Perfect investment--568 Central Avenue, Alameda, CA
This new listing on Central has an interesting phrasing (no MLS(r) ID yet):
I've done the basic math on a $750K fourplex before and come up with a zero likelihood of a cashflow-positive situation. It's easy enough to see that a duplex listed at $924,950 makes even less sense, even if it has more garages than residents (which the fourplex does not).
Maybe that asking price has to do with this:
Update 7/26/08: The sellers are "extremely motivated." But not motivated enough to drop the price, evidently.
What a fantastic investment, for real.
Update 8/15/08:Massive price drop a couple of weeks ago, from $924,950 to... $904,950.
Update 11/25/08: Finally dropped to a still-too-high $799,950.
Update 4/3/09: Down to $699,950. Death by a thousand cuts. 10 months on the market.
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17 years old duplex.. Upper units is above 4 car garages and features: high ceilings, 3bdrms, 2baths, newer carpets and freshly painted, open kitchen!It's a perfect investment, but only for investors. If you're just a regular home buyer, you might want to look elsewhere.
Perfect investment for investors.... Walking distance to main shopping area in Alameda. Close to park and beach.
I've done the basic math on a $750K fourplex before and come up with a zero likelihood of a cashflow-positive situation. It's easy enough to see that a duplex listed at $924,950 makes even less sense, even if it has more garages than residents (which the fourplex does not). Maybe that asking price has to do with this:
If it's such a perfect investment, why dump it 18 months after you bought it? Maybe the current owner isn't an investor, so it's not a perfect investment for them.Last sale and tax info
- Sold 12/04/2006: $860,000
- 2007 Property Tax: $4,107
Update 7/26/08: The sellers are "extremely motivated." But not motivated enough to drop the price, evidently.
What a deal: you're looking at a whole $4,000 monthly cash flow! That's almost 87% of your mortgage payment before income tax on the rental + property tax + maintenance + interest shortfall on the $180,000 you put down to bring your mortgage payment down to $4600 (and qualify for the mortgage to begin with)!$924950 Great investment property by the water (alameda) (map)
Reply to: hous-770869354@craigslist.org
Date: 2008-07-26, 11:47AM PDT
Beautiful @ recently remodeled units , each 3bedromm 2 Bath with a total of 6 car garage under 1 of the units.each unit rents for $2,ooo.oo per month and the tenants want to stay, sellers extremely motivated. The units are walking distance from shopping and water. this property definetely has great rental potential.please donnot disturb tenants - all showings must be made in advance and the offer must be written subject to inspection. callagent with questions
What a fantastic investment, for real.
Update 8/15/08:
Update 11/25/08: Finally dropped to a still-too-high $799,950.
$799950 DUPLEX! 568 CENTRAL AVE., ALAMEDA (alameda)
Reply to: hous-934160556@craigslist.org [?]
Date: 2008-11-25, 2:11PM PST
568 CENTRAL AVE., ALAMEDA, CA 94501
NEWER DUPLEX LESS THAN 20 YEARS OLD IN GREAT LOCATION IN ALAMEDA. NEWLY REFURBISHED. PERFECT FOR INVESTORS. TENANTS WANT TO STAY.
Please call or visit our website for more information:
http://www.realtyexperts.com
RE Realty Experts: 510-226-2444
41051 Mission Blvd. Fremont, CA 94539
Office Hours:
Monday-Friday 8:30 am-6:00 pm
Saturday-Sunday 10:00 am-4:00 pm
- it's NOT ok to contact this poster with services or other commercial interests
Update 2/22/09: Remember the "Tenants want to stay" notice? Looks like they may have changed their minds.
Update 4/3/09: Down to $699,950. Death by a thousand cuts. 10 months on the market.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
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