for sale - $1,975,000 · 2019. 4. 16. · park place apartments 1473 e. 33rd street 94602. 1743 e...
TRANSCRIPT
Jason Keith 415.272.9029 [email protected] DRE 01425528 1 of 12
For Sale - $1,975,000Park Place Apartments - 1473 E. 33rd Street, Oakland Beautifully Maintained Eight Unit Multifamily Building
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Jason Keith 415.272.9029 [email protected] DRE 01425528 02 of 09
Park Place Apartments 1473 E. 33rd Street94602
1743 E 33rd St is a prime 8 unit building in the up
and coming Highland Park District of Oakland
consisting of (3) studios, (3) 1 bedrooms, (2) 2
bedrooms and 3 car parking. It is a 2 story, 5,568
square foot, wood frame building built in 1926.
Located between Stuart Street and Beaumont
Avenue on E 33 Street, this building is just a few
blocks away from the recently improved Highland
Hospital. This is a well-maintained building with
good bones and huge upside potential. Five units
have been recently remodeled.
Prop
erty
Des
crip
tion
• Highland Park District
• Remodeled Apartments
• Add-Value Opportunity
• Recent Improvements
• Separately Metered for Gas & Electricity
• Laundry Room & Storage Units
• 4 Car Parking
• Nearby to Interstate 580
• Proximity to public transportation
Units: 8
Building Size: 5,568
Lot Size: 5,000 sq ft
Stories: 2
Construction: Wood Frame
Unit Mix: 2 two-bdrs, 3 one-bdr; 3 Studios
Parking: 3 Car
Zoning: R70
Year Built: 1926
APN #: 022-0380-011
Jason Keith 415.272.9029 [email protected] DRE 01425528 03 of 09
Park Place Apartments 1473 E. 33rd Street94602
Rent
Rol
l
Unit Unit Type Scheduled Rent Market Rent MID Comments
1 1 Bedroom $1,100.00 $2,150.00 4/1/13
2 Studio $823.90 $1,650.00 4/1/04
3 Studio $1,800.00 $1,800.00 Vacant / Remodeled
4 2 Bedroom $2,016.30 $2,250.00 5/1/18 Remodeled
5 2 Bedroom $2,223.10 $2,250.00 9/1/17 Remodeled
6 Studio $852.50 $1,650.00 4/4/08
7 1 Bedroom $1,809.50 $2,000.00 9/1/17 Remodeled
8 1 Bedroom $2,068.00 $2,100.00 10/15/17 Remodeled
P1 Parking $200.00 $200.00 2 tandem spaces
P2 Parking $150.00 $150.00 Vacant
Laundry $50.00 $50.00
Totals: Monthly $13,093.30 $16,250.00
Annual $157,119.60 $195,000.00
Jason Keith 415.272.9029 [email protected] DRE 01425528 04 of 09
Park Place Apartments 1473 E. 33rd Street94602
Income and Expenses
Total Gross Income $157,119.60
Expenses
PropertyTaxes $26,904.57
Special Assesments $3,425.94
Insurance $3,201.00
PG&E $3,484.48
Garbage $3,774.60
Water $5,537.70
Gross Receipts Tax (1% of gross) $1,571.20
Repairs (est. @ $500 per unit) $4,000.00
Reserves (est. @ $250 per unit) $2,000.00
Total Expenses $50,473.55
Net Operating Income $106,646.05
Inco
me
and
Exp
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Jason Keith 415.272.9029 [email protected] DRE 01425528 05 of 09
Park Place Apartments 1473 E. 33rd Street94602
Fina
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Price: $1,975,000
Down Payment: 29% $575,000
Number of Units: 8
Price/Unit: $246,875
Building Sq. Ft.* 5,568
Price/Sq. Foot: $355
Scheduled CAP: 5.00%
Scheduled GRM: 12.57
Annualized Operating Data Scheduled Market
Scheduled Gross Income: $157,120 $195,000
Less Vacancy Rate: 3.0% $4,714 3.0% $5,850
Gross Operating Income: $152,406 $189,150
Less Expenses: 34.1% $53,630 27.5% $53,630
Net Operating Income: $98,776 $135,520
Less Loan Payments: $81,665 $81,665
Pre-Tax Cash Flow: $17,111 $53,855
Cash on Cash Return 2.98% 9.37%
Proposed Financing
First Loan: $1,400,000
Interest Rate 4.15%
Amortization 30
Monthly Payment: $6,805
DCR 1.21
Jason Keith 415.272.9029 [email protected] DRE 01425528 06 of 09
Park Place Apartments 1473 E. 33rd Street94602
Inte
rior
Pho
tos
Jason Keith 415.272.9029 [email protected] DRE 01425528 07 of 09
Park Place Apartments 1473 E. 33rd Street94602
Inte
rior
Pho
tos
Jason Keith 415.272.9029 [email protected] DRE 01425528 08 of 09
Park Place Apartments 1473 E. 33rd Street94602
Loca
tion
Jason Keith 415.272.9029 [email protected] DRE 01425528 09 of 09
Confidentiality and disclaimer
The information contained in the offering is confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in part upon information supplied and in part upon information obtained by Compass Commercial Brokerage from sources it deems reasonably reliable. No warranty or representation, expressed or implied, is made by the owner, Compass Commercial Brokerage, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
The Offering Memorandum was prepared by Compass Commercial Brokerage. It contains select information pertaining to the subject property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the subject property will be made available to qualified prospective purchasers.
In the Offering certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
The Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Compass Commercial Brokerage or the owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the subject property described herein.
The owner and Compass Commercial Brokerage expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice. The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a written agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations there under have been satisfied or waived and then only to the extent expressly provided for therein. Compass Commercial Brokerage is not authorized to make any representations or agreements on behalf of the owner.