SOLD – 3231 Prentiss Street – 5-Unit Apartment Building

3231 Prentiss Street exterior

3231 Prentiss Street exterior

3231 Prentiss Street, Oakland, CA 94601

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.

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