925-931 Chestnut Street Alameda, CA 94501

Two Victorian-style apartment buildings are available individually or as a portfolio, situated on adjacent parcels in Alameda's Bronze Coast neighborhood. The properties offer an opportunity for value-add investors. Each property contains five units. 925 Chestnut Street includes three 1-bedroom/1-bathroom units, one 1-bedroom/2-bathroom unit, and one 2-bedroom/1-bathroom owner's unit, which will be delivered vacant. 931 Chestnut Street features two studio apartments, two 1-bedroom/1-bathroom units, and one 2-bedroom/1-bathroom unit. The owner's 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 vacant units. Additional income potential exists through garage and tandem parking, and implementation of shared laundry for units currently without in-unit washer/dryers. Extensive renovations across some units at 925 & 931 Chestnut include full interior upgrades, new LVP flooring, interior paint, 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. The total property size is 7715 square feet.