Listings

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Associated Disclosure Documents:
Download Marketing Flyer
Leases and Rent Roll
Profile Report and Utilities
Inspection Reports

PROPERTY DESCRIPTION

Telegraph Corner is a fantastic six-unit, mixed-use property situated in the Pill Hill neighborhood of Oakland, California. This gorgeous Victorian gem consists of two studios, two 1-bedroom units, a massive full-floor 2-bedroom penthouse, and a ground-floor commercial unit. All of the residential units but the penthouse have been remodeled with granite countertops and new appliances, designer tile, new fixtures, and refinished hardwood or pergo floors.

Much of the interior has original period detailing, coved ceilings, and light-filled rooms. The stately Victorian structure sprawls across an oversized corner lot and is graced with original redwood siding shingles and a circular turret. There is gated parking for 5 cars as well as a private yard.

 

  • Excellent Value at $284/sqft
  • Outstanding Pill Hill Location
  • New Kitchens and Baths
  • Gated Parking for 5 Cars
  • Walk to Bart
  • 5% Cap Rate

ANNUALIZED PROFORMA FINANCIALS

RENT ROLL

Current

Market

Rental Income

$117,036

$148,200

Parking

$1,800

$7,500

Scheduled Gross Income

$118,836

$155,700

Vacancy @3%

$3,565

$4,671

Effective Gross Income

$115,271

$151,029

Less Operating Expenses

Property Taxes

($21,105)

($21,105)

Special assessments

($4,824)

($4,824)

License

($1,521)

($1,927)

Insurance

($3,231)

($3,231)

EBMUD

($1,650)

($1,650)

Garbage

($1,716)

($1,716)

Gas & Electric

($456)

($456)

Total Operating Expenses

($34,503)

($34,909)

Net Operating Income

$80,768

$116,120

Exp. % of EGI

30%

23%

Exp. per unit

$5,751

$5,818

Purchase Price

$1,575,000

$1,575,000

Down Pmt @ 35%

($551,250)

($551,250)

New 1st loan @ 3.65%

$1,023,750

$1,023,750

NOI

$80,768

$116,120

Annual Debt Service

($56,148)

($56,148)

Cash Flow

$24,620

$59,972

Unit

Unit Type

SqFt

Current

Market

3207 Tel.

2BR

1,311

$1,260

$2,950

3205 Tel.

Lg Studio

600

$1,375

$1,650

502 32nd St

1 bd 1 ba

650

$1,789

$1,850

504 32nd St

Small 1bd

475

$1,495

$1,550

506 32nd St

Studio sm

341

$1,395

$1,450

3201 Tel.

Commercial

2,185

$2,439

$2,900

TOTAL

5,562

$9,753

$12,350

Parking 3205

$75

$125

Parking 502

$75

$125

Parking 504

$125

Parking 506

$125

Parking 3207

$125

TOTAL PARKING

$150

$625

PROFORMA VALUE INDICATORS

Expense and Loan Notes:

Property taxes est. new at 1.34% Special assessments 3 year average License est. on current gross rents Insurance actual 2017

EBMUD actual 2017 annualized
WM actual 2017 annualized
PG&E 2017 annualized
*Expenses are unusually low due to commercial tenant *Loan assumes 3.65% 5 year fixed, 30 year amortization *Loan quote provided by Will Craun Opus Bank

THE OPPORTUNITY

The subject property offers a new owner the opportunity to buy into one of the hottest real estate markets worldwide in a rapidly globalizing city. For the past three years, Oakland has consistently ranked in the top 5 for appreciation and rent growth within the U.S.

Oakland is home to the Warriors, the Raiders, and the A’s, and is a port city with an international airport and an extremely diverse job force.

There is a housing crisis that will continue to ensure high rent demand in this sub-market, particularly due to the proximity to BART.

Current

Market

Cap Rate

5.13%

7.37%

GRM

13.25

10.12

Price/Unit

$262,500

$262,500

Price/Sq. Ft.

$280

$280

Cash on Cash

4.47%

10.88%

Principal Pay down yr 1

$19,300

$19,300

Combined Return

$43,920

$79,272

Total Return

7.97%

14.38%

 


BART GARDEN SOLD!

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Property Description
$100k Price Reduction. New cap rate 6%.
The BART Garden Apartments is a two-story, 8-unit apartment building for sale in Oakland California. This substantially renovated Garden-style building has undergone extensive renovation over the past two years, including new windows in all but one unit. Over the past year, the foundation has been engineered and seismically retrofitted, as well as the complete remodel of five units including in-unit washer/dryers and tankless hot water heaters. Please refer to the full list of capital improvements for more details.

