SOLD – 3227 Prentiss Street

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
Call Nick at 415-812-4450 if you would like to learn how to get cash flow from owning apartment buildings or even a duplex.I have a list of the top 10 properties, call or email me if you would like to have it.

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