For Sale - $1,975,000 · 2019. 4. 16. · Park Place Apartments 1473 E. 33rd Street 94602. 1743 E 33rd St is a prime 8 unit building in the up and coming Highland Park District of

Jason Keith 415.272.9029 [email protected] DRE 01425528 1 of 12

For Sale - $1,975,000Park Place Apartments - 1473 E. 33rd Street, Oakland Beautifully Maintained Eight Unit Multifamily Building

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Park Place Apartments 1473 E. 33rd Street94602

1743 E 33rd St is a prime 8 unit building in the up

and coming Highland Park District of Oakland

consisting of (3) studios, (3) 1 bedrooms, (2) 2

bedrooms and 3 car parking. It is a 2 story, 5,568

square foot, wood frame building built in 1926.

Located between Stuart Street and Beaumont

Avenue on E 33 Street, this building is just a few

blocks away from the recently improved Highland

Hospital. This is a well-maintained building with

good bones and huge upside potential. Five units

have been recently remodeled.

Prop

erty

Des

crip

tion

• Highland Park District

• Remodeled Apartments

• Add-Value Opportunity

• Recent Improvements

• Separately Metered for Gas & Electricity

• Laundry Room & Storage Units

• 4 Car Parking

• Nearby to Interstate 580

• Proximity to public transportation

Units: 8

Building Size: 5,568

Lot Size: 5,000 sq ft

Stories: 2

Construction: Wood Frame

Unit Mix: 2 two-bdrs, 3 one-bdr; 3 Studios

Parking: 3 Car

Zoning: R70

Year Built: 1926

APN #: 022-0380-011



Rent

Rol

l

Unit Unit Type Scheduled Rent Market Rent MID Comments

1 1 Bedroom $1,100.00 $2,150.00 4/1/13

2 Studio $823.90 $1,650.00 4/1/04

3 Studio $1,800.00 $1,800.00 Vacant / Remodeled

4 2 Bedroom $2,016.30 $2,250.00 5/1/18 Remodeled


6 Studio $852.50 $1,650.00 4/4/08



P1 Parking $200.00 $200.00 2 tandem spaces

P2 Parking $150.00 $150.00 Vacant

Laundry $50.00 $50.00

Totals: Monthly $13,093.30 $16,250.00

Annual $157,119.60 $195,000.00



Income and Expenses

Total Gross Income $157,119.60

Expenses

PropertyTaxes $26,904.57

Special Assesments $3,425.94

Insurance $3,201.00

PG&E $3,484.48

Garbage $3,774.60

Water $5,537.70

Gross Receipts Tax (1% of gross) $1,571.20

Repairs (est. @ $500 per unit) $4,000.00

Reserves (est. @ $250 per unit) $2,000.00

Total Expenses $50,473.55

Net Operating Income $106,646.05

Inco

me

and

Exp

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Fina

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Price: $1,975,000

Down Payment: 29% $575,000

Number of Units: 8

Price/Unit: $246,875

Building Sq. Ft.* 5,568

Price/Sq. Foot: $355

Scheduled CAP: 5.00%

Scheduled GRM: 12.57

Annualized Operating Data Scheduled Market

Scheduled Gross Income: $157,120 $195,000

Less Vacancy Rate: 3.0% $4,714 3.0% $5,850

Gross Operating Income: $152,406 $189,150

Less Expenses: 34.1% $53,630 27.5% $53,630

Net Operating Income: $98,776 $135,520

Less Loan Payments: $81,665 $81,665

Pre-Tax Cash Flow: $17,111 $53,855

Cash on Cash Return 2.98% 9.37%

Proposed Financing

First Loan: $1,400,000

Interest Rate 4.15%

Amortization 30

Monthly Payment: $6,805

DCR 1.21



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Inte

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Confidentiality and disclaimer

The information contained in the offering is confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in part upon information supplied and in part upon information obtained by Compass Commercial Brokerage from sources it deems reasonably reliable. No warranty or representation, expressed or implied, is made by the owner, Compass Commercial Brokerage, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

The Offering Memorandum was prepared by Compass Commercial Brokerage. It contains select information pertaining to the subject property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the subject property will be made available to qualified prospective purchasers.

In the Offering certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

The Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Compass Commercial Brokerage or the owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the subject property described herein.

The owner and Compass Commercial Brokerage expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice. The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a written agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations there under have been satisfied or waived and then only to the extent expressly provided for therein. Compass Commercial Brokerage is not authorized to make any representations or agreements on behalf of the owner.

Documents

For Sale - $1,975,000 · 2019. 4. 16. · Park Place Apartments 1473 E. 33rd Street 94602. 1743 E 33rd St is a prime 8 unit building in the up and coming Highland Park District of