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8656 Macarthur Blvd, Oakland
Review By:
Tim Richardson (415) 367-3620
Reviewed On: 2010-05-17
Pros: The property is one of the bigger buildings in the area and has easy access to public transportation.
Cons: It is located across street from a high school which generates a great deal of "traffic." 90% of the units are one bedrooms, which is not ideal for Section 8.
The Wheel Deal: The Cap Rate is over 10% with a sub-4 GRM! YESSSS! Keep in mind that much of that rent is proforma as there are over 10 vacancies. The design of the building is perfect for a mid-century makeover (www.midcenturymodernist.com). OR just slap some paint on it, fill 'er up, refinance ALL your cash out then pull down an infinite cash-on-cash return. WARNING: Not for an unseasoned East Oakland Landlord.
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2158 50th Ave, Oakland
Review By:
Tim Richardson (415) 367-3620
Reviewed On: 2008-07-09
Pros: This property is located on a street that is combination of single family homes with a few small apartments on the block. The numbers are inline with the area. The property looks like it was recently painted. Parking is located on the premises.
Cons: I would call this property a average deal for this area of Oakland.
The Wheel Deal: This is a good starter investment property. The numbers are pretty consistent for the area. I think it is a safe first time multi-unit investment. Managed properly this property could be a nice long-term investment with reasonable cash-flow.
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8024 Macarthur Boulevard, OAKLAND
Review By:
Tim Richardson (415) 367-3620
Reviewed On: 2010-01-07
Pros: This is a great starter deal for the multi-family market. 12 units for $600k with a Cap Rate of 9.8% and a GRM of 5.7 are solid numbers. The property is located directly across the street from a post office and other commercial uses along Macarthur Blvd.
Cons: The property is located on Macarthur, which can have some issues. Traffic can be heavy on this part of the street. Also, the property could use some updating/refreshing, and there is no covered parking.
The Wheel Deal: Overall I like this deal. The numbers are solid as an investment, and it has the potential to be a great investment for the right buyer. I think that this is the deal that investors have been waiting for.
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27480 Manon Ave, Hayward
Review By:
Tim Richardson (415) 367-3620
Reviewed On: 2010-03-16
Pros: Manon has many attractive qualities including Townhouse- style units, a nice layout and it was built in the '80s. In my opinion, with major landscaping improvements, this property can be a little oasis. At the right price point, it has real potential.
Cons: The property does require some work and, currently, has no paying tenants. The property is a linear layout surrounded by multiple properties with one ingress/egress
The Wheel Deal: Manon definitely has some upside potential. Both buyer and seller will have to be a little creative on the deal given the lack of paying tenants. I would price this property in the $725k range, which would make it roughly an 8 Cap with market rents.
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