Reviewed On: 2010-07-29

Listing Price:		$730,000	Units:	4
Price/Unit:		$182,500	Price/SqFt:	$197
Cap Rate:		6.00%	GRM:	10.00

A Wheelhouse Listing!

The Wheel Deal: 2068 - 2070 Emerson Street presents a tremendous opportunity for a savvy investor, or for an owner-occupier looking for additional rental income to help with the monthly mortgage. The property consists of a 4 bed, 2 bath home, plus three additional rental units. The units have separate PG&E meters, in-unit washer & dryers, and there is a small backyard and deck behind the house. With a Walkscore of 86, the property is located just a short walk from numerous desirable amenities. The Ashby BART station is 1 block away, and the ever popular Berkeley Bowl shopping market is within 2 blocks. Also within 1 mile are the plentiful shops and restaurants on Telegraph Avenue, College Avenue and downtown Berkeley. This location is consistently popular with UC Berkeley students, as well as working professionals.

Reviewed On: 2010-07-29

Listing Price:		$1,150,000	Units:	7
Price/Unit:		$164,286	Price/SqFt:	$187
Cap Rate:		5.80%	GRM:	10.60

Pros: I don't have enough space to list out all of the Pros I see here, but let's just say I really like this building. New windows, mostly separate utilities, hardwood floors, large units, newer roof, parking, gas stoves. Ok, enough already.

Cons: The front facade of the building is kind of "boxy," but the rest of the building is very charming and inviting for tenants. Also, most of the utilities are separately metered, but the owner does pay the utilities for at least one of the tenants.

The Wheel Deal: Great property, great location, and excellent long-term hold. I think this is one of the more attractive deals that has come to market in a while. I think that the pricing is right on for this location and building condition, and I expect it will sell for the asking price.

Reviewed On: 2010-07-07

Listing Price:		$1,950,000	Units:	18
Price/Unit:		$108,333	Price/SqFt:	$157
Cap Rate:		5.37%	GRM:	9.58

A Wheelhouse Listing!

The Wheel Deal: 421 Van Dyke Avenue is a classic 1930's apartment building located in a desirable Oakland location. Just east of Lake Merritt, the property is situated on the edge of the Ivy Hill and Cleveland Heights neighborhoods. Tenants benefit from their proximity to BART stations, shopping, and restaurants. The building has all new windows, and all of the classic architectural features that you would expect from a property built in the 1930's. This is the type of property that tenants want to live in, no matter what the rental market is like.

Reviewed On: 2008-07-06

Listing Price:		$2,300,000	Units:	15
Price/Unit:		$153,333	Price/SqFt:	$192
Cap Rate:		5.58%	GRM:	11.63

Pros: Well-located property, on a quiet street in Adam's Point. The pricing on this deal seems to be in line with comparable sales, and there is A LOT of upside in rents. I always like to see that in a deal in Oakland.

Cons: I am not a huge fan of buildings with motel-style exterior walkways, which this building has. At least they are not visible from the street so they are probably not much of an issue.

The Wheel Deal: An overall well-priced deal in a good area. The buyer of this deal should be willing to be very hands-on with management to upgrade the units and increase the low rents on turnover. There is a lot of potential in this property for a hands-on buyer.

Reviewed On: 2010-05-13

Listing Price:		$1,500,000	Units:	25
Price/Unit:		$60,000	Price/SqFt:	$1500000
Cap Rate:		%	GRM:

A Wheelhouse Listing!

The Wheel Deal: 1698 University Avenue is a mixed-use development project in the heart of Berkeley.
The project is fully entitled for 25 condominium units and 2,852 sq. ft. of commercial space, including a cafe.
Located on the main east/west artery into the city of Berkeley, this project is ideally situated near everything that Berkeley has to offer.
The property is just 5 blocks from the UC Berkeley campus, which makes the residential units perfect for students, professors, and university employees. The project is within 5 blocks of two different BART stations - North Berkeley BART and Downtown Berkeley BART - and all major city & county bus lines are very near.
The shopping & restaurants of Downtown Berkeley, and the renowned Gourmet Ghetto, are also within walking distance, including a new Trader Joe's just two blocks away.
The entitlement work, and architectural drawings, have been completed; however, no building permits have been pulled with the city.

