SOLD – 2315 Telegraph Ave, Oakland, CA 94612

2315 Telegraph Ave, Oakland, CA 94612 For Sale $740,000

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)


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