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931 Chestnut St 5 Unit Apartment Building $1,000,000 ($200,000/Unit) 6.70% Cap Rate Alameda, CA 94501
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
OFFERED INDIVIDUALLY OR AS PART OF A TWO-PROPERTY PORTFOLIO. COMPANION PROPERTY LOCATED AT 925 CHESTNUT STREET, ALAMEDA.
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.
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 | $1,000,000 | Property Subtype | Apartment |
| Price Per Unit | $200,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.70% | Lot Size | 0.09 AC |
| Gross Rent Multiplier | 8.67 | Building Size | 3,491 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1911 |
| Price | $1,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| Gross Rent Multiplier | 8.67 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 3,491 SF |
| No. Stories | 2 |
| Year Built | 1911 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 430 - 500 |
| 1+1 | 2 | - | 430 - 1,087 |
| 2+1 | 1 | - | 1,044 |
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Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 071-0269-003-00 | Improvements Assessment | $40,209 |
| Land Assessment | $50,261 | Total Assessment | $90,470 |
Property Taxes
Parcel Number
071-0269-003-00
Land Assessment
$50,261
Improvements Assessment
$40,209
Total Assessment
$90,470
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931 Chestnut St
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