$10,275,000

Carmel Pines is a 50-unit value-add apartment community located at 1770 Carmel Dr. 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, & entertainment options. Situated on an 0.80-acre lot, Carmel Pines consists of one 3-story residential building & a single-story leasing office and community room, totaling 26,250 SF. The property features fifty 1-bed, 1-bath units, averaging 525 SF, with on-site amenities including a laundry facility, a passenger elevator, & 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. The Property benefits from an unbeatable downtown Walnut Creek location, just 1/2-mile from Broadway Plaza, the region's premier luxury shopping destination.