Highlights

  • *Over $138k in Gross Income
  • *1 Block to BART
  • *New Foundation
  • *Excellent Unit Mix
  • *Fully Gated Property
  • *One Vacant Unit

The subject property is centrally located in the inner San Francisco Bay Area just steps from Fruitvale Transit Village in Oakland California. Fruitvale Transit Village is a model showcase of retail, housing and public transportation. This property is directly in the path of progress. Office space on this same block has been leased by Google, and just 3 BART stops away Uber is opening its Oakland headquarters this year. Gentrification is occurring in every direction. The BART Garden Apartments are poised to appreciate into the foreseeable future, benefiting from continued technology spending and the San Francisco spill over. Oakland rent growth is outpacing nearly every other city in the U.S.

Bart Garden Apartments Financials

Price $1,545,000 Commission Split 2.5%
No. Units 8 Cap Rate 6%
Building Size 4,516 SF Gross Rent Multiplier 10.9
Price/Unit $193,125 No. Stories 2
Property Type Multifamily Year Built 1918
Property Sub-type Garden/Low-Rise Lot Size 4,270 SF
Property Use Type Investment  

THE OPPORTUNITY

This fantastic small apartment building for sale in Oakland California has a 6% cap rate. The commercial real estate for sale in Fruitvale is in one of the hottest real estate markets worldwide in a rapidly globalizing port city. For the past three years, Oakland has consistently ranked in the top 5 for appreciation and rent growth within the U.S. Oakland is home to the Warriors the Raiders and the A’s, and is a port city with an extremely diverse job force and an international airport. There is a housing crisis that should continue to ensure high rent demand in this sub market, particularly due to proximity to BART.

Market Data

Jun 16 vs. 3 mo. prior Y-O-Y

State

$206,014.00 +2.9% +13.1%

Metro

$329,332.73 +4.0% +21.0%

County

$219,993.20 +7.3% +8.6%

City

$198,569.72 +12.9% +12.7%

Current Oakland multi family market trend data indicates an increase of +12.9% in the median asking price per unit for compared to the prior 3 months, with an increase of +12.7% compared to last year’s prices. County-wide, asking prices for Multifamily properties are 7.3% higher at $219,993 per unit compared to the current median price of $198,570 per unit for Multifamily properties in Oakland, CA. From Loopnet.

20th-Montage-v4

SOLD


*Final Open House Sun 5/1/16 11AM-12PM Tues 5/3/16 1PM-2PM*

 Please email us if you plan to attend
Call for offers 5/4/15

Property Description
Mission Studios is a 1920’s era three story wood frame apartment building with a parapet façade and cement tile and redwood siding. It is master metered for gas and electric and has two unused large common areas on the second and third floors that was once used for laundry rooms.

The property is fully detached on all sides with an oversized 35’ wide lot fronting 20th Street. The spacious back yard is split down the middle into two levels, a ground level concrete patio and a grassy higher level one flight up. Units number 1, 2 and 3 are accessed via breezeways on either side of the property and one is accessed directly from 20th street. There is what appears to be an addition on the back of the building (visible via satellite photos) however there are no records indicating such changes.

Many of the windows have been upgraded to vinyl high quality double hung units, primarily in the front of the building. There is one commercial water heater on the second floor and a combination of electric and gas stoves and heaters in the units.

Screen Shot 2016-04-18 at 10.25.06 AMFeatures and Condition
The subject property has an unusual layout with interior stairways that lead up the front then down the back to access the second floor. Many of the units appear to be studios converted to small one bedroom units and have more than one entrance with little or no living rooms. Each unit has its own bathroom and kitchen however there are two units that have a detached bathroom.

Please note: There are some locked bedrooms and non conforming wall additions which appear to be sub-leased rooms without the owner’s permission. All units have significant deferred maintenance.

THE OPPORTUNITY
The subject property offers a new owner the opportunity to buy into one of the hottest real estate markets worldwide. San Francisco is rapidly transforming into an internationally recognized market, on par with Hong Kong, London and Manhattan. Mission Studios is offered at substantially below construction and or replacement costs. Our research indicates there will be an extremely high demand for housing in this neighborhood for the foreseeable future, driven by the technology sector and a lack of new affordable housing.

