Active

1321 Park Street

Alameda CA, 94501

$3,300,000


$450.33 per sqft

Active

7,328 sqft

Other

Built in 1910

We are pleased to present this unique commercial property in the center of Downtown Alameda. The property consists of 3 strong performing retail stores with prime Park street frontage and 10 dormitory style SRO units above. The residential units share a coin operated laundry site, kitchenette space, and 4 bathrooms. The shared lounge area could be updated or converted into an office rental, bathroom, extra unit, or storage space for additional income. The 3 retail tenants are on year 2 of their 5 year NNN leases with 3-5% increases per year and option periods 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 and vehicle 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. The property is currently operating at a 6.19% cap rate with actual and realistic expenses included. With moderate improvements a savvy investor could reap the benefits of a realistic pro forma 8% cap rate. Contact our team to see favorable financing options and start cash flowing this

CRSB24064103

MLS ID

April 1, 2024

Listed

May 25, 2024

Updated

Map

1321 Park Street
Alameda CA, 94501

Interior Features

Laundry Description

Other


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.15 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Alameda


Garage

No


Parking

None


View

No


County

Alameda


Water Source

Public


Pool

No


Buyer Agency Compensation

2.5%

Listed by Austin Longwell with West Shores Realty, Inc.
Listing Contact: 424-781-4651 

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