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1321 PARK ST ALAMEDA, CA 94501
- Commercial / Resale (MLS)
Property Details for 1321 PARK ST, ALAMEDA, CA 94501
Features
- Price/sqft: $450
- Lot Size: 0.15 acres
- Total Units: 5
- Stories: 200
- Construction Type: Wood
Facts
- Year Built: 01/01/1910
- Property ID: 871633170
- MLS Number: SB24064103
- Parcel Number: 71-205-6
- Property Type: Commercial
- County: Alameda
- Legal Description: LOT: 00006 BLK: AR: 0071 PAGE: 0205
- Listing Status: Active
Sale Type
This is an MLS listing, meaning the property is represented by a real estate broker, who has contracted with the home owner to sell the home.
Description
This listing is NOT a foreclosure. Austin Longwell of West Shores Realty and ChrisnScholfield of Lee & Associates are pleased to presentncommit;nthis unique commercial property in the center ofnDowntown Alameda. The property consists of 3nstrong performing retail stores with prime Park streetnfrontage and 10 dormitory style SRO units above.nThe residential units share a coin operated laundrynsite, kitchenette space, and 4 bathrooms. The sharednlounge area could be updated or converted into annoffice rental, bathroom, extra unit, or storage spacenfor additional income. The 3 retail tenants are on year 2 of their 5 year NNNnleases with 3-5% increases per year and optionnperiods of 5 years. The centralized downtown Alameda location is within a 5 minute walk to many of the city's new and historic businesses, restaurants, landmarks, and cafes making it a near perfect location with a walk score of 98. Robust foot andnvehicle traffic counts over 25,000 per day provides excellent business for retail tenants while easy access to BART stations makes this property a convenient location for commuters into the greater Bay Area.nThe property is currently operating at a 6.19% capnrate with actual and realistic expenses included. Withnmoderate improvements a savvy investor could reapnthe benefits of a realistic pro forma 8% cap rate.nContact our team to see favorable financing optionsnand start cash flowing this trophy asset today.
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Property Brokerage:
West Shores Realty
449 Silver Spur Rd
Rolling Hills Estates
CA
90274
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All information provided is deemed reliable, but is not guaranteed and should be independently verified.