1701 Pine Street

SOLD! – 1/31/2013 – 28-Units in Concord —

The Pine Cone Apartments are a beautiful 28-unit apartment building located at 1701 Pine Street in Concord,
California. Originally constructed in 1969 on a concrete slab foundation, the wood frame and exterior lie tucked in a
secluded and quiet setting.
The two building structures contain an even mix of fourteen one bedroom/one-bath units, and fourteen twobedroom/
one-bath units. All units contain wall-to-wall carpeting and linoleum flooring in both the kitchen and
bathroom, and all fourteen two-bedroom units contain their own dishwasher. All units have a covered carport in
addition to the properties thirteen guest parking spaces. The residents of the Pine Cone Apartments benefit from an onsite
laundry facility, sparkling swimming pool, and individualized storage unit. Sixteen of the units offer their tenants a
patio or balcony area, and all units are individually metered for gas & electricity.
Several units have had complete rehabilitations in the past few years, and overall the property is in good condition. Rents
are below market and the property benefits from a historically low vacancy. The Pine Cone Apartments are located in
the Ellis Lake Neighborhood, which is six blocks from the BART Station, one block from the Highway 24 on-ramp and
is just two blocks from the Concord Park & Shopping Center.

Concord is the largest city in Contra Costa County and is a major regional suburban city within the San Francisco Bay
Area. Concord is located just 31 miles (50 km) east of San Francisco, and boasts a current population of approximately
122,000 people.
The focal point of downtown Concord is Todos Santos Plaza, which encompasses an entire city block and is known for
its farmers market, free summer concerts, and large number of surrounding restaurants. Much of the area immediately
around downtown has recently been redeveloped, with new high-density apartment and condominium projects to take
advantage of the close proximity to public transportation and the vibrant area surrounding the park.
The median income for a household in the city in 2011 was $55,597, and the median income for a family was $62,093.
These statistics convey a large demographic of long-term renters in the Concord rental market. With the land-locked
West Bay Peninsula to the immediate west, increasing cost of living has pushed many new residents to the East Bay
Region.