191 98th Avenue, Oakland, CA 94603; Neighborhood Center For Sale; D-3 in Alameda County
191 98th Avenue, Oakland, CA 94603; Neighborhood Center For Sale; D-3 in Alameda County
191 98th Avenue, Oakland, CA 94603
Airport Plaza
Retail Property For Sale
- Price:
- $4,700,000
- Gross Leasable Area:
- 10,287 SF
- Price/SF:
- $456.89
- Property Type:
- Retail
- Property Sub-type:
- Strip Center
- Property Use Type:
- Investment
- Commission Split:
- 1.5%
- Cap Rate:
- 10%
- Occupancy:
- 100%
- No. Stories:
- 1
- Tenancy:
- Multiple
- Property on Ground Lease?:
- Yes
- Year Built:
- 2008
- Listing ID
- 18109935
-
Highlights
- 100% leased strip center with 6 nationally recognized tenants
- Annual rent increases in many leases
- 10% cap rate, projected 16.5% cash on cash year 1 with proposed debt or all cash
- Value add component with permitted car wash and potential billboard
- Located on heavily traveled thoroughfare between I-880 and Oakland Int’l Airport
- 34.5 year leasehold interest – 100% Depreciable property -1031 eligible
Description
Airport Plaza presents the rare opportunity to purchase a 5+ year old value add retail center with national tenants at a signalized intersection on the the main artery into Oakland International Airport. The offering has the the following nationally recognized tenants: Chevron, Starbucks, Wendy’s, Subway, and Clear Channel.
Located along 98th Avenue in Oakland, Airport Plaza is ideally situated between I-880 and the Oakland International Airport enjoying a constant stream of traffic.
Financial Summary
Major Tenant Information
Debt & Equity Information
-
Proforma
-
2013
-
$808,722
-
$808,722
-
$339,067
-
$469,655
-
$233,072