Overview
www.hotdealsoakland.com
COOPERATING WITH ALL BROKERS!
$33,486,000
This portfolio of 181 units plus an entire city block of 43 garages is located on the same block in the Fruitvale area made up of mostly blue-collar Hispanics.
The total mean cap rate is 7.5%. The buildings are completely renovated with great management in place. One of the buildings has a waiver of Ad Valorem property taxes and all buildings have 30% upside in the rents. The buildings can be sold separately, but a portfolio sale if preferred. They have a great unit mix of studios, 1 and 2 bedrooms with parking. It is walking distance to Fruitvale BART Station. There is no deferred maintenance. All Buildings are individually metered for gas and electric. The buildings are well constructed marina style buildings with electrical upgrades and new roofs in some and sewer lateral and soft story work done in others. Seller is ready to make a deal and is very motivated.
Investment Highlights
**Part of a 181 Unit Portfolio being sold together on the same block**
UNIQUE OPPORTUNITY TO OWN IN SOME OF THE BAY AREA’S MOST UNIQUE, VIBRANT, TRANSIT-RICH NEIGHBORHOODS
- 7.5% CAP RATE WITH UPSIDE
- Fully Rehabilitated
- Own 181 Units with Economy of Scale on Same Block in Oakland
- Soft Story and Sewer Lateral completed
- Entire City Block of Garages included
- Beautiful Marina Style Buildings
- LOW INTEREST RATE IN PLACE FINANCING TO ASSUME SUBJECT TO OFFERS IMMEDIATE SCALE IN SUPPLY CONSTRAINED MARKET. DIVERSE INCOME STREAMS.
- AS HIGH AS 40% UPSIDE IN RENTS
- NO DEFERRED MAINTENANCE – EASY MANAGEMENT – EXCELLENT CONDITION – STREAMLINE PROPERTY MANAGEMENT
- STRONG RENT UPSIDE – TROUBLE FREE INCOME AND MANAGEMENT – LEASED UP – STRONG TENANT BASE
- TREMENDOUS ACCESS TO MAJOR EMPLOYERS – PROMIXITY TO MAJOR DEMAND DRIVERS: TECH, UCSF, PORT OF OAKLAND, TRANSIT
- RELATIVE AFFORDABILTY WITHIN THE BAY AREA
- IDEAL FOR INVESTORS, DEVELOPERS OR ONWER-USERS
- STRONG IN-PLACE CASH FLOW WITH COMPELLING UPSID
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