PENDING as of 3/1/18
The subject property at 2412/2414 Eagle Avenue is for sale on behalf of a long-term family partnership that has owned the property for over 25 years. The offering consists of two separate two-story buildings on a large parcel located on a commercial and residential street anchored by Alameda’s newest gem, Eagle Family Housing Development, which is currently under construction. Eagle Avenue’s residents benefit from the property’s convenient east Park Street location with easy access to Park Street Bridge, Interstate 880 and a short walk to the heart of downtown Alameda and Park Street commerce. In addition, the property is within one-quarter mile of AC Transit bus stops that provide service to regional job centers and is 1.1 miles to the Fruitvale BART Station.
Per property records, the two buildings were constructed in 1895 and 1943 and consist of approximately 7,063 square feet on a large 11,400-square foot parcel. Recently painted wood siding accent the pitched roof buildings that are situated on a flat lot with beautiful new landscaping. The 2412 structure includes two garages and two driveways for tandem parking. The two buildings share open parking for four vehicles while 2414 Eagle Avenue offers covered parking for four vehicles. 2412 Eagle Avenue is a five-unit complex with a beautiful secured lobby entrance. Each unit consists of one bedroom and one bathroom, ranging from approximately 500 to 700 square feet. Unit conditions are said to range from below average condition to good condition. 2414 Eagle Avenue, the duplex building, consists of two units. Unit A features one bedroom and one bathroom (approximately 806 square feet) and has been vacant for several years. The unit is in poor condition but offers todays investor the opportunity to renovate the spacious unit and take it to market or explore conversion options. Unit B is also one bedroom and one bathroom (approximately 599 square feet) and is said to be in good condition. Both units have a private fence divider, creating small rear yards. All units are individually-metered for gas and electricity.
The subject property offers today’s investors the rare opportunity to own 25-year family owned property with 35 percent potential rental upside, which equates to a market cap rate of 7.0 percent and below $200 per square foot in a core East Bay market.
