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Listed by Joseph Owens • Marcus & Millichap • 510-379-1200
$1,950,000
Est. payment /mo
6,072 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,072 sqft
Price per Sqft $321
Subdivision North Oakland
MLS Listing ID 41151546
HOA Y/N No
Year Built 1930
Lot Size 5,200 Sqft
Property Sub-Type 5 or More Units
Source Bridge AOR
Property Description
5918 Genoa Street offers 22.6% rental upside on a building where the heavy capital work is already done. Ownership has invested $282,822 in unit renovations, soft-story retrofit, sewer lateral, sidewalk, and laundry. Eight of 12 units are renovated, and the property is 100% occupied. In-place rents average $1,428 against a $1,750 market rent. The building's own renovated leases support that market figure, with five units at $1,632–$1,730. Four units below $1,300 account for roughly three-quarters of the loss-to-lease. That gives a buyer a defined, unit-by-unit path to the $153,000 pro forma NOI as those units turn over. The 1930 building totals 6,072 SF on 0.12 acres, with an average unit size of 506 SF and three covered parking spaces. In-place: $109,543 NOI, 5.62% cap rate, 9.48 GRM. Pro forma at market rents: $153,000 NOI, 7.85% cap rate, 7.74 GRM.
Location
State CA
County Alameda
Interior
Heating Natural Gas, Wall Furnace
Cooling None
Flooring Vinyl
Fireplace No
Appliance Dryer, Washer, Tankless Water Heater
Laundry Common Area
Building
Lot Description Level
Water Public
Others
Special Listing Condition Standard
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