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Multifamily

2156 Clinton

2156 Clinton Ave, Alameda, CA 94501

Listing Price: $2,980,000

Cap Rate
4.12%
Number of Units
8
Occupancy
100.0%
Price/Unit
$372,500
Price/Gross SF
$479.10
Gross SF
6,220

Investment Overview

This prime offering at 2156 Clinton Avenue offers a convenient location just five-blocks from South Shore Shopping Center retail, restaurants, cafés and commerce. The charming property has great curb appeal, is occupied, with stable, long-term tenants, and provides an investor the opportunity to own well-located, low maintenance asset with inherent upside upon tenant turnover. The property features a common area garden to the middle of the parcel, and the owner is keeping a top floor unit with deck vacant such that the building will appeal to a potential owner-user as an alternative to higher priced homes in the surrounding area. The subject property sits on a 0.25-acre parcel and was constructed circa 1915 (per property records) featuring attractive period architectural detail and style. The unit mix consists of four one-bedroom one-bath apartments in the front two story building, and two further freestanding duplexes each with one-bedroom one bath units with dining area to the rear of the parcel. The current owner has held the property for nearly thirty-six years and has completed many improvements including high new pitched composite roofs on the rear duplexes circa 2011. The property benefits from a spacious basement area with on-site laundry (owned by landlord) for the tenants, and each unit is separately metered for gas, electricity, and has individual water meters. Surrounded primarily by single family homes on a quiet street, the complex affords tenants the ability to walk to nearby Ritter Park, Crown Memorial State Beach, or South Shore Beach--all just a few minutes away. Park Street is just six-blocks to the northeast, with a vast assortment of shopping, café’s, bars, and restaurants. The stable tenancy, separately metered utilities, and charming detail make this complex unique. The fantastic location further make this offering a rare opportunity to acquire a multifamily complex that is superior in all aspects. Current rents are approximately 23% below market offering a new buyer the opportunity for great upside, with minimal risk, upon turnover.

Investment Highlights

  • Three separate buildings on large 0.25-acre lot.
  • Two rear duplexes have newer pitched composite roofs, replaced circa. October 2011.
  • Great period detail with hardwood floors, meticulous construction, high-end finishes, and vintage charm.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Multifamily

2156 Clinton

Listing Price: $2,980,000

Cap Rate
4.12%
Number of Units
8
Occupancy
100.0%
Price/Unit
$372,500
Price/Gross SF
$479.10
Gross SF
6,220

Investment Highlights

  • Three separate buildings on large 0.25-acre lot.
  • Two rear duplexes have newer pitched composite roofs, replaced circa. October 2011.
  • Great period detail with hardwood floors, meticulous construction, high-end finishes, and vintage charm.

Investment Overview

This prime offering at 2156 Clinton Avenue offers a convenient location just five-blocks from South Shore Shopping Center retail, restaurants, cafés and commerce. The charming property has great curb appeal, is occupied, with stable, long-term tenants, and provides an investor the opportunity to own well-located, low maintenance asset with inherent upside upon tenant turnover. The property features a common area garden to the middle of the parcel, and the owner is keeping a top floor unit with deck vacant such that the building will appeal to a potential owner-user as an alternative to higher priced homes in the surrounding area. The subject property sits on a 0.25-acre parcel and was constructed circa 1915 (per property records) featuring attractive period architectural detail and style. The unit mix consists of four one-bedroom one-bath apartments in the front two story building, and two further freestanding duplexes each with one-bedroom one bath units with dining area to the rear of the parcel. The current owner has held the property for nearly thirty-six years and has completed many improvements including high new pitched composite roofs on the rear duplexes circa 2011. The property benefits from a spacious basement area with on-site laundry (owned by landlord) for the tenants, and each unit is separately metered for gas, electricity, and has individual water meters. Surrounded primarily by single family homes on a quiet street, the complex affords tenants the ability to walk to nearby Ritter Park, Crown Memorial State Beach, or South Shore Beach--all just a few minutes away. Park Street is just six-blocks to the northeast, with a vast assortment of shopping, café’s, bars, and restaurants. The stable tenancy, separately metered utilities, and charming detail make this complex unique. The fantastic location further make this offering a rare opportunity to acquire a multifamily complex that is superior in all aspects. Current rents are approximately 23% below market offering a new buyer the opportunity for great upside, with minimal risk, upon turnover.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

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