for sale › d2 › zs1ljgom7k-dza9s0... · offering memorandum this is an offering memorandum...
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O F F E R I N G M E M O R A N D U M
I N T E R N A T I O N A L R E A L E S T A T E SI NCE 1908OFFERED AT $2,950,000
FOR SALE 377-385 5th St. • Oakland, CALive-Work Redevelopment Opportunity
Industrial • Adjoining Parking Lot
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OFFERING MEMORANDUMTHIS IS AN OFFERING MEMORANDUM intended for buyers interested in the property located at 377-385 5th St, Oakland, CA as more particularly described here-in (“Property”). This memorandum contains information pertaining to the Property’s seller and has been prepared by Braun International Real Estate, (“Braun”). Although the Seller has reviewed this memorandum, it does not purport to be all-inclusive or contain all of the information that a potential investor may desire. Neither the seller, nor any of its members, officers, directors, employees or agents, nor Braun, make any representation or warranty, expressed or implied, as to the accuracy or completeness of any of the information contained herein. The Seller and Braun disclaim any liability which may be based on such information, errors therein, or omissions therefrom. All financial data contained herein is unaudited. The information contained herein represents estimates based on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that the actual results will conform to such projections. There is no representation as to environmental condition of the property, or as to any other aspect of the property.
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Los Angeles | San Francisco | Monterey | San Diegoand Offices Nationally
TODD WOHLBRE# 01912556866.568.6638BraunCo.com
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Sale Information
Market Overview
1 Investment Overview
I N T E R N A T I O N A L R E A L E S T A T E SI NCE 1908
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Investment Overview377-385 5th St, Oakland, CA1
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Braun International Real Estate is pleased to present the opportunity to acquire 377-385 5th St., currently an industrial building and parking lot investment opportunity located in Oakland, CA.
This building may be developed into an 11 unit Live/Work loft development in Oakland’s vibrant Jack London Square District.
Entitlements granted in December 2015 for construction of 11 live/work lofts, 5 in the existing building and 6 new construction units on the vacant lot. 11 parking spaces are preserved in the adjacent vacant lot. Entitlements include approved tentative parcel map to merge the two lots. The cost for the surveyor to prepare final parcel map is $2,000 and the city filing fee is approximately $2,000. The condominium plans are in draft form. Building permits were approved August 2016 but have not yet been picked up from the city of Oakland.
Comparable unit sales and rentals of other lofts in the area are at an all-time high. The site consists of an existing 2-story brick structure and an adjacent vacant lot. Demolition of the interior of the existing structure has been completed.
The property is located in the Jack London Square District and features easy access to Highway 880. The location is minutes away from the BART train system, A/C Transit bus services, an Amtrak train station and the Jack London Ferry Terminal. Within a few walking minutes of Old Oakland, Uptown and Chinatown neighborhoods, this high walk score project is one of the few remaining parcels available and is ready for immediate construction.
PROPERTY INFORMATIONPARCEL A:
Lots 9 and 10, Block 41, Kellersberger's Map of the City of Oakland, filed September 2, 1853, in Book 7, of Maps, at Page 3, Alameda County Records.
APN: 001-0145-002
PARCEL B:
All of Lots 11 and 12 and a portion of Lot 13, in Block 41 as said lots and block are shown on Kellersberger's Map of Oakland, filed September 2, 1853, in Book 7, of Maps, at Page 3, on file in the Office of the County Recorder of Alameda County, described as a whole as follows: Commencing at the Northerly corner of said Lot 11; thence along the Northeasterly line of said Lots 11, 12 and 13, S. 62° 35' 26 E., 55.00 feet; thence S. 27° 24' 34" W., 99.99 feet to the Southwesterly line of said Lot 13; thence along the Southwesterly line of said Lots 13, 12 and 11, N. 62° 35' 26" W., 55.00 feet to the Northwesterly line of said Lot 11; thence along last said line N. 27° 24' 34" E., 99.99 feet to the point of commencement.
APN: 001-0145-003
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THE OFFERINGProperty Address 377-385 5th Street,
Oakland, CA 94607Assessor’s Parcel Number Parcel A: 001-0145-002
Parcel B: 001-0145-003SITE DESCRIPTIONNumber of Units 5–6Number of Buildings 1 building and vacant lotNumber of Stories 2Build out sq ft 19,400Gross Square Feet 9,500 sq ft brick and timber
buildingand adjacent 5,500 sq ft vacant lot.
PROPERTY SUMMARY
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PARCEL MAP
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POSSIBLE PLANSExisting building can be converted into 5 live/work lofts and 6 new construction live/work lofts can be built on the vacant lot.
• All entitlements and permits have been approved by the City of Oakland.
• This project is shovel-ready.
• Parking will be provided at 1 space per unit.
