CURRENT LISTING: 5-Unit Apartment Building
3231 Prentiss Street, Oakland, CA 94601
The Prentiss Apartments is an attractive five-unit building is located in the popular Fruitvale District of Oakland. Four of the units are 2 bedrooms 1 bath, with over 900 square feet, and the fifth unit is 3 bedrooms 2 baths, with over 1,000 square feet.
SITE SURVEY
5
027-0843-003-00
1964
1
4723 sq. ft.
7700 sq. ft.
Wood frame
Flat composite
Carpet, hardwood, laminant
2
Yes
No
Gas
Electric
4
Yes
Cold and hot water,
garbage, common lights
PG&E
Number of units:
Assessor’s parcel #:
Year built:
Number of buildings:
Gross square footage:
Lot size:
Construction:
Roof type:
Floors:
Stories:
Balconies & Patios:
Elevator:
Heat:
Ranges:
Covered Parking:
Laundry Facility:
Utilities paid by owner:
Utilities paid by tenants:
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All units have front and rear entries, and the rear entries are to patios and decks. The floors are hardwood, carpet and vinyl and the building has a brand new roof. The Prentiss Apartments are spacious, well-designed and 100% occupied.
The apartments are conveniently located 1 block off Fruitvale Avenue and close to 580 and 880. There is public transportation and shopping within walking distance.
Public transportation and shopping are within walking distance. The Fruitvale District is going through a rebirth. This is an excellent opportunity to be part of a growing, vibrant area.
PROPERTY CHARACTERISTICS
- Remodeled Units
- Covered Parking
- Great Fruitvale Location
- Large Units
INVESTMENT SUMMARY
Market
$525,000
$51,248
$105,000
$111.16
9.76%
9.0
18.76%
Current
$525,000
$36,273
$105,000
$111.16
7.0%
8.78
6.54%
Sale Price:
NOI
Price/Unit: Price/Sq Ft: Cap Rate: GRM: Cash on Cash:
RENT ROLL
| Unit |
Sq. Ft. |
Type |
Current |
Market |
| A |
1050 |
3BR/2BA |
$1458 |
$1500 |
| B |
900 |
2BR/1BA |
$800 |
$1250 |
| C |
900 |
2BR/1BA |
$800 |
$1250 |
| D |
900 |
2BR/1BA |
$1050 |
$1250 |
| E |
900 |
2BR/1BA |
$1000 |
$1250 |
| TOTAL |
$5,108 |
$6,500 |
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INCOME & EXPENSE
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Current rent with estimated expenses
estimated
estimated
estimated
actual
actual
actual
5% of SGI
35.7% of SGI
or $4,380/unit
$61,236
($3,062)
$58,174
($9,693)
($845)
($1,500)
($969)
($2,532)
($3,300)
($3,062)
($21,901)
$36,273
Scheduled Gross Income
(SGI):
Less 5% Vacancy Factor:
Effective Gross Income (EGI):
Less Operating Expenses
Property Taxes:
License and Rent Board:
Insurance:
PG&E:
Water:
Garbage:
Maintenance:
Total Operating Expenses:
Net Operating Income
(NOI)
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Market rent with estimated expenses
estimated
estimated
estimated
actual
actual
actual
5% of SGI
29.3% of SGI
or $4,570/unit
$78,000
($3,900)
$74,100
($9,693)
($958)
($1,500)
($969)
($2,532)
($3,300)
($3,900)
($22,852)
$51,248
Scheduled Gross Income
(SGI):
Less 5% Vacancy Factor
Effective Gross Income (EGI):
Less Operating Expenses
Property Taxes:
License and Rent Board:
Insurance:
PG&E
Water:
Garbage:
Maintenance:
Total Operating Expenses
Net Operating Income
(NOI)
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3231 Prentiss Street, Oakland, CA 94601
Proposed Financing: New 1st loan at 65% LTV in the amount of $389,350 at 4.25% fixed for 5 years amortized over 30 years.
Monthly payment: $1,808
Annual payment: $21,696
Call Phil Williams at 510-566-4994
email: Phil@LinkCorkery[REMOVETHIS].com
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