1946 Foothill BlvdOakland, CA 94606

Property Details for 1946 Foothill Blvd

Year built

1957

Construction

WOOD

Lot size

0.24 AC

Property size (Sq ft)

11,316 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

20-198-13-1

APU

20198131

Description

This exceptional 18-unit apartment building, located at 1946 Foothill Blvd in Oakland, CA's San Antonio submarket, presents a compelling value-add investment opportunity. The three-story building, constructed in 1957 and boasting 11,316 square feet on a 10,496 square foot lot, features a mix of fourteen one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. Currently generating a NOI of $187,104 and a 6.24% cap rate, the property offers significant upside potential. A pro-forma NOI of $300,431 and a pro-forma cap rate of 10.01% highlight the potential for increased profitability through strategic improvements. These improvements could include leasing additional storage units and parking spaces, capitalizing on high demand. The asking price is $3,000,000, translating to an attractive price per unit of $166,667 and a price per square foot of $265.11. Further enhancing its appeal, the property has undergone a completed seismic retrofit, ensuring structural integrity and peace of mind. Its prime location, conveniently situated between Lake Merritt and Fruitvale BART stations, provides residents with easy access to public transportation and nearby cultural attractions. Onsite parking is available, adding to the property's desirability. This combination of strong fundamentals, significant upside potential, and a desirable location makes this a truly exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $6,480,774

  6.5%

  $5,982,252

  7%

  $5,554,949

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,793,280

  Geo Method

  $4,892,026

• Alternative Use

  Use

  Valuation

  Residential

  $5,982,252

  Hospitality

  $5,479,711

  Educational

  $4,559,056

  Medical

  $4,715,848

  Retail

  $7,091,864

Location Insight

City

Oakland

County

Alameda

State

California

Latitude

37.7879

Longitude

-122.238

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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