Downtown Martinez

Martinez, CA 94553

$2,400,000
Price
Beds
5,640 Sq. Ft.
$426 / Sq. Ft.
5,640
Sq. Ft.
$426
per Sq. Ft.

Description

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...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 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 +/-
  1. Listed by Shawn Willis • DRE #01095619 • Income Property Services

Property Details for Downtown Martinez

City
MARTINEZ
Dist Neighborhood Subdiv
DOWNTOWN
Building Type
5 or More Units
Property Sub Type
5 or More Units
Garage/Parking
Off-Site Parking
View
None
Total # Parking Spaces
10
LISTING UPDATED: 09/07/2024 01:18 AM

Property Details for Downtown Martinez

StatusActive
MLS #41071596
Days on Compass21
Taxes$34,468 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS Type5+ Units / Five or More Units
Year Built1938
Lot Size0.23 AC / 10,000 SF
CountyContra Costa County

Building Information for Downtown Martinez

Stories-Residences10Year Built1938Building Size-Lot Size0.23 AC / 10,000 SF

Property Information for Downtown Martinez

Features
Feature Details
  • Flooring: Hardwood Floors, Laminate, Linoleum, Carpet
  • Laundry: Dryer, In Garage, Laundry Equip - Owned, Washer
Utility Details
  • Cooling: Ceiling Fan(s), Other, Window/Wall Unit(s)
  • Heating: Wall Furnace
  • Water/Sewer: Sewer System - Public, Water - Public
Lot / Property Details
Home Owners Association
  • HOA: No
Property Details
  • Additional Equipment: Washer, Water Heater Gas, Window Coverings, Carbon Mon Detector, Smoke Detector, All Public Utilities, Cable Available, Internet Available, Natural Gas Connected, Individual Electric Meter, Individual Gas Meter
  • City Transfer Tax: No
  • Exterior: Stucco
  • Lot Description: Regular
  • Lot Sq Ft Apx: 10000
  • Lot Size Square Feet: 10000.0
  • Roof: Composition Shingles, Flat
  • Sq Ft Apx: 5640
  • Year Built: 1938
  • Zoning: MF
Location Details
  • Directions to Property: Alhambra to Mellus to Ferry
  • FIPS Code: 06013
  • New Subdivision: No
  • Census Tract: CT3160
  • Parcel Number: 372-363-004-6
  • Printed Neighborhood Rpt: Yes
  • Board ID: CONTRA COSTA
Multi Family Information
General Details
  • All Units Have: Oven Range Free Standing, Refrigerator
  • Some Units Have: Updated Baths, Updated Kitchen
  • Units Total: 10
  • Basement: None
  • Separate Meters: Electric, Gas
  • Tenant Pays: Cable TV, Electric, Gas
  • Financial Data Source: Estimated, Owner, Projected, Property Manager, Rental Agreement
Income / Expense Details
  • Operating Expenses: Electric, Gas, Insurance, License/Ads, Maintenance/Repair, Miscellaneous/Other, Other, Property Tax/Assessments, Trash Removal, Utilities, Vacancy Factor, Water
Multi Family 5+ Information
Unit 1
  • Unit 1 # Units This Type?: 8
  • Unit # 1 Occupied By: Tenant
  • Unit # 1 Dining Room: Yes
  • Unit # 1 Air Cond: Yes
  • Unit # 1 Fireplace: No
  • Unit # 1 Refrigerator: Yes
  • Unit # 1 Range Oven: Yes
  • Unit # 1 # of Bedrooms: 1
  • Unit # 1 # of Bathrooms: 1
  • Unit # 1 Parking Spaces: 1
  • Unit # 1 Approx SqFt: 564
  • Unit # 1 Rent: 1738
Unit 2
  • Unit 2 # Units This Type?: 1
  • Unit # 2 Occupied By: Tenant
  • Unit # 2 Dining Room: No
  • Unit # 2 Air Cond: Yes
  • Unit # 2 Fireplace: No
  • Unit # 2 Refrigerator: Yes
  • Unit # 2 Range Oven: Yes
  • Unit # 2 # of Bedrooms: 0
  • Unit # 2 # of Bathrooms: 1
  • Unit # 2 Parking Spaces: 1
  • Unit # 2 Approx SqFt: 450
  • Unit # 2 Rent: 1330
Unit 3
  • Unit 3 # Units This Type?: 1
  • Unit # 3 Occupied By: Tenant
  • Unit # 3 Dining Room: Yes
  • Unit # 3 Air Cond: Yes
  • Unit # 3 Fireplace: No
  • Unit # 3 Refrigerator: Yes
  • Unit # 3 Range Oven: Yes
  • Unit # 3 # of Bedrooms: 2
  • Unit # 3 # of Bathrooms: 1.5
  • Unit # 3 Parking Spaces: 1
  • Unit # 3 Approx SqFt: 678
  • Unit # 3 Rent: 1915
Building Details
  • Additional Features-Misc: Extra Storage, Wired For Cable TV
  • Apx Lot Acres: 0
  • On Site Parking Description: Garage Parking, Off Site Parking, On Street
  • Tot Ann Oper Exp: 64711.0
  • Total Deposits: 9999
Income / Expense Details
  • Annual Exp Year: 2024
  • Annual Gross Sched Income: $205,788
  • Annual Insurance Expense: $7,184
  • Annual License Expense: $350
  • Annual Maint Expense: $9,726
  • Annual Mgmt Expense: $0
  • Annual Misc Income: $0
  • Annual Rent Income: $205,788
  • Annual Taxes: $34,468
  • Annual Util Expense: $5,443
  • Annual Vacancy: 5.0
  • Gross Income: $205,788
  • Gross Operating Actual Income: $195,499
  • Gross Rent Multiplier: 10.47
  • Net Operating Income: $130,787
  • Other Annual Expense: $17,266
Other Financial Information
  • 1st Lender: TBD
  • 1st Loan Number: N/A
  • Apprx Equity: 2400000.0
  • Cap Rate: 6.27
  • Existing Loan: Other
  • First Balance: $1,325,000
  • First Loan Payment: $100,499
  • Interest Rate: 6.0
  • Ocpnt Req 24 Hr: Yes
  • Other Loans: No
  • Variable or Fixed Rate: F
Additional Information
Additional Information
  • Fireplace: No

Property History for Downtown Martinez

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for Downtown Martinez

Taxable ValueLand$348,471Additions$1,045,431Total$1,393,902
Tax Record2023$22,635 ($1,886 / month)
Home Facts
Total Finished SqFt5,637 SqFtAbove Grade Finished SqFt5,637 SqFtStories1Lot Size10,000 SqFtStyleMulti-Family Res (5+ Units)Year Built1938CountyCONTRA COSTAAPN372-363-004-6

Schools near Downtown Martinez

This home is within Martinez Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 12
Rating
School
Distance
John Muir Elementary School
PublicK to 5

Martinez Junior High School
Public6 to 8

Alhambra Senior High School
Public9 to 12

Briones (Alternative) School
PublicK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Downtown Martinez is a multi-family home for sale in Martinez, CA 94553. This property was listed for sale on August 31, 2024 by Income Property Services, it's currently listed at $2,400,000. It has been on the market for a total of 21 days and was last sold on August 29, 2003. This listing's school district is Martinez Unified School District. Nearby schools include John Muir Elementary School, Martinez Junior High School and Alhambra Senior High School. Downtown Martinez is a 0-bed, 0-bath, 5,640 sqft multi-family home built in 1938.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Income Property Services, Shawn Willis, DRE #01095619

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.