| CREOP

Great Location for This Residential Income Property

Incredible SixPlex investment property with potential to build two Accessory Dwelling Units (ADUs). The current units are of varying sizes, but are all one bedroom and one bath. Hardwood floors, high ceilings, recently upgraded electrical, and charming detail in each unit. By adding two potential ADUs, in the backyard, at approximately 800 sf each with projected rents of $76,800/year the NOI goes to $161,500 and the CAP rate goes to 9.94%. The potential development, the the size of the ADUs, potential rents, NOI and CAP rate are not guaranteed by the seller nor the seller's broker. All buyers must complete their own investigation with the City of Alameda and come to their own conclusions.

Backyard, Parking, and Utilities

In the rear of the property there is a large yard and parking area that is shared by the tenants. In addition to the main driveway there is a north side walkway that runs the length of the property. The landlord pays for water and garbage for each unit. The Tenant pays electric and gas. The backyard/parking area is approximately 50' x 54'.

Park Street Business District

This property is located near the Park Street Business District. This vibrant commercial area offers 375,000 square feet of restaurants and retail stores. Park Street is also a direct link to the 600,000 square foot South Shore Shopping Center, Crown Beach and the San Francisco Bay. Park Street is the heart of the major downtown shopping district for the City of Alameda.

City of Alameda

The City of Alameda is made up of four islands and is located directly in the San Francisco Bay adjacent to the City of Oakland and directly across the Bay from San Francisco. Alameda is considered the geographic center of the SF Bay Area. It is only 12 miles west to downtown San Francisco, 38 miles south to San Jose, and 85 miles east to Sacramento. Alameda has two ferry systems, AC Transit and BART Shuttle Services. The Oakland International Airport and Small Plane North Field are located adjacent to Alameda. Alameda has a population of approximately 75,000 people within 23 square miles and there are approximately 30,000 households.
The City is known for its expansive and beautiful Victorian homes, marinas, shoreline parks, bicycle paths, great schools and a safe living environment with a small hometown feel. There are two major business parks with Marina Village located on the northwest side of the City and the Harbor Bay Business Park located in the southeast out on Bay Farm Island. The business parks (roughly 3.4 million square feet) are home to many large high tech firms, pharmaceutical firms and other national companies. These business park businesses provide a very large daily population of employees.
Along with the business parks, the former Alameda Naval Air Station is being transformed into a new residential and commercial area. Alameda is home to the College of Alameda with over 2,400 full time students. The Alameda Unified School District has 2 public high schools, 2 middle schools and 10 elementary schools. There is also a private parochial school on the island that has elementary to senior high school students.