Reviewed On: 2010-03-17

Listing Price:		$2,600,000	Units:	18
Price/Unit:		$144,444	Price/SqFt:	$292
Cap Rate:		5.50%	GRM:	11.39

A Wheelhouse Listing!

The Wheel Deal: If you love College Ave and the Elmwood District, which I do, then this is a tremendous property. Even if you don't love it, you will still like the property. The property is classic 1950's, with clean, simple 1 bedroom units. All of the windows are newer, and the property has had numerous upgrades (newer fire alarm system, security doors, water heaters, etc...). The property is perfect for UC Berkeley students, and working professionals. Also, the units are always in high demand.

Reviewed On: 2010-03-08

Listing Price:		$2,030,000	Units:	20
Price/Unit:		$101,500	Price/SqFt:	$178
Cap Rate:		5.20%	GRM:	10.12

Pros: I would love to live this close to Whole Foods, and maybe even in this building. The property is a clean, simple, late 1950's motel-style building in a very good location. The building is also fully parked, which is very important in this neighborhood.

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. It makes the complex feel a lot less quaint.

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, the pricing needs to be more in line with other recent sales in the area (high 5% Cap Rate).

Reviewed On: 2010-02-01

Listing Price:		$4,050,000	Units:	33
Price/Unit:		$122,727	Price/SqFt:	$289
Cap Rate:		5.30%	GRM:	9.80

Pros: This is a very clean and well-maintained property, in a good Adam's Point location. The on-site manager impressed me with the "tight ship" that she's running. Most of the 1 bedroom units are a good-size, plus there are 2 penthouses with nice views.

Cons: Similar to other buildings in this neighborhood, the property is close to the neighboring buildings. All units have decks, but they open up to the buildings next door. Also, I believe the price could be greatly reduced to be more in-line with the market.

The Wheel Deal: Assets in the Adam's Point are always desirable because the sales market remains strong. There is not a lot of upside in the current income, but I believe this building will prove to be an excellent long-term investment for a pride-of-ownership buyer who wants a good building in a solid location.

Reviewed On: 2009-11-27

Listing Price:		$2,200,000	Units:	12
Price/Unit:		$183,333	Price/SqFt:	$306
Cap Rate:		4.86%	GRM:	12.25

Pros: Very solid location near UC Berkeley and the Elmwood District. I really like the 1920's architecture and the feel of this building. There are 10 parking spaces, which is a huge plus in this neighborhood.

Cons: The fact that the building is all studio units doesn't thrill me. I think that the studio market in Berkeley has taken a hit in this weaker rental market as students have decided to shack up with roommates in 1 and 2 bedroom units to save money.

The Wheel Deal: Considering that I am selling a building a couple of blocks away around 10.5 GRM, I think that the price needs to come down a bit for this deal to pencil. Outside of price, I think that this is a classic building in a tremendous location. This property makes the most sense for a long-term investor who wants to be in Berkeley for years to come.

Reviewed On: 2009-10-20

Listing Price:		$1,350,000	Units:	14
Price/Unit:		$96,429	Price/SqFt:	$167
Cap Rate:		6.27%	GRM:	10.17

Pros: I am a huge fan of the Telegraph Ave corridor right now. I like the revitalization of this neighborhood, and this property is well positioned to take advantage of that. Stable retail tenants, and a very clean, updated building.

Cons: There is no parking at the property and the units are all studios. This could pose a problem, but there also seems to be a lot of available street parking and the building is very close to AC Transit bus lines and BART.

The Wheel Deal: Again, there are a lot of positive things going on in this neighborhood right now and over the next few years this property will benefit from that. You won't have to worry about your neighbors throwing any parties (2 funeral homes, the CHP, and a public health department) and you will have a very nicely maintained building. A new owner can continue to make improvements to the property and benefit from the upturn in the market over the next few years.