Reborn from the historical Coit Hotel in Downtown Oakland, this 6-story building represents the beauty and opulence of a bygone era. This 118 unit multifamily property boasts +/-55,750 SF, 45 parking spaces on an entitled lot that's prime for development. The building currently has a regulatory agreement with the CA Tax Allocation Committee with 25 years remaining- receiving a welfare exemption that allows a property tax waiver on all ad valorem taxes, only bonds and assessments are paid. This increases the CAP rate & cash on cash return. This building provides a great hedge against inflation and recession. Many of the rents are government guaranteed which allow for increases as high as 10% per year. Being partially exempt from rent control allows for an infinite return on investment. Simple income & in an opportunity zone. Built in 1925, all units offer private baths and kitchens. 75% of the units have been renovated at a cost of $800,000. Equipped with Solar panels & coin operated washer/dryers. Additional revenue from 35 storage units & 1 commercial space provides mix-use. Exempt from the soft story list, there has been a multimillion-dollar retrofit to the building & the sewer lateral has been replaced. Minimal deferred maintenance, convenient management and robust cash flow!
Courtesy of Giuseppe Zumbo with Corcoran Icon Properties
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