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Keller Williams is pleased to be retained as the exclusive broker for the Fruitvale Complex Apartments. The subject property is a forty-four (44) unit property in the desirable Fruitvale neighborhood. The 1811 27th Ave property is located a short distance from the Fruitvale Transit Station BART Village. The Fruitvale Transit Station BART Village which was completed in 2006 includes 288 new residential units, 114,000 square feet of community services (clinic, library, and senior center) and office space and 45,000 square feet of retail space. This project immediately transformed the neighborhood into a bustling, vibrant destination within the greater neighborhood.
Built in 1950, 1811 27th Ave presents a three-story walk-up structure with private entrances for some residences. The building was substantially renovated in 1988 following a major fire that gutted the interior of the space. When it was rebuilt, the building was upgraded with copper plumbing, Romex wiring, fire sprinklers and a central fire alarm. The building is built of wood frame construction with a stucco exterior. The building contains approximately 24,275 square feet of gross building area set on 0.22 acres. The unit mix consists of five (4) studios averaging 400 square feet, thirty-six (36) one-bedroom / one-bath unit averaging 508 square feet, three (3) two-bedroom / one-bath units averaging 750 square feet and one (1) three-bedroom / two-bath unit of approx. 1525 square feet. The majority of the units have been updated and feature kitchen upgrades such as granite countertops, new cabinetry and Pergo floors. The ranges, ovens and frost-free refrigerators are all electric. The units feature a mix of tile and Pergo flooring throughout the living areas. Bathrooms contain small vanities, tiled and laminate floors, wallmounted cabinets and shower enclosures.
Heat is provided to the units via electric wall mounted heaters. The units are entirely electric and metered separately while water is master metered. The gas meter supplies the newly replaced highly efficient water heater for the building. The roof is a torch down mastic construction of unknown age. Management resurfaces the entire roof biannually with elastomeric sealer. The current owner recently invested significant capex which includes the replacement of nearly all the aluminum windows with double-paned vinyl windows and a new one-hundred-gallon water heater to services the building. Onsite location and hookups for washers and dryers already exist which presents a future owner with the possibility for immediate value-add potential. Street parking is readily available in the surrounding neighborhood.
The Fruitvale Complex Apartments offer investors the opportunity to acquire a well-situated property with little deferred maintenance and significant upside (18.48%) in a great Oakland location. The Fruitvale neighborhood is one of the strongest rental housing submarkets in Oakland. Located just off I-880 & I-580 and approximately one-half mile from Fruitvale BART, the property will attract commuters as well as those who work in the area. Due to the property’s excellent location, large size, and overall quality, the property will continue to produce strong cash flow well into the future.
ADDRESS: 1811 27TH AVE.
CITY, STATE, & ZIP: OAKLAND, CA 94601
UNITS: 44
STORIES: 3
YEAR BUILT: 1950
BUILDING SF: ± 24,275 SF
TYPE: 2 STAR LOW-RISE APARTMENTS
CONSTRUCTION: WOOD FRAME
ZONING: C-30, OAKLAND
APN: 025-0734-009-00
SALE PRICE: $8,500,000
PRICE PER UNIT: $193,182
PRICE PER SF: $359.21
CAP RATE: 6.52%
MARKET CAP RATE: 8.30%
GRM: 9.04
MARKET GRM: 7.68
• 27.4% UPSIDE OF NOI
• SHORT WALK (APPROX. ½ MILE) FROM FRUITVALE BART
• 82% ONE-BEDROOM UNITS
• VALUE-ADD OPPORTUNITY
• REDEVELOPMENT ZONE POTENTIAL
• 6.52% CAP / 9.04 GRM (CURRENT)
• 8.30% CAP / 7.68 GRM (MARKET)
• 16.64% EMBEDDED RENTAL UPSIDE
• DESIRABLE RENTAL AREA
• CLOSE TO MAJOR EMPLOYERS
• EASY ACCESS TO I-980 & I-880
• Located Close to Schools
• Minimal Deferred Maintenance
• Central Location
• ENTIRELY ELECTRIC APARTMENTS
• TILED BATHROOM FLOORING
• GRANITE COUNTERTOPS*
• DOUBLE PANED VINYL WINDOWS*
• UPDATED LIGHT FIXTURES*
• FROST-FREE REFRIGERATOR
• ELECTRIC RANGES
• ELECTRIC WALL HEATERS
( * ) Renovated Units
The Foothill Apartments are located in the greater Fruitvale District or specifically the San Antonio District of the Oak Tree neighborhood. The property is situated at the intersection of Foothill Boulevard and 27th Avenue. Foothill Boulevard provides primary surface street access throughout Oakland. Convenient commuter access to San Francisco, the South Bay and the East Bay is provided by Fruitvale BART station, located approximately one mile south of the subject property and Interstate 580, located 1/3 of a mile southwest. Within a two-mile radius of the subject property, there are six major schools ranging from elementary to high school education levels. Local destinations include Fruitvale Shopping Center (approximately one-mile southwest), Jack London Square (approximately threemiles north), Alameda Harbor (approximately 2.5-miles southwest), and the Oakland International Airport (approximately seven-miles south).
