Investment Overview

This prime offering at 2109 Santa Clara Avenue offers a convenient location just three-blocks north of Park Street retail, restaurants, shopping and commerce. The property further benefits from being an easy eight-block walk to South Shore Shopping Center. Centrally located in the Bay Area, Alameda South Shore Center is an established open-air shopping center featuring 594,000 square feet of dining, shopping and entertainment destinations. Both residents and visitors alike are drawn not only to the comprehensive variety of national and local restaurants and retailers, but also to the new outdoor family play area, spacious central courtyard and newly renovated building facades. Alameda South Shore Center is the area’s premier family friendly option to shop, dine, play and relax. The subject property sits on a 0.18-acre parcel, constructed circa 1962 (per property records), featuring wood frame with stucco siding, and a pitched composite roof. The complex features a superior mix consists of five one-bedroom/one-bath apartments, one two-bedroom/one-bath apartment, and one two-bedroom/two bath apartment with fireplace. The current ownership has owned the property for over thirty-two years and units have had numerous renovations and upgrades upon turnover. Further comprehensive upgrades on turnover will yield a dramatic increase in cash flow due to the long-term tenancy of many of the tenants The property benefits from tuck-under-parking, tenant storage, on-site laundry (owned by landlord), and each unit is separately metered for gas, electricity. Surrounded primarily by a mix of apartments and single-family-homes on a quiet street, the complex affords tenants the ability to walk to the best offerings of Alameda including South Shore Beach, South Shore Shopping Center, and Park Street. The superb location, stable tenancy, low rents, separately metered utilities, and great curb appeal, make this offering a truly rare City of Alameda opportunity. Following over three decades of continuous ownership the current rents that are approximately 31.9% below market allow a new buyer the opportunity for great upside, with minimal downside risk. The property is priced well below replacement cost at an extremely attractive price per square foot of $354.54 which is half the cost of surrounding single family home sales.