We are pleased to present this unique commercial property in the center of Downtown Alameda. The property consists of 3 strong performing retail stores with prime Park street frontage and 10 dormitory style SRO units above. The residential units share a coin operated laundry site, kitchenette space, and 4 bathrooms. The shared lounge area could be updated or converted into an office rental, bathroom, extra unit, or storage space
for additional income. The 3 retail tenants are on year 2 of their 5 year NNN leases with 3-5% increases per year and option
periods of 5 years. The centralized downtown Alameda location is within a 5 minute walk to many of the city's new and historic businesses, restaurants, landmarks, and cafes making it a near perfect location with a walk score of 98. Robust foot and
vehicle traffic counts over 25,000 per day provides excellent business for retail tenants while easy access to BART stations makes this property a convenient location for commuters into the greater Bay Area.
The property is currently operating at a 6.19% cap
rate with actual and realistic expenses included. With
moderate improvements a savvy investor could reap
the benefits of a realistic pro forma 8% cap rate.
Contact our team to see favorable financing options
and start cash flowing this trophy asset today.
Property Type :
Residential Income
County :
Alameda
Style :
Residential Income
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ByOwner last updated this listing 05/10/2024 @ 07:54
MLS: SB24064103
LISTED BY: Austin Longwell, West Shores Realty, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
