1321 Park Street
Alameda,
CA
94501
Property Details
| List Price: |
$3,300,000 |
| Beds: |
-- |
| Baths: |
-- |
| Status: |
Active |
SqFt: |
7328 |
| Agency: |
West Shores Realty |
Description/Comments
| Lot Size: |
6,403 sqft |
| Property Type: |
MultiFamily |
| Year Built: |
1910 |
| Notes: |
Austin Longwell of West Shores Realty and Chris<br />
Scholfield of Lee & Associates are pleased to present<br />
this unique commercial property in the center of<br />
Downtown Alameda. The property consists of 3<br />
strong performing retail stores with prime Park street<br />
frontage and 10 dormitory style SRO units above.<br />
The residential units share a coin operated laundry<br />
site, kitchenette space, and 4 bathrooms. The shared<br />
lounge area could be updated or converted into an<br />
office rental, bathroom, extra unit, or storage space<br />
for additional income. The 3 retail tenants are on year 2 of their 5 year NNN<br />
leases with 3-5% increases per year and option<br />
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<br />
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.<br />
The property is currently operating at a 6.19% cap<br />
rate with actual and realistic expenses included. With<br />
moderate improvements a savvy investor could reap<br />
the benefits of a realistic pro forma 8% cap rate.<br />
Contact our team to see favorable financing options<br />
and start cash flowing this trophy asset today. |
| MlsNumber: |
SB24064103 |
Estimate Your Monthly Payment
| Listing Provided By: |
West Shores Realty, original listing |
| Name: |
West Shores Realty |
| Phone: |
(310) 541-8000 |
| Office Name: |
West Shores Realty, Inc. |
| Office Phone: |
(310) 541-8000 |
| Agent Name: |
Austin Longwell |
| Disclaimer: |
Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. |
