The Kerwood Apartments

32-Unit Apartment Building

1627 High Street Oakland, CA 9 4 6 0 1 

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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 oversized 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.


 

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