2555-2567 Foothill Blvd
DESPERATE / MUST SELL!!! Brand New Complex as of 2014 - 7.8% CAP RATE - 8.7 Cash on Cash Return
Marketing description
DESPERATE / MUST SELL!!!
COOPERATING WITH ALL BROKERS!
7.8% CAP, 8.7% Cash on Cash, 9.5 GRM, 2014 Newly Rebuilt!
ATTENTION BROKERS! 2% COMMISSION PAID TO SELLING BROKER!
BRAND NEW very nostalgic 61-unit property is located at 2555-2567 Foothill Blvd in Oakland, California: conveniently located in the Fruitvale District, situated right in the heart of Oakland’s central business district and close to Lake Merritt. Casa Magna Apartments is a gated three-story apartment complex consisting of two separate structures offering a total of 30,012 square feet of living space on a .79-acre lot. This building was substantially renovated in 2014. This freshly renovated expansive property is well-maintained, beautifully, and professionally landscaped. There is a large laundry room generating substantial monthly income. With 31% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market.
Casa Magna Apartments has a grand total of sixty-one units with 31% upside in the rents. The mixture of units on the property has: (22) 2 bedroom / 1 bath, (21) studio units / 1 bath, (18) 1 bedroom / 1 bath. Various apartment units have a balcony or patio. In addition, there is a convenient on-site laundry and a secured gated entrance. There is ample covered carport parking for cars, and off-street parking. You will find multiple security features to give you peace of mind including monitoring cameras and gated entry. The owners pay for the water and waste management services. The tenants pay for electricity and gas when it is separately metered. The heat to the apartments is supplied by electric wall units. The entire building was gutted down to the studs and renovated. Everything from the foundation to the roof is new.
Building improvements at the property consist of a three-story apartment building totaling approximately 30,112 rentable square feet. Construction is typical wood framing with concrete foundation walls, grade foundation on the northern portion. The flat roof contains built up covering. Units are heated by electric wall heaters. Domestic hot water is provided by a central gas fired boiler. Domestic water lines are copper, and the vanity lines are copper. Electrical wiring is copper. The interior finishes of the units contain carpet and wood flooring in living and bedroom areas, tiled flooring at kitchen and bathrooms areas, painted drywall walls and ceilings. Kitchens contain granite countertops and wood cabinetry. Bathrooms contain wood cabinets with cultured stone sinks and baked enamel tubs with fiberglass and ceramic tile shower surrounds.
Investment highlights
- Desperate/Must Sell – Motivated Seller
- Brand New Apartment Complex 2014 Gutted to the Studs. Foundation to the Roof is New
- 31% Upside in the Rents
- Nostalgic Building in Great Fruitvale Area of Oakland, Near Lake Merritt
- Existing Cap 7.8%, Market Cap 8.5%
- Existing Cash on Cash Return 8.7% Market Cash on Cash Return 11.6%
- Existing Gross Rent Multiplier 9.5 Market Gross Rent Multiplier 8.6
- High Growth City and Area Influencing Great Appreciation Potential
- No Deferred Maintenance - Easy Management
- Strong Rent Upside. Trouble Free Income and Management
- 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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