1415 Broadway

Alameda, CA 94501

$18,600,000B-

None bd · None ba · 70,675 sqft · Built 1926 · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $235,719/mo
• Mortgage (P&I): −$97,540
• Tax + insurance: −$31,000
• HOA: −$0
• Vac / Maint / Mgmt: −$49,501
• Net cashflow: $57,678/mo
• Annual: $692,131/yr
• Cap rate: 10.01%
• Cash-on-cash: 13.29%
• DSCR: 1.59
• 1% rule: 1.27%
• Cash to close: $5,208,000

Investor read

• This is a multifamily listed at $18.60M. Condition is rated good.
• At list price, monthly cash flow is $58k ($692k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($236k rent vs $18.60M).
• It's been on market 54 days — a 3% lower offer ($18.04M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18.04M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $129k of loan paydown is wiped out by about $558k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#281 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety B+; Watch: crime F, amenities F, cost of living F.
• Alameda Unified (suburban): math 59% / reading 70% proficiency, ranked #149 of 1,400 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 177 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $5.21M cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 1.7% in Alameda — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $235,719/mo this rent would consume 2211% of the median local household income ($128k/yr) (locally 3146% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.