1757 26th Ave
DESPERATE / MUST SELL!!! 7.7% CAP RATE - 9.3% Cash on Cash Return
Marketing description
DESPERATE / MUST SELL!!! MOTIVATED SELLER!!!
COOPERATING WITH ALL BROKERS!
7.7% CAP, 9.3% Cash on Cash, 13 GRM
ATTENTION BROKERS! 2% COMMISSION PAID TO SELLING BROKER!
Building Description: Kensington Plaza is a very nostalgic 3 story property located at 1757 26th Ave in Oakland California. The building is 25,447 square feet and sits on a 10,951 square foot lot with a total of 39 units. It is a great central business district location. It is in the heart of Oakland’s Fruitvale district close to Lake Merritt. This attractive property offers an investor the opportunity to purchase a recently upgraded building located in the Fruitvale District, one of Oakland’s popular neighborhoods. With 33% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market.
The property consists of 9 studios units, 18 one bedroom/ one bath units, 8 two bedroom/ one bath units and 4 two bedroom/ two bath units. The building has 33% upside in the rents. This classic Marina style building has bay windows, separate eat in kitchens and large walk-in closets. Constructed in 1928, the units have recently received significant improvements, including upgraded kitchens and baths, newer vinyl windows and newer flooring. Most units also feature new paint, carpet, or hardwood floors and ceiling fans. The building also had significant foundation upgrades. The building is separately metered for gas and electricity. 80% of the units have been completely renovated. This roof has a lifetime GAF warranty for the life of the property against leaks or repairs. There is a laundryroom generating monthly income and convenient for the residents. The interior finishes of the units contain carpet and wood flooring at living and bedroom areas, vinyl flooring at kitchen and bathrooms areas, painted drywall walls and ceilings. Kitchens contain plastic laminate and granite countertops and wood cabinetry. Bathrooms contain wood cabinets with cultured stone sinks and baked enamel tubs with fiberglass and ceramic tile shower surrounds.
The property consists of an irregular-shaped parcel of land containing approximately 0.26 acres. Improvements at the property consist of a three-story apartment building containing a total of 39 apartments. The property is relatively flat with a slight gradient to the southwest and is attractively landscaped with planter areas. The property is zoned general commercial, by the Oakland Planning Department and is in conformance with the city zoning requirements.
Investment highlights
- Desperate/Must Sell – Motivated Seller
- 33% Upside in the Rents
- Existing Cap 7.1%, Market Cap 12%
- Existing Cash on Cash Return 7.6% Market Cash on Cash Return 24%
- Existing Gross Rent Multiplier 9.1 Market Gross Rent Multiplier 6.4
- High Growth City and Area Influencing Great Appreciation Potential
- No Deferred Maintenance - Easy Management
- Strong Rent Upside. Trouble Free Income and Management
- Opportunity Zone
- 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.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
