleased to present Carmel Pines, a 50-unit value-add apartment community located at 1770 Carmel Drive in Downtown Walnut Creek, CA. Built in 1973 as a senior apartment community, the property has been operated as such since its completion. However, there is no deed restriction on title limiting the tenant base to seniors, providing potential flexibility for future repositioning. This is a rare opportunity to acquire a well-located multifamily asset in one of the Bay Area’s most desirable submarkets, offering strong rental demand, excellent connectivity, and proximity to premier shopping, dining, and entertainment options.
Situated on an ±0.80-acre lot, Carmel Pines consists of one three-story residential building and a single-story leasing office and community room, totaling ±26,250 square feet. The property features 50 one-bedroom, one-bathroom units, averaging ±525 square feet, with on-site amenities including a laundry facility, a passenger elevator, and 14 off-street parking spaces. The roof was replaced in 2016, and the main electrical service panel was upgraded in 2009, ensuring a well-maintained infrastructure for future ownership. Carmel Pines benefits from an unbeatable downtown Walnut Creek location, just half a mile from Broadway Plaza, the region’s premier luxury shopping destination, offering retailers such as Nordstrom, Apple, and Tiffany & Co. The surrounding area also features a diverse mix of high-end and casual dining, including Ruth’s Chris Steak House, True Food Kitchen, and Va de Vi. Entertainment options abound, include the Lesher Center for the Arts which hosts theater, music, and dance performances, while outdoor enthusiasts will appreciate nearby Civic Park, Howe Homestead Park, and the scenic Mount Diablo State Park. Directly behind the property, the Iron Horse Regional Trail offers a 32-mile pedestrian and biking path that connects Walnut Creek to the City of Pleasanton to the South and the City of Concord to the North.
The property is ideally positioned near major East Bay employers, including Kaiser Permanente, John Muir Health, Safeway, Workday, and Chevron, making it a highly attractive option for professionals seeking a well-located and comfortable living environment. Additionally, Carmel Pines offers exceptional transit access, located less than a mile from the Walnut Creek BART Station and within walking distance to County Connection bus stops. For commuters, the property provides seamless access to I-680 and Highway 24, ensuring convenient travel to the greater Bay Area, including Oakland, San Francisco and San Jose.
With its prime location, strong local demand drivers, and value-add potential, Carmel Pines presents investors with a compelling opportunity to acquire a well-located multifamily asset in one of the East Bay’s most vibrant and growing submarkets.