2624 Foothill Blvd
DESPERATE / MUST SELL!!! 7.2% CAP RATE - 11.1 Cash on Cash Return
Marketing description
DESPERATE / MUST SELL!!!
COOPERATING WITH ALL BROKERS!
7.2% CAP, 37% Upside in the Rents, GRM 9.9
ATTENTION BROKERS! 2% COMMISSION PAID TO SELLING BROKER!
This very nostalgic 3 story marina style building property located at 2624 Foothill Blvd in Oakland California. Building description size is 29,423 square feet with 40 units. It is a great central business district location. It is in the heart of Oakland’s Fruitvale district close to Lake Merritt. It has a concrete foundation, wood frame on .26-acre lot. The majority of the units have been substantially renovated. With 37% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market.
The subject is a 40-unit apartment building which is three stories over a basement with 37% upside in the rents. The prior owner replaced reportedly rough ½ of the windows. The subject has key fob entrance. There is a beautiful penthouse that has a view. The basement has a poured concrete foundation and perimeter walls and an open beam ceiling. The subject has no deferred maintenance and is in good condition. The complex unit mix is 18 studios, 19 (1) bedrooms and 3 (2) bedrooms. The property is individually metered for gas and electricity. There is a laundry room generating extra monthly income and as a convenience for the residents. The interior finishes of the units contain carpet or wood flooring in living and bedroom areas, tiled flooring at kitchen and bathrooms areas, painted drywall walls and ceilings. Kitchens contain plastic laminate countertops and wood cabinetry. Bathrooms contain wood cabinets with cultured stone sinks and baked enamel tubs with fiberglass and ceramic tile shower surrounds.
The building improvements at the property consist of a three-story apartment building totaling approximately 29,423 rentable square feet. Construction is typical wood framing with concrete foundation walls raised to create a partial basement on the southern portion and slab on grade foundation on the northern portion. The exterior finishes consist of painted brick veneer and stucco siding. 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 located in the basement. Domestic water lines are copper, electrical wiring is copper.
The property at 2624 Foothill Boulevard in Oakland, CA has strong investment potential due to its proximity to major employers, transportation routes, shopping centers, dining venues, and entertainment options. It is an attractive option for renters seeking convenience and accessibility. The combination of a robust economy and desirable location make this property a promising investment opportunity in the Oakland real estate market.
Investment highlights
- Desperate/Must Sell – Motivated Seller
- 37% Upside in the Rents
- Nostalgic Building in Great Oakland Area
- Existing Cap 7.2%, Market Cap 8.3%
- Market Cash on Cash Return 11.1%
- Existing Gross Rent Multiplier 9.9 Market Gross Rent Multiplier 8.9
- 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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