1494 Solano Ave
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1494 Solano Ave
20 Unit Apartment Building $5,795,000 ($289,750/Unit) 5.05% Cap Rate Albany, CA 94706
Investment Highlights
- Full seismic retrofit recently completed
- Free of local rent control ordinances
- Professionally managed by Premium Properties
- Recently renovations include a new roof, windows and facade
- Located near the Albany school district - rated among the top districts in the Bay Area
- Detailed Conceptual Plans Developed for Two ADUs
Executive Summary
The Chappell Team of NAI NorCal is pleased to present 1494 Solano Ave, a turnkey 20-unit property ideally located on one of the East Bay's most popular neighborhood thoroughfares, Solano Avenue. Originally constructed in 1958 and meticulously cared for under current ownership and management, the subject property consists of twenty (20) total units: sixteen (16) 1-bedroom/1-bathroom units and four (4) 2-bedroom/1-bathroom units with ample parking (ground floor and off-street) and coin-op laundry. The property has undergone several capital improvements including a full seismic retrofit, roof restoration, window replacements and a complete facade renovation. Recent unit upgrades include strand bamboo hardwood floors, new bathroom vanities, cabinets and modern appliances. Under current ownership, PG&E is separately metered for the units while garbage, water, and hot water is being paid for by the landlords. The property may qualify for ADU conversion in the parking area. With a 95 Walk Score and close proximity to public transit and local favorites such as Little Star Pizza, Rivoli and Bowl'd Korean Rice Bar, this ideal location appeals to young professionals and families.
Property Facts
| Price | $5,795,000 | Apartment Style | Low Rise |
| Price Per Unit | $289,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.05% | Building Size | 8,921 SF |
| Gross Rent Multiplier | 11.67 | Average Occupancy | 90% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 10/1,000 SF |
| Price | $5,795,000 |
| Price Per Unit | $289,750 |
| Sale Type | Investment |
| Cap Rate | 5.05% |
| Gross Rent Multiplier | 11.67 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,921 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 10/1,000 SF |
Unit Amenities
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 369 |
| 2+1 | 4 | - | 633 |
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Walk Score ®
Walker's Paradise (95)
Bike Score ®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 065-2640-004-01 | Improvements Assessment | $4,102,579 |
| Land Assessment | $1,972,952 | Total Assessment | $6,090,631 |
PROPERTY TAXES
Parcel Number
065-2640-004-01
Land Assessment
$1,972,952
Improvements Assessment
$4,102,579
Total Assessment
$6,090,631
zoning
| Zoning Code | C-1, Albany |
| C-1, Albany |
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Grant Chappell -
Jonathan Burmenko -
Robert Chappell -
Sam Hayes -
NAI Northern California
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1494 Solano Ave
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