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19-Unit Value-Add Multifamily in San Leandro 951-955 Karol Way 23 Unit Apartment Building $5,695,000 ($247,609/Unit) 6% Cap Rate San Leandro, CA 94577
Investment Highlights
- 19-unit multifamily property on a 37,200 SF lot with 30+ on-site parking spaces
- Extensive capital improvements, including a new TPO roof, copper plumbing, updated electrical, seismic upgrades, and vinyl dual-pane windows
- Walking distance to Downtown San Leandro and the San Leandro BART Station with convenient access to I-580 and I-880
- Attractive unit mix of sixteen (16) 2BD/1BA units and three (3) 2BD/1.5BA townhome units
- 16 of 19 units renovated, minimizing near-term capital expenditures
- Additional income from on-site laundry with long-term upside through continued market rent growth
Executive Summary
The Mitchell Warren Team is pleased to present 955 Karol Way, a well-maintained 19-unit multifamily property situated on a large 37,200 square foot lot in San Leandro. The property features an attractive unit mix of sixteen (16) 2-bedroom/1-bathroom units and three (3) 2-bedroom/1.5-bathroom townhome units, 16 of which have been renovated. A true turnkey asset, the property has benefited from extensive capital improvements, including a new TPO roof, copper plumbing, updated electrical, seismic upgrades, and vinyl dual-pane windows. The oversized lot provides 30+ on-site parking spaces, including three garages, and additional income is generated through on-site laundry. The property represents an exceptional investment opportunity in one of the East Bay's most established rental markets.
955 Karol Way is ideally located less than one mile from Downtown San Leandro and the San Leandro BART Station, providing residents with convenient access to Downtown Oakland, San Francisco, and Silicon Valley. The property also offers immediate access to Interstate 580, Interstate 880, and State Route 185, making commuting throughout the Bay Area seamless. Residents enjoy proximity to a growing collection of restaurants and retail, including Fieldwork Brewing Company, Paradiso Restaurant, Zocalo Coffeehouse, and the Safeway Shopping Center, along with neighborhood parks, schools, and everyday conveniences. Combining excellent transportation access with a vibrant downtown and strong rental demand, the property is well positioned in one of the East Bay's most established multifamily markets.
955 Karol Way is ideally located less than one mile from Downtown San Leandro and the San Leandro BART Station, providing residents with convenient access to Downtown Oakland, San Francisco, and Silicon Valley. The property also offers immediate access to Interstate 580, Interstate 880, and State Route 185, making commuting throughout the Bay Area seamless. Residents enjoy proximity to a growing collection of restaurants and retail, including Fieldwork Brewing Company, Paradiso Restaurant, Zocalo Coffeehouse, and the Safeway Shopping Center, along with neighborhood parks, schools, and everyday conveniences. Combining excellent transportation access with a vibrant downtown and strong rental demand, the property is well positioned in one of the East Bay's most established multifamily markets.
Property Facts
| Price | $5,695,000 | Apartment Style | Low-Rise |
| Price Per Unit | $247,609 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.85 AC |
| Cap Rate | 6% | Building Size | 18,600 SF |
| Gross Rent Multiplier | 10.94 | No. Stories | 2 |
| No. Units | 23 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment |
| Price | $5,695,000 |
| Price Per Unit | $247,609 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 10.94 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 18,600 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1/1,000 SF |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Microwave
- Heating
- High Speed Internet Access
- Refrigerator
- Range
- Smoke Free
Site Amenities
- Laundry Facilities
- Playground
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | $1,200 | 755 |
| 2+1.5 | 3 | $2,025 | 940 |
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Moderately walkable
60/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 076-0434-025-01 | Improvements Assessment | $3,471,405 |
| Land Assessment | $1,489,182 | Total Assessment | $4,960,587 |
Property Taxes
Parcel Number
076-0434-025-01
Land Assessment
$1,489,182
Improvements Assessment
$3,471,405
Total Assessment
$4,960,587
Contacts
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Timothy Warren -
Randell Silva -
Kent Mitchell -
Adam Beeri -
NAI Northern California
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