SOLD – The Kerwood Apartments – 32-Unit Apartment Building

The Kerwood Apartments 
32-Unit Apartment Building 
1627 High Street Oakland, CA 9 4 6 0 1 

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The Kerwood Apartments is a very well located, professionally owned and operated, 32-unit apartment building comprised of  9  2-bedroom units, 21 1-bedroom units, and a pair of penthouse suites with 180 degree views. This distinctive 3 story building is a landmark of High Street.

Situated in the epicenter of a culturally thriving community and the newly established Mi Pueblo Food Center, The Kerwood is within 1 mile of the Fruitvale BART station and in close proximity to Mills College.

Laundry on each floor, a high quality oversized elevator and ample secure underground parking round out the highest quality apartment on High Street.

VALUE INDICATORS
                                   Current             Market
Price:                       $2,695,000      $2,695,000
Price/Unit:            $84,219             $84,219
Price/SqFt:            $98.44               $98.44
Cap Rate:                7.17%                 8.29%
GRM:                       7.56                     6.76
Cash on Cash        10.85%                14.59%

INVESTMENT SUMMARY
>  Upside in Rents
>  Located 1 mi. from BART
>  Secure Underground Parking
> Great Unit Mix
> Elevator from Garage to Penthouse

SITE SURVEY
Number of Apartments: 33
Assessor’s Parcel Number:  35-2353-8
Year Built: 1965
Number of Buildings: 1
Gross square footage: 27,377 sqft.
Lot Size: 11,550 sqft.
Construction: Wood frame over,concrete pkng. garage
Util. paid by owner: Cold and hot water, common lights, common gas, garbage.
Util. paid by tenants: PG&E
Stories: 4
Balconies: Yes
Elevator: 1
Roof type and age: flat, rolled fiberglass
Floors:  Carpets, tile and lino.
Heat: Electric
Ranges: Electric
Disposals: Yes
Dishwashers: No
Covered parking spaces: 28 garage spaces plus 4 carports
Laundry facilities: One laundry room per floor,  1 w/d each
Fireplaces: No
Views: Yes
Intercom entry system: Yes
Gated parking garage: Yes
Individual storage lockers: Yes

INCOME & EXPENSE 
                                      CURRENT   MARKET
current rents with
pro-forma expenses 
Rental Income (SGI) $356,304    $398,640
Laundry Income        $6,000         $6,000
Parking Income         $8,052          $12,000
Other Income             $1,200          $1,200
less 5% Vac.                ($18,578)     ($20,892)
Effective Gross           $352,978     $396,948
Income (EGI)
The Kerwood has the right balance of convenience, location and style.  The lobby has a beamed ceiling and the building is encompassed by high quality iron gates providing tenants with a real sense of privacy and security. Underground parking consists of 28 spaces with 4 additional covered spaces outside.


 
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About BayApartmentAdvisor

Nick Myerhoff is a Bay Area apartment market specialist. He owns and operates his own multi-family real estate and assists clients and prospects with their purchases and exchanges of residential commercial real estate in the bay area.
This entry was posted in Apartment Building Listings, Investing in Multi-Family, Market Conditions, Uncategorized and tagged , , , , , , . Bookmark the permalink.

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