Description

We are pleased to present this unique commercial property in Downtown Alameda. The property consists of 3 strong performing retail stores with prime Park street frontage and 10 dormitory style residential units above. The residential units share a coin operated laundry site, kitchenette space, and 4 bathrooms. The shared spaces could be updated to increase rents even further. The 3 retail units are on NNN leases with 3-5% increases per year and option periods of 5 years. The Downtown location of central Alameda makes this an ideal retail location with many new and historic businesses surrounding the immediate neighborhood with a very large foot and vehicle traffic count of 14,000 per day. The property is currently operating at a 4.84% cap rate with actual expenses included. With moderate improvements a savvy investor could reap the benefits of a realistic pro forma 7.25% cap rate. One residential unit is currently vacant and one retail unit is undergoing remodeling on the tenants behalf. This is an excellent opportunity for an investor looking to add value and capitalize on the growing commercial and residential East Bay market.