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2157 Santa Clara Avenue - Santa Clara Apartment, Alameda, CA

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2157 Santa Clara Avenue - Santa Clara Apartment

Alameda, CA 94501-2861 - Alameda MF Submarket

Property Type:Multi-Family Number of Units:16 Status:Existing Year Built:1964
Stories:2 Building Size:9,530 SF Land Area:.24 AC (10,454 SF)
For Sale Price:$5,190,000 Price/Unit:$324,375.00 Cap Rate:4.42 % GRM:-

Parking:3.35 Parking Spaces / 1,000 SF

Sale Notes:
For the complete offering memorandum, to schedule a tour or to draft up an offer, please contact the exclusive listing agent, Jon Holmquist.

The Santa Clara Apartments at 2157 Santa Clara Avenue is a pride of ownership 15-unit plus one non-conforming unit apartment property, located two blocks from Park Street, in Downtown Alameda. The ownership put a lot of money into the property over the last nine years with major renovation completed between 2007 and 2008 (with earthquake retrofit completed in 2010). Upgrades include the exterior physical structure, the grounds, and the interiors of the units, such that the building shines as one of the cleanest and most desirable in the coveted Park Street area. All sixteen unit interiors are renovated, with high end finishes, that should allow the new owner to enjoy significant cash flow with very low maintenance. The offering of 2157 Santa Clara Avenue is far superior to most competing rental apartment complexes around it, and thus draws top notch tenants, which results in ease of management, with a solid revenue stream.

The improvements consist of spacious apartment floor plans with a great unit mix consisting of one two-bedroom/two-bath 1,080 square feet unit (great potential for owner occupant), eight one-bedroom/one-bath 640 square feet units, six junior one-bedroom/one-bath 510 square feet units and one non-conforming studio unit. The unit interiors show great, with lots of natural light and additional recessed lighting. Updated apartment interiors boast granite tile countertops, lots of cabinet space, new flooring in kitchen and bathrooms, fresh paint, new bathroom vanity and light fixtures, and new designer carpeting in the bedroom and main rooms. Units have modern amenities including dual pane, windows, dishwashers, garbage disposals, electric wall furnaces and updated electrical systems. The new owner can sleep well at night, knowing that the building underwent a recent building earthquake retrofitted, at a cost of $146,000, which allowed it to be removed from the Soft Story retrofit list.

Marcus & Millichap Inc
Jon Holmquist
(415) 625-2117

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