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Thornton Manor 65 Thornton St 29 Unit Apartment Building $7,500,000 ($258,621/Unit) 5.44% Cap Rate San Leandro, CA 94577
INVESTMENT HIGHLIGHTS
- Legacy Ownership with Multiple Paths to Income Upside
- Charming San Leandro Neighborhood with Regional Connectivity
- ±18% Rent Growth Through 2030 in Supply-Constrained Submarket
EXECUTIVE SUMMARY
Berkadia is pleased to exclusively present the opportunity to acquire Thornton Manor (the “Property”), a 29-unit multifamily
community located within a vibrant and highly walkable San Leandro neighborhood with exceptional regional connectivity via
the San Leandro BART station as well as Interstates 580 and 880. Brought to market for the first time in over three decades,
Thornton Manor offers an anticipated Year 1 cash-on-cash return of ±5.80%, with the opportunity to unlock an additional ±$430
per unit in monthly upside through the completion of interior renovations and the implementation of a utility billback program.
Strategically positioned adjacent to Downtown San Leandro, the Property is insulated from future competition and positioned
to benefit from the ±18% rent growth and ±30% average household income growth forecasted over the next five years – making
Thornton Manor an exceptionally low-risk investment underpinned by strong fundamentals and enduring rental demand.
Co-op fee of 1.25%.
community located within a vibrant and highly walkable San Leandro neighborhood with exceptional regional connectivity via
the San Leandro BART station as well as Interstates 580 and 880. Brought to market for the first time in over three decades,
Thornton Manor offers an anticipated Year 1 cash-on-cash return of ±5.80%, with the opportunity to unlock an additional ±$430
per unit in monthly upside through the completion of interior renovations and the implementation of a utility billback program.
Strategically positioned adjacent to Downtown San Leandro, the Property is insulated from future competition and positioned
to benefit from the ±18% rent growth and ±30% average household income growth forecasted over the next five years – making
Thornton Manor an exceptionally low-risk investment underpinned by strong fundamentals and enduring rental demand.
Co-op fee of 1.25%.
PROPERTY FACTS Under Contract
| Price | $7,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $258,621 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.44% | Building Size | 25,173 SF |
| Gross Rent Multiplier | 10.35 | No. Stories | 4 |
| No. Units | 29 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.15/1,000 SF |
| Property Subtype | Apartment |
| Price | $7,500,000 |
| Price Per Unit | $258,621 |
| Sale Type | Investment |
| Cap Rate | 5.44% |
| Gross Rent Multiplier | 10.35 |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 25,173 SF |
| No. Stories | 4 |
| Year Built | 1965 |
| Parking Ratio | 1.15/1,000 SF |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Gated
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 17 | - | 697 |
| 2+2 | 11 | - | 1,084 |
| 3+3 | 1 | - | 1,400 |
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Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 077-0549-033-01 | Improvements Assessment | $3,373,981 |
| Land Assessment | $1,446,871 | Total Assessment | $4,835,861 |
PROPERTY TAXES
Parcel Number
077-0549-033-01
Land Assessment
$1,446,871
Improvements Assessment
$3,373,981
Total Assessment
$4,835,861
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Thornton Manor | 65 Thornton St
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