VALUE INDICATORS

NOI

$71,045

Less Debt Service

($53,351)

Cash Flow

$17,694

Cap Rate

4.12%

GRM

15.18

Price/Unit

$172,500

Price/Sq. Ft.

$437.26

OPERATING DATA

Scheduled Gross Income

$113,666

Less 3% Vacancy Factor

($3,410)

Effective Gross Income

$110,256

Less Operating Expenses

Property Taxes

($20,355)

Estimated @ 1.18%

Special Assessments

($1,183)

Estimated

Insurance

($2,711)

Est 2015

PG&E

($4,413)

Est 2015

Water

($5,617)

Est 2015

Garbage

($4,933)

Est 2015

Total Operating Expenses

($39,212)

Net Operating Income

$71,045

Exp. per unit

3,921

Exp. of SGI

34.5%

RENT ROLL

Unit

Type

Actual Rent

Market Rent

1

Studio

$995

$1,800

2

Jr 1 bed

$714

$2,535

3

Studio

$828

$1,800

4

Studio

$473

$1,800

5

1 bed*

$1106

$2,200

6

Studio

$453

$1,800

7

Jr 1 bed

$644

$2,535

8

1 bed*

$822

$2,200

9

Studio

$900

$1,800

10 Vacant

Jr 1 bed

$2535

$2,535

TOTAL

$9,472

$21,005


SOLD – Fairfax Apartments, Oakland CA 94601

Fairfax Apartments
2100 51st Avenue, Oakland CA 94601

Fairfax Apartments

PROPERTY LOCATION

The Fairfax Apartments is located in Oakland California, recently voted a top 5 global travel destination by the New York Times and a top 10 city for rent growth by Fortune Magazine. The subject property is situated in the Fairfax neighborhood, between Frutivale and Maxwell Park and approximately 1.5 miles east of Fruitvale Bart.

About Oakland

Oakland is in the midst of a paradigm shift fueled by the spill over effect from San Francisco where young affluent renters are being pushed over into the East Bay. Anchored by a five-year string of word class restaurants migrating into Oakland and stabilized by the emergence of a new high tech and micro food industry, Oakland is finally getting national recognition. Companies such as Pandora, Sungevity, Blue Bottle and Digital Realty are calling Oakland home and offering a diverse work force and an alternative to the congestion and over priced living in San Francisco.

PROPERTY DESCRIPTION

Fairfax Apartments is a stately, four-story, wood-frame, stucco building designed in a classic 1920’s Art Deco style.

Living Room

Living Room

With unique architectural features such as a stair-stepped roof line and bold window framing, the building has a distinct San Francisco Marina appearance. Consisting of three studios and fifteen one  bedrooms, The Fairfax Apartment encompasses an expansive 14,266sq ft and has an excellent unit mix. Each exceptionally large unit has an additional walk-in powder room with built in cabinets. A 1000sq.ft. vacant basement with 15’ ceilings is surrounded by 12 individual garages, some of which are separately leased.

Expansive bay and mountain views from middle and top floor units

Expansive bay and mountain views from middle and top floor units

Owned by the same principal for over 20 years, this building has
endured multiple rental market cycles and has become an anchor for
the neighborhood. There are no other buildings of this size in the
immediate area. Current rents are 20% or more below market and the stabilized tenant base enjoy extremely large units that may be able to be converted from 1 bedroom to 2 bedroom units.

The current owner has conducted numerous repairs over the years including the renovation of 14 of the units, replacement of 60% of the windows, and a completely rebuilt boiler system. The roof is sloped tar and gravel and may need replacing within the next 5 years.

The offering affords the new owner an opportunity to acquire a stabilized Bay Area multi-family asset at under $100/sq.ft. with an attractive initial yield, and with substantial remaining upside. All this in a rapidly appreciating rental market with a 3.1% vacancy rate according to ReisReports.

Significant upside in rents, same owner for over 20 years.All tenants are paying on time, not a distressed sale. Some deferred maintenance but many units have been renovated. Neighborhood is stable and there are 12 garages and a huge undeveloped basement.

