3-Unit Retail with Mezzanine, Office and Theater SOLD
3240-3246 Telegraph Avenue, Oakland CA
The Schiff Theater Building is an expansive historic gem located in one of Oakland’s most popular emerging neighborhoods. The property is near multiple medical facilities, including the Alta Bates Summit Medical Center.
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INVESTMENT SUMMARY
The property is encumbered by a first loan with First National Bank in the amount of approximately $230,000 at 7.75% interest, payable at $1,868.07 per month, all due on September 1, 2011. The cost of the seismic retrofit will total approximately $250,000, paid by the seller. The seller prefers to be cashed out.
VALUE INDICATORS
$700,000
$63
n/a
n/a
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SQUARE FOOTAGE
| Unit Description |
|
Square Footage |
| Owner’s studio |
600 sq/ft |
| Schiff Theater |
2909 sq/ft |
| Live/work 2nd level |
4000 sq/ft |
| Retail 1 |
910 sq/ft |
| Retail 2 Nails |
1490 sq/ft |
| Retail 3 Laundry |
1280 sq/ft |
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This gorgeous building has incredible natural light: 60-foot-high open-beamed ceilings with massive skylights. Many of the original Schiff Theater details are intact. This space is truly a visionary’s dream with nearly limitless potential.
The sprawling 10,000 sq ft. property consists of six separate units: three prime 1000 sq/ft retail spaces fronting onto Telegraph Avenue, 4000 sq/ft of live/work space, a completed 500 sq/ft office space, and the 3000 sq/ft theater with mezzanine off the back.
The two largest units were utilized as live-work and were vacated by means of the Ellis Act; therefore cannot be rented as live-work until 2013.
SITE SURVEY
3 retail, 1 office and
2 live/work subject to Ellis Act
009-0746-003-00
1915
1
11,189 sq/ft
Buyer to independently confirm
9,182 sq/ft per cty. rcds.
Brick
Water. Some units may be
master metered
PG&E
Two
Pitched; new
Wood, carpet and linoleum
Gas
6
7 spaces
No
No
Yes
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The parcel extends from Telegraph Avenue to Elm Street adjoining Summit Medical Center, and contains seven parking spaces accessed via Elm Street. The adjacent property at the corner of Elm Street and Hawthorne Avenue (3227-3229-3231 Elm St.) has an easement for ingress and egress along the driveway to its rear parking lot.
This property benefits from its proximity to multiple medical facilities including Alta Bates Summit Medical Center, and has many possible uses within the medical field.
Although the original structure is unreinforced masonry, the building is currently undergoing a seismic retrofit, which will be completed in mid-January 2010. This will include a new roof.
Download a PDF statement about this property
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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 2009—Confidential
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