1900 26th Ave, Oakland, CA 94601

www.hotdealsoakland.com

COOPERATING WITH ALL BROKERS!

Building Description: This very nostalgic 3 story property is located at 1900 26^th Ave in Oakland California. The property was built in 1928 and consists of 41 residential units with 31,889 square feet of gross building area situated on two parcels along with a full city block of 43 garages. The unit-mix consists of (24) studio units, (13) 1 bedroom/1-bathroom units and (4) 2 bedroom/1-bathroom units, with a concrete perimeter foundation, exterior walls are wood, and the roof is composition shingle. There is laundry on site. 80% of the units have been renovated. All units have separate meters. There is 20% upside in the current rents. With 20% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. This freshly renovated expansive property is well-maintained, beautiful, and professionally landscaped. The subject has no deferred maintenance and is in good condition. This property is fully monitored with video surveillance camera systems securing the entire property. A fire in the building 3 years ago caused the previous owner to spend $3,500,000 rehabilitating the units with new electric and plumbing. The soft story work and sewer lateral is completed for this building.

We note that although the property is 100% affordable, market rents in the subject area are currently lower than the max allowable rents determined by the County. Therefore, we have utilized market rents within this analysis. We have presented both the max allowable rents and market rents later within the income approach. Although the property is 100% affordable, market rents in the subject area are currently lower than the max allowable rents determined by the County, making it no issue while taking advantage of the tax abatement. The regulatory agreement allows this property to have a waiver of Ad Valorem property taxes.

You will appreciate the neighborhood amenities near the Kensington Garden Apartments. This part of Oakland is bike friendly, so you get around town easily. You can go for a walk in one of the neighborhood parks. If you like to walk, you will find streets lined with trees and sidewalks that are well-lit at night. Residents in this neighborhood consider the area to be walkable with stores, public transportation, and shops nearby. The complex is close to the Fruitvale Transit Village and Bart Station.