1321 Park Street
1321 Park Street
Description
for additional income. The 3 retail tenants are on year 2 of their 5...We are pleased to present this unique commercial property in the center of Downtown Alameda. The property consists of 3 strong performing retail stores with prime Park street frontage and 10 dormitory style SRO units above. The residential units share a coin operated laundry site, kitchenette space, and 4 bathrooms. The shared lounge area could be updated or converted into an office rental, bathroom, extra unit, or storage space
for additional income. The 3 retail tenants are on year 2 of their 5 year NNN leases with 3-5% increases per year and option
periods of 5 years. The centralized downtown Alameda location is within a 5 minute walk to many of the city's new and historic businesses, restaurants, landmarks, and cafes making it a near perfect location with a walk score of 98. Robust foot and
vehicle traffic counts over 25,000 per day provides excellent business for retail tenants while easy access to BART stations makes this property a convenient location for commuters into the greater Bay Area. The property is currently operating at a 6.19% cap
rate with actual and realistic expenses included. With
moderate improvements a savvy investor could reap
the benefits of a realistic pro forma 8% cap rate. Contact our team to see favorable financing options
and start cash flowing this trophy asset today.
- Listed by Austin Longwell • DRE #02036524 • Brokerage DRE #01948605 • West Shores Realty, Inc. • 626-408-4420
Property Details for 1321 Park Street
Location
Property Details for 1321 Park Street
| Status | Active |
|---|---|
| MLS # | SB24064103 |
| Days on Compass | 28 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Mixed Use |
| MLS Type | Residential Income |
| Year Built | 1910 |
| Lot Size | 0.15 AC / 6,403 SF |
| County | Alameda County |
Location
Building Information for 1321 Park Street
Payment Calculator
$20,991 per month
30 year fixed, 7.25% Interest
$18,009
$2,982
$0
Property Information for 1321 Park Street
- Gross Income: $307,548
- Gross Scheduled Income: $307,548
- Vacancy Allowance Rate: 5
- Gross Operating Income: $292,171
- Net Operating Income: $204,253
- Laundry Income: $2,280
- Cap Rate: 6.19
- Operating Expense: $87,918
- New Taxes Expense: $41,250
- Fuel Expense: $0
- Electric Expense: $5,000
- Insurance Expense: $15,000
- Maintenance Expense: $11,687
- Maintenance Percent: 4.00%
- Professional Management Expense: $8,765
- Trash Expense: $1,040
- Water Sewer Expense: $5,000
- Total Expenses: $87,918
- Tax Block: T
- Tax Census Tract: 4280.00
- Tax Lot: 11
- Community Features: Curbs, Park, Sidewalks
- Laundry: Yes
- Laundry Features: Common Area
- Entry Location: Front
- Pool Features: None
- Pool Description: None
- Lot Features: 0-1 Unit/Acre
- Number Of Units: 13
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Parking: No
- Parking Garage: None
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Parking Features: None
- Unit Type Units Total: 10
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $9,872
- Unit Type Total Rent: $9,872
- Unit Type Pro Forma: 12550
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Partially
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $4,591
- Unit Type Total Rent: $4,591
- Unit Type Pro Forma: 5164
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Partially
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $6,895
- Unit Type Total Rent: $6,895
- Unit Type Pro Forma: 7316
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 0
- Unit Type Baths Total: 0
- Unit Type Furnished: Partially
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $4,080
- Unit Type Total Rent: $4,591
- Unit Type Pro Forma: 5500
- Unit Type Type: 4
- Number Of Units Leased: 10
- Rent Controlled: No
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 4
- Number Of Separate Gas Meters: 3
- Number Of Separate Water Meters: 1
Property History for 1321 Park Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1321 Park Street
Schools near 1321 Park Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Love Elementary PublicK to 5 | ||
Will C. Wood Middle School Public6 to 8 | ||
Alameda High School Public9 to 12 | ||
Island High (Continuation) School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of West Shores Realty, Inc., Austin Longwell, DRE #02036524
Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.