Updated Dec 4, 2024
Local Investor Acquires Retail Property In San Leandro For $2.95M
1423 East 14th Street & 1427 East 14th Street
$2,950,000
$223/SF
Building Size
6,603 SF
Asset Type
Retail
Closing
Feb 21, 2024
About this deal
AI
A 6,603-square-foot retail property located at 1423-1427 East 14th Street in San Leandro was sold for $2.95 million. The transaction was facilitated by brokers Quentin Caruso and Vince Schwab from Marcus & Millichap. The property was acquired by a local investor who intends to retain existing tenants such as Tsuru Sushi and Ippai Izakaya on triple-net leases.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,950,000
- Market: San Leandro
- Address: 1423-1427 East 14th Street
- Square Footage: 6,603
- Brokers: Quentin Caruso & Vince Schwab - Marcus & Millichap
In this deal, Marcus & Millichap's Quentin Caruso and Vince Schwab played a vital role in connecting the local investor with the retail property. The decision to uphold the current tenants, Tsuru Sushi and Ippai Izakaya, on triple-net leases highlights the investor's strategy to maintain steady rental income from the property.
On the Map
$2,950,000
$223/SF
Retail
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Players
San Leandro Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.38%
Cash-on-Cash
-1.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93