29-Unit Apartment Building plus 3 Storefronts SOLD
7965-7979 MacArthur Blvd Oakland, CA 94605
The MacArthur Apartments is conveniently located between the 880 and 580 freeways, close to the Oakland Coliseum BART. There are 29 residential units consisting of studios, one- and two-bedroom units and a single 3-bedroom unit all within a gated community. Three commercial storefronts offer excellent income potential.
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INVESTMENT SUMMARY
- REO, exceptional value
- Gated parking
- Commercial storefronts
- Financing may be available
VALUE INDICATORS
$1,095,000
$34,219
$81.96
12.4%
3.8
Price:
Price/Unit:
Price/SqFt:
Cap Rate:
GRM:
SITE SURVEY
7965-7979 MacArthur Blvd.
29 units
040-3407-003-00 and
040-3407-004-00
1958 and 1963
2
13,360 sq/ft per cty. rcds.
17,300 sq/ft per cty. rcds.
Wood frame stucco apts.,
masonry storefronts
Cold and hot water, common
lights and gas, garbage
PG&E
2
No
No
Flat, age unknown
No
Carpets and linoleum
Gas
Electric
No
No
2
20
No
No
No
Yes
Address (Oakland):
Number of apts:
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:
Pool:
Floors:
Heat:
Ranges:
Disposals:
Dishwashers:
Water Heaters:
Off-street parking spaces:
Laundry facilities:
Fireplaces:
Views:
Intercom entry system:
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The MacArthur Apartments is lender owned (REO) and financing is available to an experienced apartment operator. The property is offered at an exceptional value, far below replacement cost and only 3.8 times the scheduled gross income. Currently there is a 50% vacancy rate.
The property is very low maintenance because there is no elevator, no pool, no air conditioning and no landscaping.
RENT ROLL
| Sq Ft |
Unit |
Type |
Current |
Market |
Comments |
| 615 |
1 |
1br 1ba |
V |
$745 |
Not ready to rent |
| 615 |
2 |
2br 1ba |
$800 |
$850 |
|
| 615 |
3 |
2br 1ba |
$850 |
$850 |
|
| 615 |
4 |
2br 1ba |
$850 |
$850 |
Section 8 |
| 615 |
5 |
2br 1ba |
V |
$850 |
Not ready to rent |
| 615 |
6 |
1br 1ba |
$900 |
$745 |
Section 8 |
| 615 |
7 |
1br 1ba |
$825 |
$745 |
Section 8 |
| 615 |
8 |
2br 1ba |
$800 |
$850 |
|
| 615 |
9 |
2br 1ba |
V |
$850 |
Not ready to rent |
| 615 |
10 |
2br 1ba |
$800 |
$850 |
|
| 615 |
11 |
1br 1ba |
V |
$745 |
Not ready to rent |
| 615 |
12 |
1br 1ba |
V |
$745 |
Not ready to rent |
| 1200 |
13 |
3br 1ba |
$1,050 |
$1,050 |
Section 8 |
| 300 |
16 |
Studio |
$650 |
$650 |
|
| 300 |
17 |
Studio |
V |
$650 |
Available |
| 300 |
18 |
Studio |
V |
$650 |
Not ready to rent |
| 300 |
19 |
Studio |
$650 |
$650 |
|
| 300 |
20 |
Studio |
V |
$650 |
Not ready to rent |
| 300 |
21 |
Studio |
$550 |
$650 |
Not remodeled |
| 550 |
22 |
1br 1ba |
$850 |
$745 |
|
| 525 |
23 |
1br 1ba |
V |
$745 |
Available |
| 300 |
24 |
Studio |
$550 |
$650 |
Manager,
$350/mo. credit |
| 300 |
25 |
Studio |
$750 |
$650 |
|
| 300 |
26 |
Studio |
V |
$650 |
Not ready to rent |
| 300 |
27 |
Studio |
V |
$650 |
Not ready to rent |
| 300 |
28 |
Studio |
V |
$650 |
Not ready to rent |
| 300 |
29 |
Studio |
$650 |
$650 |
|
| 550 |
30 |
1br 1ba |
$745 |
$745 |
|
| 525 |
31 |
1br 1ba |
$745 |
$745 |
|
| 450 |
1965 |
store-
front |
V |
$500 |
|
| 1225 |
1967-
1969 |
store-
front |
V |
$1,500 |
|
| TOTAL |
$8,725 |
$23,505.00 |
| ANNUAL |
$104,700 |
$282,060.00 |
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FINANCIAL OVERVIEW
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INCOME & EXPENSE
current rents with pro-forma expenses
estimated
estimated
estimated
2010 actual
annualized
2010 actual
annualized
2010 actual
annualized
estimated
est. @ 5% of EGI
est. @ 10% of EGI
estimated
42% of SGI or
$3706 per unit
$282,060
($28,206)
$253,854
($20,000)
($4,500)
($10,000)
($5,528)
($7,916)
($11,968)
($7,800)
($12,692)
($28,206)
($10,000)
($118,610)
$135,244
SGI:
Less 5% Vacancy Factor
Effective Gross Income
Less Expenses
Property Taxes:
License & Rent Board:
Insurance:
PG&E:
Water:
Garbage:
Resident Manager:
Off-Site Management:
Maintenance:
Miscellaneous:
Total Operating Exp.
Net Operating Income
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VALUE INDICATORS
$1,095,000
$135,244
12.4%
3.8
$34,219
$81.96
Sale Price
NOI:
Value Indicators
Cap Rate:
GRM:
Price per unit:
Price per square foot:
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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 2011—Confidential
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