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Reviews & Listings By: Michael Thomas
About Michael Thomas: Before founding Wheelhouse, Michael worked with Hendricks & Partners where he was the #1 transacting broker in Oakland, and top 3 in the Alameda County market. Michael started his brokerage career with Arroyo and Coates where he was named Senior Associate within nine months. He is on the Board of Directors for the Oakland Association of Realtors, is an active member of RHANAC, ULI, SFAR, SFAA and is an advisor to an entrepreneur network in San Francisco. 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, and resides on Russian Hill in San Francisco with his wife and children in an apartment building he purchased in 2004.
"I chose Wheelhouse because I was spending a disproportionate amount of time collecting sales data, doing rent surveys, and creating complex investment analysis. By designing and maintaining the world's greatest brokerage platform, we have eliminated 95% of the 'busy work' to enhance the brokers' ability to deliver timely, accurate service. I also dig the unique non-corporate culture, which is refreshing in an otherwise vast sea of white shirts and grey suits. "
3014 Fruitvale Ave, Oakland
Review By:
Michael Thomas   (415) 367-3691
Reviewed On: 2009-08-06
Listing Price: $1,075,000 Units: 12
Price/Unit: $89,583 Price/SqFt: $145
Cap Rate: 6.60% GRM: 9.86
Pros: There are new vinyl windows, partially underground parking for each apartment, a gated perimeter with small garden, and very clean units with comfortable floor plans.
Cons: This part of Fruitvale Ave is busy, so traffic is always buzzing. The kitchens and the heaters are all electric, which can be a deterrent for tenants that wants gas. There is only 1 gas meter, and the owner pays for hot water.
The Wheel Deal: This one is worth taking a crack at. The building is squeaky clean and is intrinsically a solid purchase. I spoke with the listing agent who indicated that the property was being run by a conservator (Wikipedia that one), so I get the sense there is some motivation. A neighborhood property manager indicated that he is getting $1,300 for his 3 bedrooms (thanks, Dan) and that $800 for 1 bedrooms was very reasonable.
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.
Brokers Gone Wild!
August 12, 2009
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