Complex Description:
The New Ferns Hotel originally known as the Majestic (1905-30) is a small boutique 34 unit residential hotel, including manager’s unit and office. The Property is a four story wood frame building with commercial space on the street level. The hotel has two bathrooms and a single shower on each level and a single coin operated washer and dryer on the second floor. The hotel has new electrical upgrades and updated bathrooms and recent tasteful 9 color interior and exterior paint job. Each room comes with a television, dresser, microwave oven, a small refrigerator, bed, bedding and sink.
The subject is a 7,813 square-foot, single room occupancy residential property with 33 rooms plus one street level commercial unit located at 415-417 15th Street, Oakland, Alameda County, CA. The property is situated on a 2,531 square foot site. The building is wood frame on a concrete foundation construction. The single room occupancy hotel (SRO) is akin to a studio.
The New Ferns Hotel is a (33) unit Residential Hotel & (1) Retail Commercial Building. The commercial space is occupied by Money Mart, the largest check cashing establishment in the world. The New Ferns Hotel is located downtown Oakland. There is lots of foot traffic which is convenient for tenants. The are many close government and commercial offices nearby. This property is well maintained with low expenses and excellent income. There is $84,494 potential annual upside in rents. There are 20 SRO’s that have been substantially rehabilitated to include hardwood floors, a tasteful 4-color paint combination inside,9 colors on the exterior, new finish electrical and plumbing to include sinks and fixtures, heaters, lighting, and cabinets. The building is self sufficient with low maintenance. The Ferns also provides on-site laundry facility, large basement, controlled entry security with 16 camera surveillance system. The sewer lateral has been completed.
