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Bailey Properties
5918 Genoa St, Oakland, CA 94608
- $1,950,000
Listed by Joseph Owens, (925) 808-9098 from Marcus & Millichap
(If provided) CoList: from
- List Price
- $1,950,000
- MLS#
- EB41151546
- Status
- ACTIVE
- Lot Size
- 5,200
- Listing Area
- Oakland Zip Code 94608
- Year Built
- 1930
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.
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Additional Information
- Acres
- 0.12
- Cooling System
- None
- Exterior Features
- Stucco, Wood Frame
- Floor Covering
- Vinyl
- Garage Parking
- Parking Area
- Heating System
- Gas, Wall Furnace
- Laundry Facilities
- Washer, Community Facility, Dryer
- Lot Description
- Grade - Level
- Lot Size
- 5,200
- Neighborhood
- Oakland Zip Code 94608
- Numberof Units
- 12
- Roof
- Rolled Composition
- Unincorporated Yn
- Yes
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The data relating to real estate for sale on this display comes in part from the Internet Data Exchange program of the MLSListingsTM MLS system. Real estate listings held by brokerage firms other than Bailey Properties are marked with the Internet Data Exchange and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from MLSListings MLS as of . All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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