HIGHLIGHTED FEATURES

– 18 large apartments, 12 garages
– Grand scale with architectural features
– Under $100/sq.ft.
– Many renovated units
– Significant upside in rents

Property Pricing and Financial Analysis
Rent Roll

Nick Myerhoff
Dre# 01866318
Phone: 415.812.4450
Email: bayapartmentbroker@gmail.com

____________________________________________________

SOLD – 1550 Bridge St.  7 Units Oakland

1550 Bridge Street
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%

________________________________________________

SOLD – 1315-1319 Leavenworth Triplex – $1,500,000

Leavenworth 1315-1319
Leavenworth 1315-1319 Nob Hill Triplex

PROPERTY SUMMARY
The Leavenworth Triplex is an elegant Nob Hill apartment building with original hardwood floors, period detailing and stained glass. Constructed in the early 1900’s this stately property boasts expansive four bedroom top and mid floor units and a three bedroom lower unit. The subject property has been in the same family for nearly 50 years and has maintained its original charm and character while undergoing significant upgrades such as new electric service, copper re-piping, central heating in some units, re-glazed windows and a newer roof. The top and bottom floors are tenant occupied and the middle floor is occupied by one of the owners who is a protected tenant.

LOCATION
The Leavenworth Triplex is located in San Francisco’s Nob Hill, one of the most spectacular neighborhoods in the city. With cable car lines, elite homes and luxury hotels such as Mark Hopkins and the Fairmont, Nob Hill remains a destination for tourists and wealthy residents.

The Leavenworth Triplex is bordered by Polk Street on the West and Chinatown on the East. It’s a quick walk downhill to the financial district making it an ideal residence for working professionals. This stately gem is literally in the center of everything in San Francisco.

FEATURES

Leavenworth 1315-1319_view1
Leavenworth 1315-1319_view1
Leavenworth 1315-1319_Stained Glass
Leavenworth 1315-1319_Stained Glass
Golden Gate Bridge View
Golden Gate Bridge View from top floor

• Incredible Nob Hill location
• Two huge additional storage rooms in basement
• Period detailing, marble inlay, hardwood floors, stained glass
• Golden Gate Bridge views from top floor
• Significant electric and plumbing upgrades, newer roof
• Excellent TIC opportunity
• Possible Seller Financing

EXPENSES:
· Property Tax: $3,609/Yr
· Insurance: $2,357/Yr
· Management Fee: $1,200/Yr
· Public Health Fee: $55/Yr
· PG & E (elec): $54/Yr
· SF Water Dept: $1,433/Yr

RENT ROLL:
Unit No.          Current Rent
1315 2 bdrm   $1,555
1317 2 bdrm   $605 Protected tenant/owner occupant
1319 2 bdrm   $1,74

Nick Myerhoff
DRE #01866318
415.812.4450
bayapartmentbroker@gmail.com

________________________________________________

SOLD – 2315 Telegraph Ave, Oakland, CA 94612

2315 Telegraph Ave

2315 Telegraph Avenue, Oakland, CA 94612

Telegraph Uptown Apartments is a uniquely styled 9 unit building built in 1944. It features 3 1bedroom 1bath units and 6 studios with a fully gated lot and laundry room.

Located in Uptown in the epicenter of a thriving new cultural center, this brightly painted yellow icon offers tenants access to numerous restaurants and bars along the Broadway/Telegraph corridor. With a bustling night life and fantastic restaurants, this building has histori­cally low vacancy and stands to benefit from the increasing rents driven by local high tech firms in Oakland and San Francisco.

The subject property is in close proximity to 19th St. BART, Paramount Theater and Downtown Oakland City Center. Easy access to 980 FWY and San Francisco.

2315 Telegraph Ave - Gated Lot
2315 Telegraph Ave – Gated Lot

Highlights

  • Outstanding Central Oakland Location 
  • Upside in Rents 
  • Low Maintenance Property 
  • Quiet Fully Gated Common Area 
  • Long Term Tenants
2315 Telegraph Ave Inner View
2315 Telegraph Ave Inner View
Property Information
Property Name  Telegraph Uptown Apartments
Address 2315 Telegraph Ave., Oakland, CA 94612
County Alameda
APN 008-0664-005-00
   
Property Characteristics
Units 9
Gross Square Footage 4,997 per county records
Lot Size 3,888 square feet per county records
Year Built 1944
Covered Parking None
Number of Buildings 1
   
Building Characteristics
Construction Wood frame/Siding
Stories 3
Laundry Facilities 1 washer; 1 dryer
Pool/Spa None
   
Unit Characteristics
Heat Gas Wall Furnace w/ single meter
Ranges Gas
Dishwashers None
Views Some from middle
   
Utilities Responsibilities
Cold/hot water, trash, common lights, gas Owner
None Tenants
2315 Telegraph Ave - View
2315 Telegraph Ave – View

