1321 Park Street

Alameda, CA 94501

$3,300,000
Price
Beds
7,328 Sq. Ft.
$450 / Sq. Ft.
7,328
Sq. Ft.
$450
per Sq. Ft.

Description

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
...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.
  1. Listed by Austin Longwell • DRE #02036524 • Brokerage DRE #01948605 • West Shores Realty, Inc. • 626-408-4420

Property Details for 1321 Park Street

Parking Spaces Total
0
Private Pool
No
Total Units
13.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
7328
Assessor Parcel Number
0710205006
Property Attached YN
false

Location

Listing Courtesy of West Shores Realty, Inc., Austin Longwell, DRE #02036524
Add your commute
LISTING UPDATED: 04/06/2024 02:44 PM

Property Details for 1321 Park Street

StatusActive
MLS #SB24064103
Days on Compass53
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1910
Lot Size0.15 AC / 6,403 SF
CountyAlameda County

Location

Listing Courtesy of West Shores Realty, Inc., Austin Longwell, DRE #02036524
Add your commute

Building Information for 1321 Park Street

Stories2Residences-Year Built1910Building Size-Lot Size0.15 AC / 6,403 SF

Payment Calculator

$20,991 per month

30 year fixed, 7.25% Interest

Principal and Interest

$18,009

Property Taxes

$2,982

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1321 Park Street

Income / Expense / Tax Details
Income Details
  • 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
Expense Details
  • 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 / Assessment Info
  • Tax Block: T
  • Tax Census Tract: 4280.00
  • Tax Lot: 11
Community / Development
Community / Development
  • Community Features: Curbs, Park, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: Front
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • 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
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Garage: None
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Parking Features: None
Unit Information
Unit 1
  • 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 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: $4,591
  • Unit Type Total Rent: $4,591
  • Unit Type Pro Forma: 5164
  • Unit Type Type: 2
Unit 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: $6,895
  • Unit Type Total Rent: $6,895
  • Unit Type Pro Forma: 7316
  • Unit Type Type: 3
Unit 4
  • 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
Unit Information
  • 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

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1321 Park Street

Taxable ValueLand$620,540Additions$1,702,943Total$2,323,483
Tax Record2023$35,786 ($2,982 / month)
Home Facts
Total Finished SqFt7,328 SqFtAbove Grade Finished SqFt7,328 SqFtStories2Lot Size6,403 SqFtStyleOffice BuildingYear Built1910CountyALAMEDAAPN71-205-6

Schools near 1321 Park Street

This home is within Alameda Unified School District.
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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1321 Park Street is a mixed use property for sale in Alameda, CA 94501. This property was listed for sale on April 1, 2024 by West Shores Realty, Inc., it's currently listed at $3,300,000. It has been on the market for a total of 53 days and was last sold on April 15, 2018. This listing's school district is Alameda Unified School District. Nearby schools include Love Elementary, Will C. Wood Middle School and Alameda High School. 1321 Park Street is a 0-bed, 0-bath, 7,328 sqft mixed use property built in 1910.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

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.