Active
1321 Park ST
ALAMEDA CA, 94501
$3,300,000
$450.33 per sqft
Active
7,328 sqft
Residential
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 trophy asset today.
SB24064103MR
MLSⓇ ID
April 1, 2024
Listed
May 9, 2024
Updated
Map
1321 Park ST
ALAMEDA CA, 94501
Interior Features
Total Stories
2
Laundry Description
Laundry Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.15 Acres
Sewer
Public Sewer
Other Property Details
Area Name
Out of Area
Days on Market
5
Garage
No
Parking
None
Parking Total
0
View
No
County
Alameda
Water Source
Public
Pool
No
Pool Features
None
Listed by Austin Longwell with West Shores Realty, Inc.
Listing Contact: 424-781-4651
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Montecito Luxury Group | CA DRE #1868263 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 5/9/2024