Rent Roll                                 

Unit Type SqFt. Rent Market Rent
1 1bd 580 $750.00 $875.00
2 Studio 450 $650.00 $775.00
3 Studio 385 $650.00 $775.00
4 Studio  450 $650.00 $775.00
5 Studio 385 $650.00 $775.00
6 1bd 580 $750.00 $875.00
7 Studio 450 $650.00 $775.00
8 Studio 385 $650.00 $775.00
9 1bd 580 $750.00 $875.00
TOTAL $6,150.00 $7,275.00
ANNUAL  $73,800.00 $87,300.00
2315 Telegraph Ave - Aerial View
2315 Telegraph Ave – Aerial View
Income & Expenses
Current rent with estimated expenses Market rent with estimated expenses
Rental Income  $73,800 Rental Income $88,020
Other Income  $1,600 Other Income $1,600
Scheduled Gross Income (SGI) $75,400   Scheduled Gross Income (SGI) $89,620
Less 3 % Vacancy Factor ($2,214) Less 5 % Vacancy Factor ($4,401)
Eff ective Gross Income (EGI) $73,186 Eff ective Gross Income (EGI) $85,219
Less Operating Expenses Less Operating Expenses
Property Taxes (est. @ 1.41% + $4,262 SA) ($14,703) estimated Property Taxes (est. @ 1.4112% + $4,262 SA) ($14,703) estimated
License and Rent Board ($1,190) actual 2011 License and Rent Board ($1,190) actual 2011
Insurance ($1,700) estimated Insurance ($1,700) estimated
Utilities ($9,489) actual 2011 Utilities ($9,489) actual 2011
Maintenance and Repairs ($1,500) estimated Maintenance and Repairs ($2,500) estimated
Total Operating Expenses ($28,582) 37.91% SGI, or $3,176/unit Total Operating Expenses ($29,582) 33.01% SGI, or $3,287/unit
Net Operating Income (NOI) $44,604   Net Operating Income (NOI) $55,637  

Value Indicators

Current Market
Sale Price $740,000 Sale Price $740,000
NOI $44,604 NOI $55,637
Price/SqFt: $148.09 Price/SqFt: $148.09
Price/Unit: $82,222 Price/Unit: $82,222
Cap Rate: 6.03% Cap Rate: 7.52%
GRM: 9.81 GRM: 8.26
Cash on Cash Return: 7.15% Cash on Cash Return: 13.11%

Cash Flow Analysis

Purchase Price $740,000
Less Down Payment (25%)  ($185,000)
New Loan $555,000 3.89% / 5 Years
NOI $55,637
Less Debit Service ($31,375)
Cash Flow $24,262
Cash on Cash Return 7.15% 13.11% (market rents)

 _____________________________________________________

SOLD – 265 Vernon Street – 44-Unit Apartment Community

Art Deco Arms

Centrally located in Oakland’s Adams Point district, this 44-unit building is just a block from Lake Merritt and close to downtown Oakland, BART and shopping, including the Whole Foods grocery and Grand Avenue. A spacious tile entrance and lobby open onto a courtyard featuring a sparkling swimming pool.

Fifteen apartments overlook the pool and fourteen apartments in the rear of the property have balconies overlooking downtown Oakland and San Francisco. Strong on-site management keeps the property looking pristine at all times.

The unit mix is 40 one-bedroom units, a 3-bedroomunit, two 2-bedroom units and a studio for a total of 44 units. Units are very well laid out and most have a large walk-in linen closet/pantry. Within the last seven years, the property has undergone extensive renovation, including balconies, Art Deco façade, pool and pool deck, pool equipment, some windows, several kitchens and bathrooms, walkways, hot water holding tanks, laundry rooms and more.

INVESTMENT SUMMARY
> Well positioned for future rent growth
> Incredible location, low vacancy rate
> No deferred maintenance
> Architect designed facade and professional landscaping

SITE SURVEY 

265 Vernon St . Oakland, CA 9 4 6 1 0
Number of Apartments:       44- units
Assessor’s Parcel Number:  010-0795-011-00
Year Built:                              1960
Number of Buildings:            1
Gross square footage:           27,629 square feet per cty.
Lot Size:                                  13,313 square feet per cty.
Construction:                         Wood frame over concrete
Utilities paid by owner:        Cold and hot water, garbage, common lights, water, garbage
Utilities paid by tenants:      PG&E
Stories:                                    3
Balconies:                                29
Roof type and age:                 Flat age unknown
Pool:                                         Yes
Floors:                                      Mostly carpet
Elevator:                                  1 Hydroelectric
Ranges:                                     Electric
Disposals:                                 Yes
Dishwashers:                           No
Covered parking:                    31 garage spaces
Laundry facilities:                   3 laundry rooms
Fireplaces:                               No
Views:                                      Yes
Intercom entry system:        Yes
Gated parking:                        Yes