Floor Plan in Square Footage
TOTAL
UNIT # 1st FLOOR AREA
MEZZANINEAREA
2nd FLOOR AREA
UNIT AREA TOTAL
1,907
2,532
1,907
2,777
1,783
1,954
1,539
1,211
913
1,423
1,460
19,406
812
762
812
1,048
838
1,210
893
939
940
8,254
1
2
3
4
5
6
7
8
9
10
11
318
810
318
601
406
744
646
3,843
777
960
777
1,128
539
1,211
913
484
520
7,309
Floor Plan in Square Footage
TOTAL
UNIT # 1st FLOOR AREA
MEZZANINEAREA
2nd FLOOR AREA
UNIT AREA TOTAL
1,907
2,532
1,907
2,777
1,783
1,954
1,539
1,211
913
1,423
1,460
19,406
812
762
812
1,048
838
1,210
893
939
940
8,254
1
2
3
4
5
6
7
8
9
10
11
318
810
318
601
406
744
646
3,843
777
960
777
1,128
539
1,211
913
484
520
7,309
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POSSIBLE PLANS
FIFTH STREET LOFTS
Front Exterior
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Location Overview377-385 5th St, Oakland, CA2
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The property is located in the Jack London Square District and features easy access to Highway 880. The location is minutes away from the BART train system, A/C Transit bus services, an Amtrak train station and the Jack London Ferry Terminal. Within a few walking minutes of Old Oakland, Uptown and Chinatown neighborhoods.
An ideal location one block from Broadway, the popular Jack London Square Shopping & Dining District, Sunday farmers’ market along the water.
HWY 880
JACK LONDON SQUARE
OLD OAKLAND
CHINATOWN
SUBJECT PROPERTY
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CITY OF OAKLANDOakland is the largest city and the county seat of Alameda County, California, United States. A major West Coast port city, Oakland is the largest city in the East Bay region of the San Francisco Bay Area.
Oakland is known for its sustainability practices, including a top-ranking for usage of electricity from renewable resources. Oakland is also known for its professional sports franchises (such as the Oakland Raiders, Oakland Athletics and the Golden State Warriors) and major corporations, which include health care, dot-com companies, and manufacturers of household products.
In recent years, Oakland has become a mecca for arts and culture, restaurants, shopping, and entertainment.
Oakland has a significant art scene and claims the highest concentration of artists per capita in the United States. In 2013, Oakland was designated as one of America’s top twelve art communities, recognizing Downtown (including Uptown), Chinatown, Old Oakland, and Jack London Square as communities “that have most successfully combined art, artists and venues for creativity and expression with independent businesses, retail shops and restaurants, and a walkable lifestyle to make vibrant neighborhoods.”
The city is a renowned culinary hotbed, offering both a wide variety and innovative approaches to diverse cuisines in restaurants and markets, often featuring locally grown produce and international styles that reflect the city’s ethnically diverse population.
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Sale Information3
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■■ Email: [email protected]■■ Phone: 866 568 6638
BUYER BROKER PARTICIPATIONA two and a half percent (2.5%) commission will be paid to any licensed broker who represents the successful buyer for the real estate.
PROPERTY INFORMATIONThe property information is a compilation of documents related to the property and is available on our website for review and download.
PROPERTY PREVIEW To schedule an appointment, email [email protected] or contact Todd Wohl.
BANKRUPTCY SALEThis property is being sold on behalf of the United States Bankruptcy Trustee. The sale of the property requires court confirmation. In court overbidding may occur if overbidders participate. Without overbidders, no overbidding will occur.
LISTING PRICE: $2,950,000
OFFERS ARE BEING CONSIDERED ON A FIRST-COME-FIRST-OFFER BASIS.
377-385 5th St, Oakland, CA
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DISCLAIMERThe information contained in the following Offering Memorandum (“OM”) Braun international Real Estate (“Braun”) has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or development prospects.
Braun is the broker. Braun makes no representations or warranties on approved uses of the property. This OM is provided for the sole purpose of allowing a potential buyer to evaluate the subject property. The potential buyer is urged to perform its own examination and inspection of the property and information relating to same, and shall rely solely on such examination and investigation and not on this brochure or any materials, statements or information contained herein or otherwise pro-vided. Neither BRAUN, its members, managers officers, employees or agents, nor any of its partners, directors, officers, employees and agents, nor seller and broker, make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this brochure or the property or any materials, statements or information contained herein or relating thereto, or as to the accuracy or completeness of such materials, statements or information, or as to the con-dition, quality or fitness of the property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources and have not been tested or verified. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be given. Without limiting the foregoing, in the event this OM contains information relating to any “hazardous materials” in relation to the property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Braun, broker, sales agents or seller, as to the existence or non-existence or nature of hazardous materials in, under, on or around the property. This OM is provided subject to errors, omissions, prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property. Braun will not be responsible if the property is unsatisfactory to the buyer in any way. Braun suggests buyers contact the city of Oakland to review plans, permits and other documents which may affect the property.