Two Adjacent Victorian Apartment
925 & 931 Chestnut Street Alameda, CA 94501
For Sale
$2,350,000
Two adjacent Victorian-style apartment buildings each offer five units, with renovations and updated electrical across portions of the properties.
Property Size7,715 SF
Price / SF$304.60
Days on Market64
Property Features for 925 & 931 Chestnut Street
General Information
- Standard status
- Active
- Size
- 7,715 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1898
Listing Agency:
Compass
(650) 576-8294
Listed By:
Rachel Ivers · License #02106194
(650) 576-8294
Source:
Exitrealty
Added: May 21
Changed: Jul 23
Last Checked: Jul 23 at 3:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
This offering includes two adjacent Victorian-style apartment buildings located on separate, adjacent parcels. Each property contains five units, for a total of 10 residential units. At 925 Chestnut, the unit mix includes three 1BR/1BA apartments, one 1BR/2BA unit, and one 2BR/1BA owners unit that is delivered vacant. At 931 Chestnut, the mix includes two studios, two 1BR/1BA units, and one 2x1 unit.
Extensive renovations have been completed across some units at both 925 and 931 Chestnut, including full interior upgrades and new finishes. Improvements noted include new LVP flooring, interior painting, kitchen countertop and cabinetry updates. Major electrical work includes brand new main panels and subpanels, along with replacement of existing knob-and-tube wiring. A sewer lateral inspection has also been completed.
The 925 Chestnut vacant owners unit provides immediate lease-up opportunity, and the current updates across portions of the buildings support value-focused rent-ready execution for the next occupancy cycle.
Extensive renovations have been completed across some units at both 925 and 931 Chestnut, including full interior upgrades and new finishes. Improvements noted include new LVP flooring, interior painting, kitchen countertop and cabinetry updates. Major electrical work includes brand new main panels and subpanels, along with replacement of existing knob-and-tube wiring. A sewer lateral inspection has also been completed.
The 925 Chestnut vacant owners unit provides immediate lease-up opportunity, and the current updates across portions of the buildings support value-focused rent-ready execution for the next occupancy cycle.
Key Highlights
- Two adjacent Victorian‑style apartment buildings on adjacent parcels, built in 1898, each with 5 units (10 total).
- 925 Chestnut St: 3x 1BR/1BA, 1x 1BR/2BA, and 1x 2BR/1BA owners unit delivered vacant for immediate lease‑up.
- 931 Chestnut St: 2x studio, 2x 1BR/1BA, and 1x 2x1 unit.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $215.7k | $27.96 |
| − Vacancy | −$12.5k | −$1.62 |
| EGI | $203.2k | $26.34 |
| − OpEx | −$91.4k | −$11.85 |
| NOI | $111.8k | $14.49 |
7,715 SF · lease $27.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.86M
NOI $111,760 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$35.17M
$30.78M – $41.03M
NOI $2,462,061 @ 7.0% cap · market cap 104.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two adjacent Victorian-style apartment buildings each offer five units, with renovations and updated electrical across portions of the properties.
Where is this apartment building located?
The property is located at 925 & 931 Chestnut Street Alameda, CA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Two adjacent Victorian‑style apartment buildings on adjacent parcels, built in 1898, each with 5 units (10 total).; 925 Chestnut St: 3x 1BR/1BA, 1x 1BR/2BA, and 1x 2BR/1BA owners unit delivered vacant for immediate lease‑up.; 931 Chestnut St: 2x studio, 2x 1BR/1BA, and 1x 2x1 unit.
