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Additional details
Listed by Joseph Owens, DRE #01707768 • Marcus & Millichap
$1,950,000
Est. payment /mo
1 Bath
6,072 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,072 sqft
Price per Sqft $321
MLS Listing ID EB41151546
Year Built 1930
Lot Size 5,200 Sqft
Property Sub-Type Five or More Units
Source Bridge MLS
Property Description
5918 Genoa Street offers 22.6% rental upside on a building where the heavy capital work is already done. Ownership has invested $282,822 in unit renovations, soft-story retrofit, sewer lateral, sidewalk, and laundry. Eight of 12 units are renovated, and the property is 100% occupied. In-place rents average $1,428 against a $1,750 market rent. The building's own renovated leases support that market figure, with five units at $1,632-$1,730. Four units below $1,300 account for roughly three-quarters of the loss-to-lease. That gives a buyer a defined, unit-by-unit path to the $153,000 pro forma NOI as those units turn over. The 1930 building totals 6,072 SF on 0.12 acres, with an average unit size of 506 SF and three covered parking spaces. In-place: $109,543 NOI, 5.62% cap rate, 9.48 GRM. Pro forma at market rents: $153,000 NOI, 7.85% cap rate, 7.74 GRM.
Location
State CA
County Alameda
Area Oakland Zip Code 94608
Interior
Heating Gas, Wall Furnace
Cooling None
Flooring Vinyl
Laundry Washer, Community Facility, Dryer
Exterior
Exterior Feature Stucco, Wood Frame
Parking Features Parking Area
Garage Spaces 3.0
Roof Type Rolled Composition
Building
Lot Description Grade - Level
Water Heater - Gas
Others
Tax ID 15-1353-19
Special Listing Condition New, Not Applicable
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