32-Unit Apartment Building IN ESCROW
1627 High Street, Oakland, CA 94601
The Kerwood Apartments is a very well located, professionally owned and operated, 32-unit
apartment building comprised of 9 2-bedroom units, 21 1-bedroom units and a pair of penthouse suites with 180° views. This distinctive three-story building is a landmark of High Street.
View 3-D images
See 1-minute Youtube video
RENT ROLL SUMMARY
| Units |
Unit Type |
Sq. Ft. |
Rent |
| 21 |
1bd/ 1ba |
620 sq. ft. |
$785 |
| 9 |
2bd/ 1ba |
970 sq. ft. |
$1,033 |
| 1 |
1bd/ 1ba
Penthouse |
800 sq. ft. |
$950 |
| 1 |
2bd/ 1ba
Penthouse |
970 sq. ft. |
$793 |
| Averages: |
840 sq. ft. |
$890 |
Download Kerwood Apartments Rent Roll
in Microsoft Excel format
VALUE INDICATORS
Market
$2,395,000
$74,844
$87.48
8.67%
6.03
13.07%
Current
$2,395,000
$74,844
$87.48
8.67%
6.03
10.13%
Price: Price/Unit: Price/Sq Ft: Cap Rate: GRM: Cash on Cash:
|
 |
The Kerwood has the right balance of convenience, location and style. Situated in the epicenter of a culturally thriving community and the newly-established Mi Pueblo Food Center, the building is within one mile of the Fruitvale BART station and in close proximity to Mills College.
The lobby has a beamed ceiling and the building is encompassed by sturdy iron gates providing tenants
with a real sense of privacy and security.
Laundry on each floor, a first-rate oversized elevator and ample secure underground parking round out the highest-quality apartment building on High Street.
SITE SURVEY
32 units
35-2353-8
1965
1
27,377 sq. ft.
11,550 sq. ft.
Wood frame over
concrete parking garage
Cold and hot water,
common lights, common
gas, garbage
PG&E
Four
Yes
One
flat, rolled fiberglass
Carpets, tile and linoleum
Electric
Electric
Yes
No
28 garage spaces,
plus 4 carports
One laundry room per
floor, 1 w/d each
No
Yes
Yes
Yes
Yes
Number of apartments:
Assessor’s parcel #:
Year built:
Number of buildings:
Gross square footage:
Lot Size:
Construction:
Utilities paid by owner:
Utilities paid by tenants:
Stories:
Balconies:
Elevator:
Roof type and age:
Floors:
Heat:
Ranges:
Disposals:
Dishwashers:
Covered parking:
Laundry facilities:
Fireplaces:
Views:
Intercom entry system:
Gated parking garage:
Individual storage lockers:
INVESTMENT SUMMARY
- Located 1 mile from BART
- Professionally maintained
- Upside in rents
- Assumable 4.65% 1st loan
- Secure underground parking
|
|
INCOME & EXPENSE
|
CURRENT
current rents with pro-forma expenses
actual rents
1.4108%+$7,871 SA
estimated
actual 2009
actual 2010
estimated
est. @ 5% of EGI
est. @ 5% of SGI
estimated
43.5% of SGI or
$4,824 per unit
NOI before capital
improvements
$397,380
$17,713
$336,539
($41,660)
($5,600)
($11,883)
($38,604)
($14,100)
($16,827)
($17,713)
($8,000)
($154,387)
$336,539
($154,387)
$207,619
SGI:
less 5% Vacancy:
EGI:
Less Expenses
Property Taxes:
License:
Insurance:
Utilities:
Res. Manager:
Off-Site Mgt:
Maintenance:
Misc./Reserves:
Total Expenses
EGI:
Expenses:
NOI
|
|
MARKET
market rents
1.4108%+$7,871 SA
estimated
actual 2009
actual 2010
estimated
est. @ 5% of EGI
est. @ 5% of SGI
estimated
41% of SGI or
$5,061 per unit
NOI before capital
improvements
$397,380
$27,817
$369,563
($42,330)
($5,750)
($11,883)
($38,604)
($14,100)
($18,478)
($19,869)
($10,930)
($161,944)
$369,563
($161,944)
$207,619
SGI:
less 7% Vacancy:
EGI:
Less Expenses
Property Taxes:
License:
Insurance:
Utilities:
Res. Manager:
Off-Site Mgt:
Maintenance:
Misc./Reserves:
Total Expenses
EGI:
Expenses:
NOI
|
|
CASH FLOW ANALYSIS
The current owners recently refinanced with a new first deed of trust in the amount of $1,527,000.
The loan is a 5 year fixed at 4.625% with Chase and is assumable. |
CURRENT
$2,395,000
$868,000
$182,153
$354,252
($94,211) assumable
$1,527,000 1st loan
@4.625% 5yr fixed
7.61%
6.76
$87.48
$74,844
$87,942
10.13%
Purchase Price:
Down pmt @ 36.2%:
NOI:
SGI:
Debt Service
VALUE INDICATORS
Cap Rate:
GRM:
Price/Sq Ft:
Price/Unit:
Cash Flow:
Cash on Cash:
|
|
MARKET
$2,395,000
$868,000
$207,619
$397,380
($94,211) assumable
$1,527,000 1st loan
@4.625% 5yr fixed
8.67%
6.03
$87.48
$74,844
$113,408
13.07%
Purchase Price:
Down pmt @ 36.2%:
NOI:
SGI:
Debt Service
VALUE INDICATORS
Cap Rate:
GRM:
Price/Sq Ft:
Price/Unit:
Cash Flow:
Cash on Cash:
|
|
|
 |
1627 High Street, Oakland, CA 94601
|
|
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. PCLC, Inc. Property Counselors Link Corkery—Copyright 2011—Confidential
|
|
