1321 Park Street, Alameda

$3,300,000

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0.15

Acres

About 1321 Park Street

We 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.

Features of 1321 Park Street

MLS® # SB24064103
Price $3,300,000
Bathrooms 0.00
Acres 0.15
Year Built 1910
Type Residential Income
Sub-Type Mixed Use
Status Active

Community Information

Address 1321 Park Street
City Alameda
County Alameda
Zip Code 94501

Amenities

Parking None
Garages None
Is Waterfront No
Has Pool No
Pool None

Interior

Has Basement No
Fireplace No
# of Stories 2
Stories Two

Exterior

Lot Description 0-1 Unit/Acre

Additional Information

Date Listed April 1st, 2024
Days on Market 48
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentAustin Longwell
OfficeWest Shores Realty, Inc.

Listing Map

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