808 61ST STREET OAKLAND, CA 94608 OFFERING MEMORANDUM KW Commercial - Oakland Phone: 415-246-4081 Email: matt.reagan@kw.com DRE# 01938745 MATT REAGAN Agent
DRE# 01938745
Email: matt.reagan@kw.com
Phone: 415-246-4081
CONFIDENTIALITY AGREEMENT
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, verac-ity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be veriffed by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable go ernmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws.
808 61ST STREET, OAKLAND, CA 94608 2
MATT REAGAN Agent
KW Commercial - Oakland
808 61ST STREET, OAKLAND, CA 94608 3 TABLE OF CONTENTS 808 61ST STREET, OAKLAND, CA 94608 Executive Summary 4 Property Description Property Summary Property Photos 7 Property Photo Financial Overview 14 Rent Roll Operating Summary Site Attractions 17 Site Attractions
808 61st Street, Oakland, CA 94608 | Offering Memorandum
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
• KW Commercial is pleased to present 808 61st Street, a 5-unit 1920’s charmer on the Oakland / Berkeley border.
• The property is well maintained and stabilized, with additional income from garages and laundry.
• Period charm is found throughout the property, with original fireplace details, wall treatments, picture rails, and window casings. Additional amenities include a laundry facility, shared private patio, and several units have private balconies.
• Each unit is individually metered for gas and electricity, and each has a water heater.
• The property has one section 8 tenant and two tenants subsidized through Abode Services.
808 61ST STREET, OAKLAND, CA 94608 5
PROPERTY SUMMARY
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Price Analysis Sales Price $1,575,000 Value Indicators Current Market Cap Rate 5.67% 6.60% GRM 12.76 11.36 Price Per Unit $315,000 Pice Per Sq. Ft. $482.83 Property Overview APN 16-1434-4-2 Total Units 5 Year Built 1959 Building Area ±3,262 Sq Ft Land Area ±0.1 Acres ±4,500 Sq Ft Stories 2 Parking 5 off street, 2 garages Zoning RM2 Neighborhood Bushrod Exterior Stucco Foundation Perimeter Concrete Roof Flat Exterior Stucco Foundation Perimeter Concrete Utilities Provider Paid By Sewer, Water EBMUD Land Lord Gas & Electric PG&E Tenant Garbage Waste Management Land Lord
PROPERTY PHOTOS 808 61st Street, Oakland, CA 94608 | Offering Memorandum
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
PROPERTY PHOTO
808 61ST STREET, OAKLAND, CA 94608
OVERVIEW 808 61st Street, Oakland, CA 94608 | Offering Memorandum
FINANCIAL
RENT ROLL
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UNIT UNIT TYPE NOTES APPROX UNIT SF MOVE-IN DATE RENT ANNUAL INCOME RENT / SQ FT RENT ANNUAL INCOME RENT / SQ FT 808 2 br / 1 ba Fireplace 650 2/1/2010 $1,653 $19,836 $2.54 $2,600 $31,200 $4.00 810A 3 br / 1 ba Section 8 850 6/1/2022 $3,150 $37,800 $3.71 $3,150 $37,800 $3.71 810B Studio Abode 550 9/1/2021 $1,600 $19,200 $2.91 $1,800 $21,600 $3.27 6101 1 br / 1 ba 650 7/1/2018 $2,072 $24,864 $3.19 $2,200 $26,400 $3.38 6103 Studio Abode 550 4/1/2017 $1,808 $21,696 $3.29 $1,800 $21,600 $3.27 TOTALS 5 3,250 $10,283 $123,396 $3.16 $11,550 $138,600 $3.55
808 61ST STREET, OAKLAND, CA 94608
OPERATING SUMMARY
808 61ST STREET, OAKLAND, CA 94608
ANNUALIZED OPERATING SUMMARY
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Current Current Current Pro-Forma Pro-Forma Pro-Forma INCOME Annual Per Month Per Unit Annual Per Month Per Unit Gross Rent Income $123,396 $10,283 $24,679 $138,600 $11,550 $27,720 Garage Income $5,400 $450 $1,080 $6,000 $500 $1,200 Laundry Income (owned) $2,520 $210 $504 $2,520 $210 $504 Vacancy (5%) -$6,566 -$514 -$1,313 -$7,356 -$578 -$1,471 EFFECTIVE GROSS INCOME $124,750 $10,429 $24,950 $139,764 $11,683 $27,953 EXPENSES Property Taxes @ 1.3737% $21,642 $1,804 $4,328 $21,642 $1,804 $4,328 Special Assessments $3,116 $260 $623 $3,116 $260 $623 Insurance (est) $1,800 $150 $360 $1,800 $150 $360 Trash (est) $2,160 $180 $432 $2,160 $180 $432 Water (est) $2,400 $200 $480 $2,400 $200 $480 Oakland Rent Board $101 $8 $20 $253 $21 $51 Business License @ 1.395% $1,740 $145 $348 $1,950 $162 $390 Maintenance $1,500 $125 $300 $1,500 $125 $300 Reserves $1,000 $83 $200 $1,000 $83 $200 TOTAL EXPENSES $35,460 $2,955 $7,092 $35,821 $2,985 $7,164 Expense Ratio (%EGI) 28.4% 25.6% Expenses Per Square Foot $10.87 $10.98 NET OPERATING INCOME $89,291 $7,474 $103,943 $8,697 VALUE INDICATORS 5.67% Pro-Forma CAP Rate 12.76 6.60% GRM $315,000 11.36 Price Per Unit $482.83 $315,000 Price Per Sq Ft $505.82 $482.83
AREA HIGHLIGHTS 808 61st Street, Oakland, CA 94608 | Offering Memorandum
OAKLAND, CA
Oakland is a city in California with a population of 422,575. Oakland is in Alameda County. Living in Oakland offers residents an urban suburban mix feel and most residents rent their homes. In Oakland there are a lot of bars, restaurants, coffee shops, and parks. Many families and young professionals live in Oakland and residents tend to be liberal.
#2 of 228 MOST DIVERSE CITIES IN AMERICA
#6 of 18,522 MOST DIVERSE PLACES TO LIVE IN AMERICA
422,575 POPULATION $730,000 MEDIAN HOME VALUE
$1,539 MEDIAN RENT $80,143 MEDIAN HOUSEHOLD INCOME
SITE ATTRACTIONS
Chabot Space and Science Center
Fox Theater
Lake Merritt
Oakland Zoo
Children’s Fairyland
808 61ST STREET OAKLAND, CA 94608 OFFERING MEMORANDUM KW Commercial - Oakland Phone: 415-246-4081 Email: matt.reagan@kw.com DRE# 01938745 MATT REAGAN Agent