Austin Longwell & Chris Scholfield unveil prime investment: 13-unit property, 6.19% Cap Rate, Downtown Alameda.
Austin Longwell, a seasoned commercial real estate agent specializing in multi-family real estate, in collaboration with Chris Scholfield of Lee & Associates, proudly presents an exceptional investment opportunity in the heart of Downtown Alameda. The property, located at 1319-1321 Park St, Alameda, CA, comprises 13 units, offering a remarkable 6.19% Cap Rate.
Key Property Highlights:
- Prime Downtown Alameda Location: With a 98 walk score and a traffic count exceeding 25,000 per day, the property enjoys a strategic position for commercial success.
- Strong Cap Rate and Upside Potential: Currently operating at a 6.19% Cap Rate, the property offers over 20% realistic upside with a proforma 8% Cap Rate and 8.91 GRM on market rents.
- Strategic Retail Mix: The property boasts three strong-performing retail stores with desirable Park Street frontage, ensuring high visibility and foot traffic.
- Mixed-Use Dormitory Style SRO Units: In addition to retail spaces, the property features 10 dormitory-style SRO units, providing a diverse and income-generating mix.
- NNN Leases and Long-Standing Tenants: The three retail units are on NNN leases with 3-5% annual increases and option periods of 5 years, showcasing stable and reliable income.
- Untapped Potential: The property includes additional square footage that is currently underutilized, presenting an opportunity for updates to increase retail rental rates.
Austin Longwell, known for his proficiency in real estate investment, sees this property as a trophy asset with immense potential for cash flow. With realistic expenses included, the property is currently operating at a 6.19% Cap Rate. Longwell believes that with moderate improvements, savvy investors could benefit from a proforma 8% Cap Rate.
Investors interested in favorable financing options and acquiring this trophy asset are encouraged to contact Austin Longwell at ALEstateInvestments@gmail.com or 626-408-4420.
About Austin Longwell:
Austin Longwell is a Development Manager at West Shores Realty, leading their Whittier branch. With a background in finance and a passion for real estate investment, Austin has quickly become a prominent figure in the industry. His dedication to client satisfaction and expertise in multi-family real estate make him a sought-after professional.
Media Contact
Company Name: West Shores Realty
Contact Person: Austin Longwell | Development Manager
Email: Send Email
Phone: +1 626 408 4420
Address:11260 Whittier Blvd.
City: Whittier
State: CA 90606
Country: United States
Website: https://westshoresrealty.com/