2368 HIGH STREET OAKLAND, CA 94601

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Lester McCoy
6 years ago
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Price: $799,000 2368 HIGH STREET OAKLAND, CA

1 Price: $799, HIGH STREET OAKLAND, CA Nolan Jones Broker Real Estate Services BRE# Rodger Allen Associate Real Estate Services BRE#

2 confidentiality & disclaimer The information contained in this marketing brochure ( Materials ) is proprietary and confidential. It is intended to be reviewed only by the person or entity receiving it from The Prescott Company ( Agent ). The Materials are intended to be used for the sole purpose of preliminary evaluation of the subject property ( Property ) for potential purchase. The Materials have been prepared to provide unverified summary financial, physical, and market information to prospective buyers to enable them to establish a preliminary level of interest in potential purchase of the Property. The Materials are not to be considered fact. The information contained in the Materials is not a substitute for thorough investigation of the financial, physical, and market conditions relating to the Property. The information contained in the Materials has been obtained by Agent from sources believed to be reliable, however, no representation or warranty is made regarding the accuracy or completeness of the Materials. Agent makes no representation or warranty regarding the Property, including but not limited to income, expenses, or financial performance (past, present, or future); size, square footage, condition, or quality of the land and improvements; presence or absence of contaminating substances (PCB s, asbestos, mold, etc.); Compliance with laws and regulations (local, state, and federal); or, financial condition or business prospects of any tenant (tenant s intentions regarding continued occupancy, payment of rent, etc). Any prospective buyer must independently investigate and verify all of the information set forth in the Materials. Any prospective buyer is solely responsible for any and all costs and expenses incurred in reviewing the Materials and/ or investigating and evaluating the Property. By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set forth herein. All Property showings are by appointment only and must be coordinated through the Agent.

3 table of contents property overview 4 property summary 4 property highlights 4 property narrative 5 property photos 6 location overview 7 regional and local map 7 local context 8 parcel map 9 operating summary 10 financial overview 10 rent roll 11 pricing 12

property overview property summary APN 032-2045-003-05 Property Type Mixed-Use Year Built 1940 Units 4 (3 Commercial, 1 Residential) Stories 2.

4 property overview property summary APN Property Type Mixed-Use Year Built 1940 Units 4 (3 Commercial, 1 Residential) Stories 2.00 Gross Living Area ± 3,642 SF Parcel Size ± 3,547 SF utilities Gas Electric Water Garbage Tenant Tenant Tenant Tenant Parking Off-Street Parking Occupancy Rate 100% property highlights (3) COMM UNITS/ (1) 3BR/1BA UNIT UNITS SEPARATELY METERED FOR WATER AND PG&E NEW ROOF NEW DOUBLE PANE WINDOWS EASY ACCESS TO I-580 AND I-880 QUICKLY DEVELOPING NEIGHBORHOOD 1.2 MILES TO FRUITVALE STATION 1.8 MILES TO MILLS COLLEGE 3.9 MILES TO LAKE MERRITT 7 MILES TO BAY BRIDGE TOLL PLAZA

5 property overview property narrative 2368 High Street is an excellent opportunity to acquire a commercial income asset in a neighborhood that is quickly becoming in high demand. Construction was completed on this two-story building in Located in the Jefferson Neighborhood, the property is comprised of three ground floor commercial units and (1) threebedroom, one bathroom unit on the second story. Each unit is separately metered for water and PG&E. The property has experienced recent upgrades including new double pane windows and a new roof. Tenants appreciate off street parking as well as a quickly improving neighborhood. Tenants enjoy a one-block walk to Brooklyn Park and Courtland Creek Park. There is approximately 58% rental upside High Street is an outstanding chance to purchase an income property with significant upside. Low vacancy rates, record rents and a nationally leading real estate market are making Oakland one of the most exciting places to purchase property in the country.

