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
April 7, 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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