Investment Overview

Marcus & Millichap is pleased to offer for sale The Stratus Apartments, a rare opportunity to acquire a high-end multifamily community with condominium-quality finishes in a prime San Francisco Bay Area location. The fully renovated 39-unit complex offers excellent walkability and is nearby a multitude of employment centers. Stratus is an easy commute to Southern Alameda tech employers via Highway 880, and Santa Clara and San Mateo tech employers via Hwy 92. Oakland and San Francisco employment centers are accessible via BART or a short drive on Highway 580. The property is four blocks from a BART station and two blocks from public bus transportation, restaurants, shopping, and entertainment. Stratus sits on two contiguous parcels on Anita Avenue in Castro Valley. Extensive renovations to interiors, exteriors, and grounds Current ownership spent several million dollars renovating the property grounds, property exterior and unit interiors. The property grounds were meticulously groomed and upgraded with a barbecue, courtyard area, extensive landscaping, new exterior fences, all new perimeter fences, and newly laid asphalt driveway and parking surfaces. Other exterior renovations over the past six years have included all new water heaters (24), new electrical subpanels, new front doors, new HVAC units, and new gas lines to all units at 20441 Anita Avenue as well as roofing in 2018 for the townhomes at 20441 Anita Avenue. In 2015, the pool area was renovated at 20441 Anita, and in 2016, new roofing was added to 20483 Anita. All buildings were repainted in 2018. In 2016, all windows and sliding doors were replaced with new Rayco double-paned windows and doors. Each apartment interior has been vastly improved with a modern design, including new flooring, kitchen cabinetry, high-end countertops and backsplashes, new interior doors, new kitchen appliances, remodeled bathroom floors, and floor-to-ceiling tile in most bathtubs. Each of the 24 townhomes has been outfitted with a stackable washer and dryer unit with modern open floorplans. Favorable floor plan mix of one-, two- and three-bedroom units The first parcel at 20483 Anita Avenue consists of 15 units with a favorable floor plan mix of three 3-bedroom/2-bath units, six 2-bedroom/1-bath single level units, and six 1-bedroom/1-bath units. The two-story property is of wood frame construction with stucco siding, flat torch down roof, carport parking, and private patios or balconies. The property shares access to the swimming pool at 20441 Anita and has a dedicated laundry room with leased washers and dryers. The second parcel contains 24 units at 20441 Anita Avenue, all with highly sought after two-bedroom/one-and-a-half bath townhouse configurations with private patios for most units. The parcel at 20441 Anita Avenue has immaculate landscaping in the front, with six two story buildings, constructed of wood frame, with stucco siding built over concrete slab, and open parking to the rear of the property. 20441 Anita Avenue benefits from both an on-site laundry facility with leased machines, and an inviting swimming pool and patio area. Excellent Walk Score in an affluent location With a Walk Score of 80, the Stratus Apartments operate near 100% occupancy as tenants actively seek the excellent location. The subject property sits within the affluent community of Castro Valley, California, which is renowned throughout the area for its desirable school district, thus drawing many families. Castro Valley Elementary School is just one block from Stratus, and Castro Valley High School is just four blocks away. Along Castro Valley Boulevard tenants can enjoy dozens of boutique stores, major retailers, and restaurants all within a four-block radius. The property is about one-mile from retailers including Safeway, T.J. Maxx, Ross Dress for Less, Walgreens Pharmacy, Starbucks, CVS, Pete’s Ace Hardware and all major banks.