Yesterday's Charm, Last Year's Listing--2267 Clinton Avenue, Alameda, CA
In honor of our new Lifers category, we present to you a large Victorian on Clinton Avenue, which seems to have been on the market forever. Its 5,348 sqft have been chopped up into eight units. One site I'd never seen before has this to say:
The property is listed at $1,495,000, down from its previous $1,559,000 since mid July. There is no record on Zillow or Trulia even of the property's existence, so one assumes it's been owned by the same family for decades (or at least since before the earliest record in Zillow's dataset):
This property is a Lifer on this blog because it was Alameda Sun's Property of the Week back in April, 2007:
I have found no evidence of the property being on the market prior to April, 2007, but I have memories of it in 2006. Can anyone confirm this?
In the meantime, this property is enjoying some measure of fame in China.
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Are they seriously calling the top floor, presumably former attic a "Penthouse apt"?Beautiful 8 units--Rising rents. 1 large two bdrm, 4 one bdrms, 3 studios Roof in '02, foundation 1999-2000, updated electrical, new sewer, sep. meters [...] Tastefully painted halls, attractive, durable hall carpet. Most apartments have updated kitchens with granite counters. [...] moldings, skylights. Penthouse apt is one bdrm is large with skylights. [...] Front yard is landscaped and sprinklered. [...]2267 Clinton Yesterday's Charm, Today's Lifestyle
The property is listed at $1,495,000, down from its previous $1,559,000 since mid July. There is no record on Zillow or Trulia even of the property's existence, so one assumes it's been owned by the same family for decades (or at least since before the earliest record in Zillow's dataset):
The Loopnet page gives a breakdown of the income you can expect this property to generate:
But if you finance this puppy at 7% with 20% down, you're stuck with yearly costs of about $112,680 ($8,000 monthly mortgage + about $1,390 in property tax every month, assuming $1,495,000 value and average 1.16% property tax), which means you're about $25K in the red every year. What an amazing investment indeed.
Financial Summary Actual
Year: 2007 Scheduled Gross Income: $101,460 Operating Expenses: $16,070 Net Operating Income: $87,130
This property is a Lifer on this blog because it was Alameda Sun's Property of the Week back in April, 2007:
I have found no evidence of the property being on the market prior to April, 2007, but I have memories of it in 2006. Can anyone confirm this?
In the meantime, this property is enjoying some measure of fame in China.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
I was actually quite surprised that you said you've never seen Loopnet before. This is where we post income-producing properties since it doesn't automatically pull the information from the MLS/ Non-paying subscriber realtors/brokers have a limited number of listings they can post; and conversely, those who pay get their listings exposed to the biggest audience. At least, that's what the Loopnet salespeople tell us.
While you're at it, check out www.CoStar.com which bills itself as Loopnet's competition.
And no, this property on 2267 Clinton wasn't put on the market in 2006. It first appeared in March 2007. The owner likes working on this house and takes tremendous pride in it. When it was open during a broker's tour, it really wowed us because he kept a lot of the architectural details and Victorian character intact even when he remodeled the units. The "penthouse" was quite nice, and not the dark attic you may have thought. To use a cliche, it was "light and bright" perhaps due to the many windows that made it look quite cheerful.
Pacita, thanks a bunch for the information and clarification on the dates.
I'll check out costar.com as well. I haven't been tracking the MFR market, so I'm completely in the dark as far as what resources are available to market properties.
I'm also very glad the owner of this property is retaining its Victorian character--I've seen some old chopped-up Victorians that didn't look like much anymore :(