6 property overview exterior photos

7 location overview regional and local maps PROPERTY PROPERTY

8 location overview local context map PROPERTY

9 location overview parcel map PROPERTY

10 operating summary financial overview LOCATION ANNUALIZED OPERATING DATA 2368 High Street Oakland, CA CURRENT PRO FORMA INCOME CURRENT PRO FORMA Price $799,000 $799,000 Gross Potential Rent $66,000 $104,400 Down Payment 30% $239,700 $239,700 Other Income $0 $0 Number of Units 4 4 Gross Potential Income $66,000 $104,400 Price/Unit $199,750 $199,750 Less: Vacancy/Deductions (GPR) 3.00% $1,980 $3,132 Rentable Square Feet 3,642 3,642 Effective Gross Income $64,020 $101,268 Price/SF $ $ Less: Expenses $20,206 $20,206 Cap Rate - Current 5.48% 10.15% Net Operating Income $43,814 $81,062 GRM - Current Debt Service $37,062 $37,062 Year Built Net Cash Flow After Debt Service 2.82% $6,752 $44,000 Lot Size 3,547 3,547 Principal Reduction $7,886 $7,886 Total Return 6.11% $14,639 $51,887 FINANCING* EXPENSES Real Estate Taxes % $10,793 $10,793 FIRST TRUST DEED Special Assessments $1,245 $1,245 Loan Amount $559,300 PG&E $0 $0 Interest Rate 5.25% Garbage $0 $0 Amortization (years) 30 Water $0 $0 Repairs/Maintenance $750/unit) $3,000 $3,000 Insurance $2,000 $2,000 Reserves/Replacements $500/unit) $2,000 $2,000 Oakland Business Tax (% of EGI) 1.40% $896 $1,418 Oakland Rent Board Fee ($68 per unit) $272 $272 Total Expenses $20,206 $20,728 SCHEDULED INCOME Expenses / Unit $5,052 $5,182 NO. *Loan information is time sensitive and subject to change. Please contact a Prescott Company representative for up-to-date information. UNIT TYPE AVG. SF CURRENT RENTS RENT PER SF MONTHLY INCOME PF RENTS PF MONTHLY INCOME 1 3x1 911 $1, $1.76 $1,600 $3, $3,000 3 Comm. 911 $1, $1.43 $3,900 $1, $5,700 Totals 3,642 $5,500 $8,700 Expenses / SF $5.55 $5.69 Expenses % of EGI 31.56% 20.47% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of this information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

11 operating summary rent roll UNIT NO. NO. BR NO. Bath NOTES UNIT SF CURRENT RENT RENT PER SF PF RENT PF RENT PER SF $1, $1.76 $3, $3.29 Y 2 Barber Shop 911 $ $0.99 $1, $2.09 Y 3 The People's Store 911 $1, $1.21 $1, $2.09 Y 4 Restaurant (Build Out in Process) 911 $1, $2.09 $1, $2.09 Y OCC. TOTAL VACANT TOTAL OCCUPIED TOTAL 0 $0 0 3, 642 $5, , 642 $5, 500 $8, This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of this information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

12 operating summary pricing LIST PRICE Price $799, 000 Down Payment 30% $239,700 First Trust Deed/Mortgage $559,300 Interest Rate/Amortization 5.25% Net Operating Income $43, 814 CASH FLOW ANALYSIS Debt Service $37,062 Debt Coverage Ratio 1.18 Net Cash Flow After Debt Service $6,752 Cash on Cash Return % 2.82% Principal Reduction $7,886 Total Return $14, 639 Total Return % 6. 11% VALUE INDICATORS CAP Rate 5. 48% GRM Price / Unit $199,750 Price / SF $ This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of this information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

and by providing clients with overall excellent service and flawless execution.

meet or exceed our client s needs and to continue to conduct repeat business for years to come.

13 We strive to build high quality relationships, generated through honest communication, tireless work ethic, and by providing clients with overall excellent service and flawless execution. The priority of The Prescott Company is to achieve the absolute best price and terms for our client s real estate, meet or exceed our client s needs and to continue to conduct repeat business for years to come. We believe that the core of our company stems largely from the culture that we have created through the values that we practice. Integrity Humility Accessibility Dynamic Tireless Work Ethic Enjoyable Work Environment Relationship Driven And Not Commission Driven

5231 MARTIN LUTHER KING JR. WAY OAKLAND, CA 94609

5231 MARTIN LUTHER KING JR. WAY OAKLAND, CA 94609 Price: $1,195,000 www.5231mlkjrway.com Nolan Jones Broker Real Estate Services 510.398.1622 nolan@theprescottcompany.com BRE#01509417 www.theprescottcompany.com