Ashland Village Apartments 1496 167th Ave 20 Unit Apartment Building $6,360,000 ($318,000/Unit) 4.34% Cap Rate Ashland, CA 94578

The Ashland Village Apartments is a twenty (20) apartment complex located at 1450-1496 167th Avenue in the Ashland area of San Leandro, California. The unit mix is 20-one bedroom/one bath units. The structures were originally built in 1947 by the patriarch of the family. The 20 residences are situated on five separate lots with each parcel considered a four-plex. The total lot area of the complex offering is 1.55 acres. The property is situated in an opportunity zone, and a qualified census tract.
The apartments are one bedroom/one bath with attached, enclosed garages. Each apartment has two exterior entrances. The residences have porches off the front and rear entryway. Recently, ownership has installed washer and dryer appliances upon turnover. All dwellings possess individual hot water heaters and separate meters for gas, electricity, and water utilities. Garbage is the only utility paid by landlord.
Here is a summary of recent property improvements made by ownership.
*New windows were installed in all the units in approximately 2019.
*New roofs and new gutters were installed on all buildings in 2023.
*All driveways were sealed in 2018.
*Reconstruction of front and back porches on all units was conducted in 2023.
*Exteriors of all buildings were primed and then painted in 2023.
*New garage doors were installed in all units in 2023.
*19 of the 20 of the floor furnaces have been replaced with gas wall units. (All except 1486.)
*Approximately 15 units have had bathrooms and kitchens remolded within last 10 years.
*Electrical upgrades have been done on many of the units on an as needed basis (installation of breaker subpanels and wiring as needed).
*Security and safety solar lighting was installed throughout the complex in 2023.
1450-1496 167th Avenue in San Leandro, California, is in unincorporated Alameda County more commonly known as the Ashland district. This community is located between the city of San Leandro and Hayward and bounded by Hesperian Blvd to the West, I-580 to the East, 150th Ave to the North and Hampton Rd to the South, where it meets the Cherryland District. The freeway entrance is a quarter mile away connecting the East-West corridor I-580 to the North-South corridor I-880. AC transit routes on E. 14th Street can connect residents to the Bayfair BART and Downtown Hayward BART stations.
The five separate parcels allow an investor to maximize leverage. The 1.55-acre site grants further residential development. All expenses are controllable due to the fact tenants pay for gas, electricity, and water expenses. Unincorporated Alameda County does not legislate rental increases and property in only subject to state of California limits. This is the first time Ashland Village Apartments have been on the market and have remained under family ownership since 1947.