925 & 931 Chestnut St, Alameda, CA 94501
10 Total Units | 6.82% Cap Rate
Marketing description
AVAILABLE INDIVIDUALLY OR AS A PORTFOLIO.
Two (2) Charming Victorian-style apartments located on adjacent parcels located in Alamedas highly sought after Bronze Coast neighborhood. Excellent opportunity for value-add investors.
Each property boasts five (5) units each:
- 925 CHESTNUT ST: (3) 1BR/1BA units, (1) 1BR/2BA unit, and (1) 2BR/1BA owners unit delivered vacant
- 931 CHESTNUT ST: (2) Studio, (2) 1BR/1BA, and (1) 2x1 unit.
The owners unit at 925 Chestnut is currently vacant, allowing for immediate lease up at market rents. The portfolio delivers a 6.82% CAP RATE upon immediate lease-up of four (4) vacant units.
Additional income potential exists through garage and tandem parking, and implementation of shared laundry for units currently without in-unit washer/dryers, and possible ADU conversion of storage areas. Extensive renovations across some units at 925 & 931 Chestnut include full interior upgrades, new LVP flooring, interior paint, and new kitchen countertops and cabinetry. Major electrical improvements include brand new main panels, subpanels, and replacement of existing knob-and-tube wiring. Sewer lateral inspection has also been completed.
Investment highlights
- OWNER USER OR INVESTMENT FLEXIBILITY: Large owner’s unit at 925 Chestnut allows for owner occupancy or operation as a fully leased investment property
- DIVERSE 10 UNIT MIX ACROSS TWO PROPERTIES: Portfolio includes (10) units across two adjacent properties ranging in studios, 1 BR, and 2 BR units
- VALUE ADD & ANCILLARY INCOME OPPORTUNITY: Four (4) vacant units provide immediate lease up upside with additional ancillary income potential
- NEWLY CONVERTED TRUE 1 BEDROOM UNIT AT 931 CHESTNUT: Recently reconfigured studio conversion to true 1 BR / 1 BA unit
- NEW CAPITAL IMPROVEMENTS AND INTERIOR UPGRADES: New LVP flooring, fresh paint, new electrical systems and knob and tube replacement
- PRIME BRONZE COAST LOCATION: Close to Park Street retail, Alameda Beach, top rated schools, and public transit
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