Wheelhouse Investment Real Estate Brokerage

Reviews & Listings By: Michael Thomas

About Michael Thomas: Before founding Wheelhouse, Michael focused on brokering the sale of apartment buildings in the San Francisco Bay Area with a national brokerage firm. Prior to that he worked in technology also in San Francisco. He is on the board of directors for Oakland's Association of Realtors, an active leader in many trade organizations and a frequent speaker on real estate panels. He lived in China in the mid-90s where he achieved fluency in Mandarin Chinese, graduated from Bucknell University where he also played four years of Division I soccer. Michael is an active triathlete and resides in Marin County with his wife and two children.

"Wheelhouse was created out of sheer necessity. I found that I was spending a disproportionate amount of time collecting sales data, doing rent surveys, and creating complex investment analysis, while my real value to clients was in spending time with them to learn about their investment needs. By designing and maintaining the world's greatest brokerage platform, we have eliminated 95% of the donkeywork to enhance the brokers' ability to deliver timely, accurate service."

3900 Adeline St, Emeryville

Listed By:

Michael Thomas (415) 367-3691

Reviewed On: 2011-10-11

Listing Price:	$0	Units:	101
Price/Unit:	$0	Price/SqFt:	$
Cap Rate:	%	GRM:

A Wheelhouse Listing!

The Wheel Deal: This is a very special development opportunity that straddles the Emeryville/Oakland border in the historic Triangle Neighborhood. The 1.12 acre development site is fully entitled for the construction of 101 residential and work/live units, with 1000 square feet of retail space with a patio (envisioned as a café), and underground secured parking for 107 automobiles with an additional proposal of 31 street parking spaces. Construction plans and entitlement paperwork are complete and approved through the city of Emeryville. The location has made Emeryville a favorite for bay area’s best employers, including Pixar, Leap Frog, Mobitv, Novartis, Kaiser Permanente, and Alta Bates Summit Medical. The property site is centrally located near such large shopping retailers as IKEA, Target, Best Buy, and several small boutiques. Walkscore: 85 (www.walkscore.com) The property is accessible from highway 24, and interstates 80 and 580. Public transportation is also convenient by way of the AC transit rapid line, EmeryGoRound bus system and the MacArthur Bart station only one mile away.

240 Canal St, San Rafael

Review By:

Michael Thomas (415) 367-3691

Reviewed On: 2011-09-08

Listing Price:	$8,950,000	Units:	74
Price/Unit:	$120,946	Price/SqFt:	$128
Cap Rate:	6.00%	GRM:	10.68

Pros: This is 73 units on over 1.5 acres right on the water in San Rafael. This low density gives it huge curb appeal. There is big upside in managerial efficiencies, and the frontage on the canal is 100% unused currently.

Cons: When I toured this last week, I think the back building almost fell into the canal (tongue & cheek); the rear building, however, is really sagging. There is no shortage of rental competition in the canal.

The Wheel Deal: The most recent sales in this sub-market are over $150k/door, while this is listed at 20% less. The vacancy rate in the area is always low with big rental demand from the local work force. There is tons of parking, lots of room for cosmetic improvements, and long term upside with waterfront access. I am also partial to anything close to the newly renovated Pickleweed Park.

98 Vernon St, Oakland

Review By:

Michael Thomas (415) 367-3691

Reviewed On: 2011-07-13

Listing Price:	$1,990,000	Units:	19
Price/Unit:	$104,737	Price/SqFt:	$174
Cap Rate:	%	GRM:	9.36

Pros: Whole Foods is within one stone's throw of the building. Full disclosure: I have a good arm. The property is a clean, late 1950's motel-style building, is fully parked, and the neighborhood is HOT.

Cons: I am not a big fan of the way this property sits up next to the property next door. Due to this proximity and the motel-style catwalks, there is not a lot of privacy in the pool & common areas, limiting voyeurism (pro and con).

The Wheel Deal: I really like Adam's Point, and this specific location. I think that the building is also in good condition and could be a great long-term hold; however, I'd like to see the pricing more in line with other recent sales in the area (high 5% Cap Rate) for non-vintage product.

1832 Fruitvale Ave, Oakland

Review By:

Michael Thomas (415) 367-3691

Reviewed On: 2008-05-15

Listing Price:	$599,000	Units:	8
Price/Unit:	$74,875	Price/SqFt:	$193
Cap Rate:	5.90%	GRM:	7.83

Pros: This could be an ideal opportunity for an owner-occupant as there is a single family home on the lot. It is between the shops on Fruitvale and Foothill and the Fruitvale BART station.

Cons: This just sold in 2007 and I toured the property then. It was tough to sell it then, so I am having a hard time figuring out the new pricing. The main building feels a bit chopped up, and the price per square foot is off the charts.

The Wheel Deal: Call me crazy, but how about tearing 'er down and building something new? The lot is fairly deep, and the density on Fruitvale Ave just may allow it. There is a new development around the corner on Foothill, so maybe wait to see how that sells to gauge the viability of a new building with "for-sale" units in the area.

1220 Walpert St, Hayward

Review By:

Michael Thomas (415) 367-3691

Reviewed On: 2009-02-11

Listing Price:	$6,895,000	Units:	53
Price/Unit:	$130,094	Price/SqFt:	$183
Cap Rate:	6.50%	GRM:	9.68

Pros: The loan is assumable at 5.29%!

Cons: Much of the juice has been taken out of the deal.

The Wheel Deal: I really like the hillside location set behind a historic mansion. The open space is impressive for just 53 units, and the property layout is well designed. The in-place, assumable loan is irreplaceable being fixed for another 4 years, interest only for another year, and at 70% LTV.