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$ 1,950,000
Est. payment | /mo
5,201 Sqft Lot
$ 1,950,000
Est. payment | /mo
5,201 Sqft Lot
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Subdivision North Oakland
MLS Listing ID 41151546
HOA Y/N No
Year Built 1930
Annual Tax Amount $35,665
Lot Size 5,201 Sqft
Property Description
5918 Genoa Street offers 22.6% rental upside on a building where the heavy capital work is already done. Ownership has invested $282,822 in unit renovations, soft-story retrofit, sewer lateral, sidewalk, and laundry. Eight of 12 units are renovated, and the property is 100% occupied. In-place rents average $1,428 against a $1,750 market rent. The building's own renovated leases support that market figure, with five units at $1,632–$1,730. Four units below $1,300 account for roughly three-quarters of the loss-to-lease. That gives a buyer a defined, unit-by-unit path to the $153,000 pro forma NOI as those units turn over. The 1930 building totals 6,072 SF on 0.12 acres, with an average unit size of 506 SF and three covered parking spaces. In-place: $109,543 NOI, 5.62% cap rate, 9.48 GRM. Pro forma at market rents: $153,000 NOI, 7.85% cap rate, 7.74 GRM.
Location
State CA
County Alameda
Interior
Heating Natural Gas, Wall Furnace
Cooling None
Fireplace No
Appliance Gas Water Heater, Dryer, Washer
Exterior
Roof Type Composition
Total Parking Spaces 3
Building
Lot Description Street Level
Others
Tax ID 15135319
Listed by Joseph Owens Marcus & Millichap #01707768
NEARBY SCHOOL & BUSINESS