Near Shopping / Retail / Crown Beach 1418 Central Ave

Easy to show common areas and one vacant renovated and representative of all other units. Offered at a 6.06% Current CAP Rate, and 5.75% starting day one cash flow with over 16% of easy rental upside upon turnover. Contact Exclusive Listing Agent, Jon Holmquist, 415-625-2117 for a complete Offering Memorandum or to schedule a tour. This prime offering at 1418 Central Avenue offers a convenient, central location one-block from Encinal Avenue commerce, and eight-blocks south of Webster Street retail, restaurants, shopping and commerce. The property further benefits from it’s central location which is nearly equidistant to Crown Beach, Shoreline. and South Shore Shopping Center. Surrounded primarily by a mix of apartments and single-family-homes on a quiet street, the complex affords tenants the ability to walk to the best offerings of Alameda including South Shore Beach, South Shore Shopping Center, and Park Street. Centrally located in the Bay Area, Alameda South Shore Center is an established open-air shopping center featuring 594,000 square feet of dining, shopping and entertainment destinations. Both residents and visitors alike are drawn not only to the comprehensive variety of national and local restaurants and retailers, but also to the new outdoor family play area, spacious central courtyard and newly renovated building facades. Alameda South Shore Center is the area’s premier family friendly option to shop, dine, play and relax.
The subject property sits on a 0.18-acre parcel, constructed circa 1925 (per property records), featuring wood frame with stucco siding, and a flat roof. The complex features large and charming units with great period detail, and many of the units have been meticulously restored and renovated with high-end woodwork, and one-of-a-kind detail. The in-demand unit mix consists of nine-studios, and nine-one-bedroom/one-bath apartments which have a history of strong occupancy. The current ownership has owned the property for over twenty-eight years and units have had numerous renovations and upgrades upon turnover. Comprehensive upgrades, include such detail as mahogany window sills, and inlaid hardwood floors on turnover which result in a unique offering without parallel in the surrounding market. The property benefits from a bottom floor garage with a boiler providing steam heat throughout the building, 100-gallon water heater replaced in 2020, ample storage, an owner’s workshop, laundry, bike storage, and seven-car parking spaces. Units are separately metered for interior gas and electricity, with owner paying common area gas and electric, water, and garbage.
The amazing craftsmanship, unique period detail, and central location, make this offering a true trophy City of Alameda opportunity. Following over two and a half decades of continuous ownership the current rents that are 16.8% below market allow a new buyer the opportunity for great upside, with minimal downside risk. The property has sewer lateral replacement complete, water heaters strapped, previous underground tank removed, and is priced well below replacement cost at an extremely attractive price per square foot of $312.86 which is less than half the cost of surrounding single family home sales.