Proforma NOI
Current Rents with Estimated Expenses
SGI                                           $561,845
less                                           3% Vac. ($16,855)
EGI                                          $544,990

Less Expenses
Property Taxes                 ($95,000) Estimated New
License                                ($8,248) Estimated
Insurance                           ($6,238) Current
PG&E                                  ($11,541) Actual 2011
Water                                  ($14,090) Actual 2011
Garbage                              ($11,697) Actual 2011
Res. Manager                     ($24,480) Free Rent + Salary
Maintenance                       ($28,092) Est. @ 5% of SGI
Misc./Reserves                  ($11,000) Est. @ $250/unit

Total Expenses                   ($210,368) 37.5% of SGI or $4,781 per unit
EGI                                       $544,990
Expenses                             ($210,368)
NOI                                      $334,622

Value Indicators
Purchase Price                   $5,825,000
Down pmt.                         @ 31% ($1,825,000)
New Loan Amount            $4,000,000
Est.                                      @ 3.7%/30 yrs.

NOI $334,622
Debt Service                      ($220,935)
Cash Flow                           $113,687
Cash on Cash                     6.23%

Cap Rate                             5.74%
GRM                                    10.4
$/Unit                                 $132,386

__________________________________________________

3227 Prentiss Street, Oakland, CA 94601

This attractive 6-unit building is located in the popular  Fruitvale District of Oakland. Each unit is 2 bedrooms, 1 bath with over 800 square feet. The apartments are spacious and well- designed with most having been upgraded. Floors are carpet and vinyl and the building is freshly painted.

3227Prentiss
3227Prentiss_exterior

The apartments are conveniently located 1 block off of Fruitvale Avenue and close to 580 and 880. Public transportation and shopping are within walking distance. Schools, parks and entertainment facilities are also within walking distance from the property.

The neighborhood predominantly consists of single-family dwellings. The Fruitvale District is going through a rebirth. This is an excellent opportunity to be part of a growing, vibrant area.

PROPERTY CHARACTERISTICS

  • Upside in Rents
  • Spacious 2 Bedroom Units
  • Upgraded Units
  • Great Fruitvale Location
VALUE INDICATORS

Market
Price: $685,000.00
NOI: $57,022.00
Price/Sq Ft: $138.05
Price/Unit: $114,167.00
Cap Rate: 8.32%
GRM: 7.61
Cash on Cash: 13.5%

Current
Price: $685,000.00
NOI: $47,302.00
Price/Sq Ft: $138.05
Price/Unit: $114,167.00
Cap Rate: 6.91%
GRM: 8.65
Cash on Cash: 9.4%

RENT ROLL

Unit Sq. Ft. Type Current Market
1 800 2BR/1BA $1,100 $1,250
2 800 2BR/1BA $1,100 $1,250
3 800 2BR/1BA $1,100 $1,250
4 800 2BR/1BA $1,100 $1,250
5 800 2BR/1BA $1,100 $1,250
6 800 2BR/1BA $1,100 $1,250
TOTAL  $6,600 $7,500

SITE SURVEY
Assessor’s parcel #:027-0843-002-01
Year built:1961
Number of buildings:1
Gross square footage:4962 sq. ft.
Lot size:8200 sq. ft.
Construction:Wood frame
Utilities paid by owner:Cold and hot water,
Utilities paid by tenants:garbage, common lights
Stories:PG&E
Balconies & patios:2
Elevator:No
Roof type:Flat
Floors:Carpet, vinyl
Heat:Gas,
Ranges:Electric
Garage space/TotalParking:3/1
Laundry facility:No

