32-Unit Apartment Building SOLD 8/12/11
2701 High Street Oakland, CA 94619
High Street Apartments was built in 1989 and is therefore exempt from rent control. It features a gated parking garage, numerous balconies surrounded by mature trees and laundry facilities. Nearly all the units are two-bedroom with desirable floor plans.
SITE SURVEY
32 units
32-2058-98
1989
1
27,103 sq. ft.
21,736 sq. ft.
Wood frame/siding over
concrete garage
Cold/hot water, garbage
common lights, gas
PG&E
3
Carpets and linoleum
Electric
Electric
Yes
Yes
Laundry room
Top and mid floor
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:
Floors:
Heat:
Ranges:
Dishwashers:
Covered parking spaces:
Laundry facilities:
Views:
Intercom entry system:
Gated parking garage:
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View 3-D images
This interesting building is interconnected by exterior catwalks and corridors providing wide balconies, many of which have views of the Oakland Hills or San Francisco Bay.
An historically low vacancy rate is testament to the desirability of this building. With moderate aesthetic work this property can be transformed into a true cash-flowing gem.
This property is in close proximity to three parks, an elementary school, the 580 Fwy and not far from the Fruitvale BART station and Oakland’s Mills College.
The High Street Apartments provides outstanding cash flow of over $6000/mo in cell site income. The current owner has been offered $400,000 cash to sell the income from these sites. There is a possibility of adding more sites at this location, providing a new owner with upside in cash flow.
VALUE INDICATORS
$2,915,000
$91,093
$107.55
6.2
12%
Sale Price:
Price/Unit:
Price/SqFt:
GRM:
Cash on Cash:
INVESTMENT SUMMARY
- Rent control exempt
- Unique sprawling layout
- Cell tower income
- Secure underground parking
RENT ROLL SUMMARY
| Units |
Unit Type |
Rent |
| 27 |
2bd/ 1ba |
$975 |
| 2 |
2bd/ 1.5ba |
$1,070 |
| 3 |
3bd/ 2ba |
$1,288 |
| Averages: |
$1,010 |
Download High Street Apartments Rent Roll (8/24/2010) in Microsoft Excel format
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INCOME & EXPENSE
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INCOME & EXPENSE
current rents with pro-forma expenses
estimated
estimated
actual 2009
actual 2009
actual 2009
actual 2009
free apt + $575/mo
est. @ 5% of EGI
est. @ 5% of EGI
estimated
42.51% of SGI or
$4,898 per unit
$388,147
$72,000
$4,500
$7,500
$472,147
$400,147
$20,007
$452,140
($46,000)
($6,400)
($12,444)
($5,455)
($11,882)
($10,462)
($22,440)
($19,007)
($19,407)
($8,000)
($161,097)
$291,043
Rental Income:
Cell Site Income:
Laundry Income:
Parking Income:
SGI:
SGI w/out cell income
less 5% Vacancy
EGI
Less Expenses
Property Taxes:
License:
Insurance:
PG&E:
Water:
Garbage:
Res. Manager:
Off-Site Management:
Maintenance:
Misc./Reserves:
Total Expenses
Net Operating Income
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CASH FLOW
$2,915,000
($500,000)
$2,750,000
($962,500)
($500,000)
($1,462,500)
($108,684)
6.2
$91,093
$107.55
$174,292
$291,043
($108,684)
$182,359
12%
Purchase Price:
Cell Site Cost:
Lendable Amount:
Down Payment @35% of lendable amt.
Plus Cell Purchase
Total Cash Required @45% of PP
Debt Service (4.5% fixed 5 years)
Value Indicators
GRM:
Price per unit *:
Price per square foot *:
Cash Flow:
Cash Flow
NOI :
Less Debt Service:
Cash Flow
Cash on Cash Return
* Cash flow analysis assumes a new 4.5% loan in the amount of $1,787,500.
* Price per sqft and price per unit do not include cell income.
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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 2010—Confidential
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