Situated just off Lake Merritt, this vacant multi-family building is an extensively renovated and seismically upgraded seven unit offering. 301 Lester provides the opportunity to achieve top of the market rents in a charming upgraded building. This China Hill location is comprised of single family residences and small multi-family properties.
The entrance is set back from the street and at the end of a walkway with gardens on both sides. The entryway features attractive 1948 tile surrounding the glass and wood door. The new video entry system is a unique feature for new residents.
The first floor features three one bedroom units and one two bedroom unit. The entire floor has attractive and newly refinished hardwood floors. Units feature open layouts, custom built kitchens, CAT-5 and coax cabling, new dual pane windows, new gas wall heaters. The new kitchens have quartz countertops, subway tile splashbacks, GFI outlets, dishwashers, and all stainless steel appliances.
The second floor consists of a one bedroom, one two bedroom and a two bedroom Penthouse with two and half baths. The penthouse features wide plank hardwood floors, large dining room, large living room, an eat-in kitchen area, two and half bathrooms, and spacious master bedroom.
The top floor consists of a new wood deck with Lake Merritt views. In addition, there is a spacious and remodeled laundry room. The bottom level consists of an in-law apartment, seven walk-in storage units, a work room, and new garages.
PRICE/ UNIT: $227,857
CAP RATE: 7.16%
CASH on CASH: 11.80%
Cash Flow Analysis
Gross Rents: $151,800
13 Parking Spaces: $7,800
Walk-In Storage: $2,520
Laundry Income: $1,620
Total Gross Income: $163,740
Less 3% Vacancy: ($4912)
Effective Gross Income $158,828
Less Expenses ($49,486)
Net Operating Income: $114,254
Debt Service $55,261
Cash Flow: $58,993
Unit 1 (1Bed) $1450
Unit 2 (1Bed) $1450
Unit 3 (1Bed) $1450
Unit 4 (2Bed) $1750
Unit 5 (1Bed) $1450
Unit 6 (2Bed) $1750
Unit 7 (2Bd/2.5Ba Penthouse) $2400
Total Rents $12,650
13 Parking Spaces $650
(6 Garages + 7 Off Street)
Walk-in Storage Closets $210
Laundry Income: $135
Total Monthly Income: $13,645
Financing Quote from First Republic Bank
New First Loan: $1,095,000
Down Payment: $500,000
Fixed for 5 Years at 3% and Amortized over 30 Years
Property Taxes: $22,421
Special Assessments: $2,526
Oakland Business Tax: $2,293
Rent Board Fees: $210
Repairs and Maintenance: $5,322
Replacements & Reserves: $1,400
Total Expenses: $49,486
Rolling hills, wooded valleys, flower filled parks. Streets wind through the hills in the "residential park" of Lakeshore. Inspired by England's "garden suburbs," famed landscape architects Olmsted Brothers laid out winding streets following the natural contours of the land. Homes date from the 1920 and 30s, with original owners hiring some of the most notable Oakland architects of the time, including Julia Morgan, Maybeck & White, and Charles McCall. Today the neighborhood still retains its period flavor, with large romantic homes in the Italian Renaissance, Tudor, Spanish, Monterey, French provincial, and Colonial styles lending a sense of country charm.
Lakeshore Highlands is close to the Lakeshore and Grand Avenue shopping districts. Elementary Schools include Crocker Highlands Elementary and Edna Brewer Middle School.
Tuesday, April 16, 2013, 11am-12:30pm
Thursday, April 18, 2013, 11am-12:30pm
Offers are due Friday, April 19th at 12noon
Additional Showings by Appointment:
Contact Trent Moore - 415.254.4638 - [email protected]