2615 Marina Blvd San Leandro, CA 94577
- Apartment buildings
- 23,442 SF
- 0.99 lot acres
Current Use by Public Records
- Newport Apartments / Apartment Building
- Strong LLC / Grocery Store
- Glass Company / Distribution Service
- Glover LLC / Non-Profit Organization
- Semira / Home Goods Store
Property Details for 2615 Marina Blvd
- Year built
- 1964
- Construction
- WOOD
- Lot size
- 0.99 lot acres
- Property size
- 23,442 SF
- Property type
- Apartment buildings
- APN
- 79A-565-27
- APU
- 79A56527
Description
This exceptional two-story apartment building in San Leandro, California, presents a compelling investment opportunity. The property, located at 2615 Marina Blvd, boasts 28 units – 18 one-bedroom/one-bathroom and 10 desirable two-bedroom/two-bathroom units – totaling 23,442 net rentable square feet on a 0.99-acre lot (APN: 79A-565-27). Built in 1964, the building features 35 surface parking spaces, a community laundry room, and spacious patios and balconies. The property benefits from a 13.40 kWh, 42-panel solar photovoltaic system, significantly reducing common area electrical costs. A Ratio Utility Billing System (RUBS) program, implemented in 2022, further enhances operational efficiency for select residents. The asking price is $8,250,000, representing a price per square foot of $465.84, a price per unit of $294,642.86, a current cap rate of 5.12%, and a pro-forma cap rate of 6.09%. The current NOI is $422,106, with a pro-forma NOI of $502,382. The property is offered with an assumable 3.71% fixed-rate loan extending through 2030. Its prime location, just one block from the San Leandro Marina and near Interstate 880, offers easy access to major employment centers and amenities such as the Monarch Bay Golf Club, Tony Lema Golf Course, Marina Park, Kaiser Hospital, and the Marina Square Center. This presents a strong value proposition for investors seeking a well-located multifamily asset with potential for future value appreciation through upgrades and repositioning. The fee-simple ownership provides complete control and flexibility for the new owner.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- San Leandro
- County
- Alameda
- State
- California
- Longitude
- -122.187
- Latitude
- 37.7027
- CBSA code
- 41860
- CBSA name
- SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA
