Overview
This very nostalgic 3 story property is located at 303 Lee Street in Oakland California. It has 18,720 rentable square feet, with 25 large units including 7 two-bedroom one-bathroom and 18 one-bedroom/one-bathroom all with private baths and kitchens. The property was built in 1964, with a concrete perimeter foundation, exterior walls are wood, and the roof is composition shingle. There is laundry on site. 80% of the units have been renovated. All units have separate gas and electric meters minimizing the owner’s expenses. The apartment unit mix is 7 two bedrooms and 18 one-bedroom units; there are 23 parking spaces. The quality of the building is maintained with pride. The units are separately metered for gas, electricity and hot water. The units have pleasant views from the entry and living room of upstairs units. The laundry is coin operated for additional income. The subject has no deferred maintenance and is in good condition.
Investment Highlights
www.hotdealsoakland.com
COOPERATING WITH ALL BROKERS!
-Existing first loan with Chase Bank of $4,241,000 @ 4.10% payable monthly $21,668, due date of November 1, 2032, buyer may assume.
-Existing Cap 5.3%, Market Cap 6.2%
-Existing Gross Rent Multiplier 12.3 Market Gross Rent Multiplier 11.1
-Existing Cash on Cash Return 4.5% Market Cash on Cash Return 6.2%
-High growth city and area influencing great appreciation potential
-No deferred maintenance - Easy Management
-Strong Rent Upside. Trouble free income and management
-Walking distance to Lake Merritt.
-Offers immediate scale in a supply constrained market.
-Tremendous access to major employers- Drafting off of eastward migration.
-Resilient growth market fundamentals in post-COVID recovery
-Major Discount to homeownership as Oakland median home prices rise: 63% discount.
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