1715 Central AveAlameda, CA 94501

Property Details for 1715 Central Ave

Year built

1959

Construction

WOOD

Lot size

0.44 AC

Property size (Sq ft)

22,300 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

72-302-10

APU

7230210

Description

This exceptional 34-unit apartment building, located at 1715 Central Ave in Alameda, California, presents a compelling value-add opportunity. Boasting 22,300 square feet, this three-story, 1959-built property sits on a R5 zoned lot (APN 72-302-10) and offers a desirable mix of one- and two-bedroom units. The building features on-site laundry facilities, surface and street parking, and select units include private patios. Its strong cash flow is further enhanced by its excellent location. Situated in a walkable residential neighborhood with a Walk Score of 84 and Bike Score of 86, it's just nine minutes from the Lake Merritt BART station and within walking distance of Alameda Beach. The property benefits from being in a top-rated school district (Alameda High, rated 9/10 by GreatSchools) and is less than three miles from the San Francisco Ferry Terminal. The building is well-maintained and professionally managed, making it an attractive investment for discerning buyers. This is a rare opportunity, as comparable properties in this market rarely become available. The asking price is $8,300,000, representing a 5.76% cap rate. This property offers significant potential for future appreciation and strong rental income.

• CAP approach

  CAP return

  Valuation

  6%

  $12,771,408

  6.5%

  $11,788,992

  7%

  $10,946,921

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,416,592

  Geo Method

  $9,640,524

• Alternative Use

  Use

  Valuation

  Residential

  $11,788,992

  Hospitality

  $10,798,653

  Educational

  $8,984,353

  Medical

  $9,293,338

  Retail

  $13,975,660

Location Insight

City

Alameda

County

Alameda

State

California

Latitude

37.7704

Longitude

-122.256

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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