SOLD – The Kerwood Apartments – 32-Unit Apartment Building

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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