Income & Expenses
Current rent with estimated expenses Market rent with estimated expenses
Scheduled Gross Income (SGI) $79,200 Scheduled Gross Income (SGI) $90,000
Less 5 % Vacancy Factor ($3,960) Less 5 % Vacancy Factor ($4,500)
Effective Gross Income (EGI) 75,240 Effective Gross Income (EGI) 85,500
Less Operating Expenses Less Operating Expenses
Property Taxes (inc. SA 1.4112 = 2574) ($12,241)estimated Property Taxes (inc. SA 1.4112 = 2574) ($12,241) estimated
License and Rent Board ($1,599) actual License and Rent Board ($1,599) actual
Insurance ($2,512) actual Insurance ($2,512) actual
PG&E ($1,000) actual PG&E ($1,000) actual
Water ($1,826) actual Water ($1,826) actual
Garbage ($3,300) actual Garbage ($3,300) actual
Maintenance ($3,960) 5% of SGI Maintenance ($4,500) 5% of SGI
Miscellaneous ($1,500) $250/unit Miscellaneous ($1,500) $250/unit
Total Operating Expenses ($27,938) 35.3% SGI, or $4,656/unit Total Operating Expenses ($28,478) 31.6% SGI, or $4,746/unit
Net Operating Income (NOI) $47,302 Net Operating Income (NOI) $57,022

3227 Prentiss Street, Oakland, CA 94601
Proposed Financing:

Down payment @ 35% ($239,750)
New 1st loan in the amount of $445,250
at 3.75% / 30 year adjustable.

Monthly payment: $2,062
Annual payment: $24,744

______________________________________________________________

SOLD – 3231 Prentiss Street, Oakland, CA 94601


3231 Prentiss Street exterior

The Prentiss Apartments is an attractive five-unit building is located in the popular Fruitvale District of Oakland. Four of the units are 2 bedrooms 1 bath, with over 900 square feet, and the fifth unit is 3 bedrooms 2 baths, with over 1,000 square feet.

3231 Prentiss Street Stairs
3231 Prentiss Street Stairs

All units have front and rear entries, and the rear entries are to patios and decks. The floors are hardwood, carpet and vinyl and the building has a brand new roof. The Prentiss Apartments are spacious, well-designed and 100% occupied.

The apartments are conveniently located 1 block off Fruitvale Avenue and close to 580 and 880. There is public transportation and shopping within walking distance.

Public transportation and shopping are within walking distance. The Fruitvale District is going through a rebirth. This is an excellent opportunity to be part of a growing, vibrant area.

PROPERTY CHARACTERISTICS

  • Remodeled Units
  • Covered Parking
  • Great Fruitvale Location
  • Large Units

INVESTMENT SUMMARY

Current Market
Sale Price:
NOI
Price/Unit:
Price/Sq Ft:
Cap Rate:
GRM:
Cash on Cash:
$599,000
$35,230
$119,800
$126.83
5.88%
9.78
5.84%
$599,000
$50,205
$119,800
$126.83
8.38%
7.68
12.99%

SITE SURVEY

Number of units:
Assessor’s parcel #:
Year built:
Number of buildings:
Gross square footage:
Lot size:
Construction:
Roof type:
Floors:
Stories:
Balconies & Patios:
Elevator:
Heat:
Ranges:
Covered Parking:
Laundry Facility:
Utilities paid by owner:Utilities paid by tenants:
5
027-0843-003-00
1964
1
4723 sq. ft.
7700 sq. ft.
Wood frame
Flat composite
Carpet, hardwood, laminant
2
Yes
No
Gas
Electric
4
Yes
Cold and hot water,
garbage, common lights
PG&E

RENT ROLL

Unit Sq. Ft. Type Current Market
A 1050 3BR/2BA $1458 $1500
B 900 2BR/1BA $800 $1250
C 900 2BR/1BA $800 $1250
D 900 2BR/1BA $1050 $1250
E 900 2BR/1BA $1000 $1250
TOTAL  $5,108 $6,500

3231 Prentiss Street, Oakland, CA 94601

Proposed Financing: New 1st loan at 65% LTV in the amount of $389,350 at 4.25% fixed for 5 years amortized over 30 years.

Monthly payment: $1,913
Annual payment: $22,956

Have you ever wanted to learn how to buy small apartment buildings for cash flow? I have been doing it for nearly 15 years and I can show you how. Call Nick at 415-812-4450

I have a list of the top 10 properties, call or email me if you would like to have it.

__________________________________________________

SOLD – 802 56th  St. Oakland , CA 94608­

802 56th Street Oakland
802 56th Street Oakland

Attractive  4­plex  in  North  Oakland  near  Children’s  Hospital.  Three  apartments  on  the  ground  floor  and  a  large  two ­bedroom  apartment  on the  entire  second  floor  occupied  by  a  younger  long  term  tenant  at  low  rent ,  but  ideal  for  an  owner  occupant .  Offers  off- ­street  parking  and nice  landscaping.

