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$4,250,000

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0.97 Acres Lot

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16277 Ashland AVE San Lorenzo, CA 94580

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Erin Sanders

erin@folsomrealty.com +1(916) 807-0300

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Key Details

Property Type Multi-Family

Sub Type 5 or More Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID 225134407

HOA Y/N No

Year Built 1964

Lot Size 0.973 Acres

Acres 0.9734

Property Sub-Type 5 or More Units

Source MLS Metrolist

Property Description

For the first time in thirty years this professionally managed apartment complex is being offered for sale. Rare opportunity to acquire a turn-key collection of sixteen units in Ashland CA. Two separate buildings with eight duplex style units in each building. Seven townhome style units featuring huge +/- 936 SF two bedroom one bath units, eight single story units featuring spacious +/- 825 SF two bed one bath units, and a monster single townhome style unit boasting +/- 1,236 SF three bedroom two bath unit. Each unit comes with its own carport, washer/dryer (in unit laundry room) and large fenced backyard. Currently and consistently 100% occupied, the average tenancy at Pine Grove Apartments is 14.6 years, with seven of the sixteen tenants having over 15 years, and three having over 30 years. As a testament to its desirability, one of the current tenants has resided since 1978. Historically this property has had very high occupancy and very low turnover. Immediate upside available through the implementation of RUBS for water usage. Future upside available through annual rental increases as the current rents are as low as much as 29% below market.

Location

State CA

County Alameda

Area Hayward

Direction Sharp right onto Bertero Ave, turn right on Ashland

Rooms

Other Rooms Unit-1 Type: Apartment Approx SqFt: 936 Bedrooms: 2 Full Baths: 1 Rent: 2584 SqFt Source: Owner Unit-2 Approx SqFt: 825 Bedrooms: 2 Full Baths: 1 Rent: 2520 SqFt Source: Owner Unit-3 Approx SqFt: 1238 Bedrooms: 3 Full Baths: 2 Rent: 2740 SqFt Source: Owner

Interior

Heating Other

Cooling Other

Flooring Vinyl, Wood

Appliance Microwave

Laundry In Each Unit, Laundry Closet

Exterior

Parking Features Attached, Carport, Covered

Utilities Available Cable Available, Sewer In & Connected, Internet Available

Water Access Desc Public

Total Parking Spaces 16

Building

Lot Description None

Story 2

Foundation Slab

Sewer Public Sewer

Water Public

Schools

Elementary Schools Alameda Unified

Middle Schools Alameda Unified

High Schools Alameda Unified

School District Alameda

Others

Senior Community No

Tax ID 80C-473-35-2

Special Listing Condition Offer As Is, Other

Listed by Rand Commercial Properties

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Erin Sanders

Broker | CA DRE#01973946

+1(916) 807-0300

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16277 Ashland AVE San Lorenzo, CA 94580

Erin Sanders

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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16277 Ashland AVE