1321 Park Street

Alameda, CA 94501

Austin Longwell of West Shores Realty and Chris Scholfield of Lee & Associates are pleased to present this unique commercial property in the center of Downtown Alameda. The property consists of 3 strong performing retail stores with prime Park street frontage and 10 dormitory style SRO units above. The residential units share a coin operated laundry site, kitchenette space, and 4 bathrooms. The shared lounge area could be updated or converted into an office rental, bathroom, extra unit, or storage space for additional income. The 3 retail tenants are on year 2 of their 5 year NNN leases with 3-5% increases per year and option periods of 5 years. The centralized downtown Alameda location is within a 5 minute walk to many of the city's new and historic businesses, restaurants, landmarks, and cafes making it a near perfect location with a walk score of 98. Robust foot and vehicle traffic counts over 25,000 per day provides excellent business for retail tenants while easy access to BART stations makes this property a convenient location for commuters into the greater Bay Area. The property is currently operating at a 6.19% cap rate with actual and realistic expenses included. With moderate improvements a savvy investor could reap the benefits of a realistic pro forma 8% cap rate. Contact our team to see favorable financing options and start cash flowing this trophy asset today.

This is an Active listing.

Broker Office Phone Number: 310-541-8000

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