Price:

$950,000

Building Size:

4,980 SF

Price/SF:

$190.76

Property Type:

Retail

Property Sub-type:

Retail (Other)

Property Use Type:

Investment

Cap Rate:

5%

Occupancy:

100%

Tenancy:

Multiple

Listing ID

18692072

Highlights

• Mix Use Investment Located Within a Desirable Location
• Lincoln Avenue is a Major Artery in the City of Alameda
• Tenants With Long History at the Property
• Below Market Rents-Potential Upside
• Dense Residential Neighborhood with Retail Component
• Close to Park Street and South Shore Shopping Center

Description

The subject property is located at the signalized corner intersection of Lincoln Avenue and Chestnut Street. Lincoln Avenue is one of three major North to South arteries within the City of Alameda. The property consists of Alameda Grocery located at the corner of the intersection along with one 1BR/1BA and one 2 BR/1BA apartment units located on Chestnut Street. The property has 3 enclosed garages located on Chestnut Street. Prior ownership had leased the garages for additional income,.

Alameda Grocery is a long time tenant at the property and had expressed a desire to continue with its stay at the property. Alameda Grocery pays for all its utilities. The apartment tenants also had been at the property for many years. The apartment tenants pays for its own garbage, gas and electricity. The current ownership had kept the existing rents below market.

The subject property is located within one of the Bay Area’s highly sought after location. Five mile ring has a population of over 430,000 and average household income of over $80,000. The mix use property provides a possible owner/user investment or an investment in a highly liquid Bay Area environment.

PLEASE DO NOT DISTURB TENANTS! ANY/ALL QUESTIONS TO BE DIRECTED TO BROKER.