INCOME PROPERTY FOR SALE: 9 UNITS
STATUS:	Sold - October, 2003
ADDRESS:	Westlake Manor Apartments 262 28th Street, Oakland, CA 94611 Cross Street: Broadway   Map Code: 649H2
MOTIVATION:	Buyer and Seller exchanged.
PRICE:	$1,200,000
VALUE INDICATORS:	GRM: 11.0 Cap Rate: 5.4 Price per unit: $133,333 Price per square foot: $201

DESCRIPTION: Modern 9-unit apartment building conveniently located near Lake Merritt and downtown Oakland, in close proximity to employment centers such as Auto Row and Pill Hill. The property is in excellent condition. All kitchens have recently been completely remodeled with new cabinetry, new appliances, new lighting and flooring. Bathrooms were also remodeled with three-door cabinets, new lighting, new fixtures, new tub tiling, new light fixtures and flooring. Closets have mirrored doors with closet organizers. The property is low maintenance as there is no elevator or pool and minimal landscaping. There has been extensive exterior work performed during the last two years including stair and walkway repair. This significant capital improvement can possibly be passed through to the tenants as a rent increase. All but one apartment have two bedrooms measuring approximately 650 square feet. There are five parking spaces in front. There is a common laundry room and landscaping with an automatic sprinkler system.

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For a further description of the property, please download the 262 28th Street Statement in PDF format (458k). (The Adobe® Acrobat® reader is required to view and print PDF files. Please click at right to obtain your free copy.)