Oakland is the largest and most established city in the East Bay. It encompasses 52 square miles and offers 19 miles of coastline to the west and beautiful rolling hills to the east. Along with its presence as a major West Coast port, Oakland boasts a well-diversified economy of traditional manufacturing, service, and trade industries enhanced by a strong and rapidly increasing high-technology presence.
Oakland is the largest city in Alameda County and the eighth- largest city in California. From 1990 to 20019, the city’s population rose steadily from 372,250 to an estimated 425,097, equating to an increase of 14.2%. That figure is projected to reach 435,884 by 2025. The median age of city residents is 34.5 years, with 23.5% of residents within the prime renter age group of 20 to 34 years.
6.35% CASH ON CASH DAY 1 RETURN
5.80% CAP / 10.27 GRM (CURRENT)
18.48% EMBEDDED RENTAL UPSIDE
$6.0MM OF ASSUMABLE DEBT AT 3.54% THROUGH MARCH 2028 STABILIZED, STRONG CASH FLOW
• The property is two miles from The City of Oakland offices, the largest public employer
• The property is three miles from Oakland’s largest private employer, Kaiser Permanente
• San Francisco’s financial district is a short 15-minute BART ride.
• Emeryville and Berkeley are both less than 15-minute commutes as well
• Fruitvale BART Station is steps away
• I-880 & Hwy 24/I-980 are less than a ½ mile while I-80 is less than two miles away
• Many major AC transit bus lines can be found on Foothill Blvd, which borders the property, and International Blvd just a few blocks from the asset
Fruitvale (originally Fruit Vale and formerly Brays) is a neighborhood in Oakland, California. It is located approximately 4 miles (6.44 km) southeast of Downtown, and is home to the city’s largest Hispanic population, with Hispanics constituting 53.8% of Fruitvale’s population. Living in Fruitvale offers residents an urban feel with a lot of bars, restaurants, coffee shops, and parks motivating most of them to rent their homes.
https://www.niche.com/places-to-live/n/financial-district-san-francisco-ca/
Oakland is a city in California with a population of 425,097. Oakland is in Alameda County. Living in Oakland offers residents an urban-suburban mix feel and most residents rent their homes. In Oakland, there are a lot of bars, restaurants, coffee shops, and parks. Many families and young professionals live in Oakland.
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CA 94601
FRUITVALE SHOPPING CENTER
Playa Azul Carrington Steps FoodMaxx
Tacos El Grullo truck Alameda Museum Oaktree Market
Philomena Oakland Zoo Mi Ranchito Market
Taqueria El Paisa Golden State Bridge California Market
Burma Superstar Oakland Museum of California New Market
Cafe Umami Crab Cove Visitor Center International Lao Market
Cholita Linda Christmas Tree Lane A & A Corner Market
Taqueria Los Comales Cohen Bray House Friends Market
Reem's California Fruitvale Pacific Pinball Museum Calidad Food Services
Cabalen Sweet & Savory Lake Merritt International Produce Market
Nyum Bai Oakland Aviation Museum Nawah Market
Marti's Place The Gardens at Lake Meritt Alameda Grocery
Yojimbo Nipse Hussle Mural (Oakland) Foothill Market
Cambodian Street Food Joaquin Miller Abbey A & G Market
Trabocco Kitchen and Cocktails Camron-Stanford House Shoppers Market
Galisco Restaurant Carnitas Cleveland Cascade Sunrise Market
The Park Street Tavern Franklin Park
Angelas Kitchen Morcom Rose Garden
Battambang The Pergola at Lake Merritt
The Fat Lady Bar & Restaurant Dracena Quarry Park
KAISER PERMANENTE ALAMEDA MEDICAL OFFICES
