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925-931 Chestnut St 2 Multifamily Properties Offered at $2,350,000 in Alameda, CA
Investment Highlights
- OWNER USER OR INVESTMENT FLEXIBILITY: Large owner’s unit at 925 Chestnut allows for owner occupancy or operation as a fully leased investment property
- VALUE-ADD & ANCILLARY INCOME OPPORTUNITY: Four vacant units provide immediate lease up upside with additional potential ancillary income streams.
- NEW CAPITAL IMPROVEMENTS AND INTERIOR UPGRADES: New LVP flooring, fresh paint, new electrical systems and knob-and-tube replacement.
- DIVERSE 10 UNIT MIX ACROSS TWO PROPERTIES: Portfolio includes (10) units across two adjacent properties ranging in Studios, 1-BR, and 2-BR units.
- NEWLY CONVERTED TRUE 1 BEDROOM UNIT AT 931 CHESTNUT: Recently reconfigured studio conversion to true 1-BR/1-BA unit.
- PRIME BRONZE COAST LOCATION: Close to Park Street retail, Alameda Beach, top rated schools, and public transit.
Executive Summary
AVAILABLE INDIVIDUALLY OR AS A PORTFOLIO. Two (2) Charming Victorian-style apartments located on adjacent parcels located in Alamedas highly sought after Bronze Coast neighborhood. Excellent opportunity for value-add investors. Each property boasts five (5) units each: 925 CHESTNUT ST - (3) 1BR/1BA units, (1) 1BR/2BA unit, and (1) 2BR/1BA owners unit delivered vacant & 931 CHESTNUT ST (2) Studio, (2) 1BR/1BA, and (1) 2x1 unit. The owners unit at 925 Chestnut is currently vacant, allowing for immediate lease up at market rents. The portfolio delivers a 6.82% CAP RATE upon immediate lease-up of four (4) vacant units. Additional income potential exists through garage and tandem parking, and implementation of shared laundry for units currently without in-unit washer/dryers, and possible ADU conversion of storage areas. Extensive renovations across some units at 925 & 931 Chestnut include full interior upgrades, new LVP flooring, interior paint, and new kitchen countertops and cabinetry. Major electrical improvements include brand new main panels, subpanels, and replacement of existing knob-and-tube wiring. Sewer lateral inspection has also been completed.
Property Facts
| Price | $2,350,000 | Status | Active |
| Price / SF | $304.60 / SF | Number of Properties | 2 |
| Sale Condition | Bulk/Portfolio Sale | Individually For Sale | 2 |
| Cap Rate | 6.82% | Total Building Size | 7,715 SF |
| Sale Type | Investment | Total Land Area | 0.30 AC |
| Price | $2,350,000 |
| Price / SF | $304.60 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 6.82% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 2 |
| Total Building Size | 7,715 SF |
| Total Land Area | 0.30 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 925 Chestnut St, Alameda, CA 94501 | Multifamily | 4,224 SF | 1905 | $1,350,000 |
| 931 Chestnut St, Alameda, CA 94501 | Multifamily | 3,491 SF | 1911 | $1,000,000 |
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925-931 Chestnut St
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