Orig.  Price: $389,000

List  Price: $369,000

PROPERTY  INFORMATION

Total  Units:      4

Building  Sq  Ft:    2374

Year  Built:            1953

Lot  Sq  Ft:             5418

Unit  No. 802 804 806 808
Approx. Sq  Ft 1250 475 600 350
Monthly Rent 1030 700 700 650
Occupant Tenant Tenant Tenant Tenant
Bedrms 2 1 1 0
Baths 1 1 1 1
Pkg  Spc 1 1 1 1
Din  Rm
A/C
Fireplace
Refrig Yes Yes Yes Yes
Range/Oven Yes Yes Yes Yes
FINANCIALS
Deposits: 9999 Rental  Income: 9999
Gross  Oper  Inc: 9999 GrossSched  Inc: 36960
AnnualTaxes: 9999 Ann  Maintenance: 9999
Ann  Insurance: 9999 Mgmt  Expense: 9999
Expense  Year : 9999 Fin  Data  Source: Owner
Misc  Income: 9999 Ann  Vacancy  Exp: 9999
Fee  Gross  Inc: 9999 Net  Oper  Income: 9999
Annual  Utilities: 9999 Other  Expenses: 9999
License  Exp: 9999 Total  Ann  Oper  Expnse: 9999
OTHER  FEATURES
ADDTL  MISC.  FEATURES None
BASEMENT None
COOLING No Air Conditioning
DISCLOSURES Owner is Lic Real Est Agt, Rent Control
Other­Call/See  Agent
EQUIPMENT  ADDITIONAL None
EXISTING  LEASE  TERMS Written Agreement
EXTERIOR Stucco, Wood Shingles
FLOORING Other
HEATING Wall Furnace
LOT  DESCRIPTION Corner
PARKING DESCRIPTION Off Street Parking
POSSESSION COE, Tenant’s Rights
ROOF Unknown
SEPARATE METERS Electric, Gas
TENANT  PAYS Electric, Gas
TERMS Conventional
WATER/SEWER Sewer System­Public
YARD DESCRIPTION Other

_______________________________________________________

SOLD – High Street Apartments

2701 High Street, Oakland, CA 94619

32-Unit East Oakland Apartment Building 
SOLD FOR $2,915,000 By Nick Myerhoff and Link Corkery 8/12/11

2701 High Street Oakland, CA 94619

High Street Apartments was built in 1989 and is therefore exempt from rent control. It features a gated parking garage, numerous balconies surrounded by mature trees and laundry facilities. Nearly all the units are two-bedroom with desirable floor plans.

This interesting building is interconnected by exterior catwalks and corridors providing wide balconies, many of which have views of the Oakland Hills or San Francisco Bay.

An historically low vacancy rate is testament to the desirability of this building. With moderate aesthetic work this property can be transformed into a true cash-flowing gem.

This property is in close proximity to three parks, an elementary school, the 580 Fwy and not far from the Fruitvale BART station and Oakland’s Mills College.

The High Street Apartments provides outstanding cash flow of over $6000/mo in cell site income. The current owner has been offered $400,000 cash to sell the income from these sites. There is a possibility of adding more sites at this location, providing a new owner with upside in cash flow.

_____________________________________________________________

SOLD – The Kerwood Apartments 

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

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 over sized 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.

SOLD – Pueblo Alegre Condo Complex

1800 57th Avenue Avenue

26-Unit REO Condominium Community

SOLD by Nick Myerhoff  for $1,020,000 in 2010

1800-1812 57th Avenue, Oakland, CAThis urban oasis consists of 26 condominiums currently being rented as apartments. The seller, which acquired the property through foreclosure in December 2008, owns 25 of 26 condominiums and intends to convey all 26 at close of escrow.

Pueblo Alegre is a gated community consisting of two 4-plexes built in 1986 containing three bedroom/two bath units, and 18 studio and one-bedroom Spanish-style cottages built in 1929, with parking for all units in the rear.

Most of the units have upgraded kitchens that include granite counters, new cabinets, new appliances and tile flooring, new bathrooms, new flooring, new windows, new heaters, crown molding on walls, upgraded electrical service and much more. Two studios and two one-bedroom units are vacant and in various stages of readiness, and will be delivered “as is.”

__________________________________________________

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