About This Listing
Nestled within the highly sought-after residential East End of Downtown Alameda, this exquisite Colonial Revival Fourplex stands as a testament to timeless architectural elegance. Positioned directly across from the picturesque Chochenyo Park, the building boasts a harmonious blend of period-specific details that exude charm and sophistication. Noteworthy for its convenience, the property offers the added advantage of six dedicated off-street parking spaces, a rarity in this vibrant neighborhood.
Promising further versatility, the fourplex presents an exciting opportunity for an additional Accessory Dwelling Unit (ADU), enhancing its value and utility. The utility infrastructure is designed with practicality in mind, with separate metering for gas and electricity. Tenants conveniently cover their hot water expenses.
With a remarkable walk score of 93, the location is a paradise for those who relish urban amenities within easy reach. The residence finds itself in proximity to an array of attractions, including boutique shops, delectable dining establishments, cinematic experiences, and the bustling Park Street commercial district. For leisure and recreation, South Shore Center, Alameda Beach, and the inviting Shoreline Drive walking and biking trails are all within convenient access.
Currently, the property generates a steady income resulting in a calculated cap rate of 2.8%. However, the potential for increased rental income paints an even brighter future, with a projected cap rate of 3.8%. This investment opportunity is a rare gem, perfectly poised to offer both immediate returns and the promise of growth in one of Alameda’s most desirable neighborhoods.
- Area Size:3482 sqft
- Date:July 2, 2022