1550 Bridge Street, Oakland, CA 94601 – IN ESCROW
1550 Bridge Street
10% Cash on Cash Return Turn-key Remodeled Building! – Offered at $735,000
PROPERTY SUMMARY
The Bridge Street Apartments is a bread and butter, wood frame and stucco, seven unit apartment building. It has high-quality tenants and has been professionally managed. The current owner has spent over 100k in capital improvements over the past three years renovating each unit and painting the exterior. The subject property has garage parking for four cars, is very low maintenance and has some upside in rents. Bridge street is one of the quietest tree lined streets in Fruitvale and is walking distance to BART. This property is located on a corner lot. Additional capital improvements include new tile and flooring, new light fixtures, remodeled bathrooms, and much more!
Bridge Street Rent Roll
Unit Type Current Rents
1 2bd $ 845.00
2 2bd $ 1,100.00
3 2bd $ 975.00
4 2bd $ 975.00
5 2bd $ 1,047.54
6 2bd $ 1,099.92
7 1bd $ 1,000.00
Garage 1 $ 150.00
Garage 2 $ 150.00
TOTAL $ 7,342.46
FEATURES
• Six blocks to Fruitvale BART
• Excellent curb appeal
• Four car garage parking
• Over 100k in capital improvements
• Turn key quality property
LOCATION
The property is located in Oakland’s Fruitvale neighborhood, two miles south of Lake Merritt and walking distance to Fruitvale Bart, AC Rapid Transit, shopping centers, and dining.
Recently, Fruitvale has been experiencing rapid renovation. In 2004, the Unity Council opened the Fruitvale Transit Village.
The “Fruitvale Village” has become a model of transit oriented development, showcasing a mixture of retail and housing integrated with public transportation.
SITE SURVEY
Number of units: 7
Assesors Parcel Number:33-2135-25
Year Built: 1960
Number of Buildings: 1
Gross Square Footage:5141
Lot Size: 5350
Construction: Wood frame, stucco
Stories: 2
Balconies: None
Elevator: No
Roof Type: Flat, tar gravel
Heat: Gas wall furnace
Ranges: Gas
Parking: 4 garage 4 off street
Laundry: None
FINANCIALS
Income & Expenses
Gross Rental Income: $88,110 $7,342
Parking Income *separately leased: $3,600 $300
Scheduled Gross Income: $91,710
Less 5% Vacancy Factor: ($4,585)
Effective Gross Income: $87,124
Less Operating Expenses
Property Taxes ($2862 SA): ($13,233) estimated new
Insurance: ($1,700) estimated
License and Rent Board: ($1,695) estimated
Garbage: ($3,903) actual
Utilities: ($5,538) actual
Maintenance and Repairs: ($4,585) estimated 5% of sgi
Total Operating Expenses: ($30,654) $4,328 Exp. Per unit
35.81% Exp. % of SGI
Net Operating Income:$56,470
CASH FLOW ANALYSIS
Sale Price: $735,000
Down Pmt @ 25%: ($183,750)
New 1st Loan: $551,250
3.9% five year fixed 30 yr amortization
NOI: $56,470
Less Debt Service: ($31,201)
Cash Flow: $25,269
Value Indicators: $25,269
Cap Rate: 7.68%
GRM: 8.01
Price/Unit: $105,000
Price/Sq. Ft.: $142.97
Cash on Cash Return: 13.75%
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