Real Estate Agent · Alameda, CA · Member since 2016 · 4 posts · 0 votes
Hi Guys,
I need some suggestion from you if you can! I would need to appraise a Multiunit of 4 units in Oakland, CA 94609 : the sq. ft. is 5231, built it in 1907, and they get a rent of $4200, $3500, $3700 per month being 3 bed, 2 bath; 2 bed, 1 bath; 2 bed, 1 bath .
Would you be able to come up with a Market Value of the Home?! Pass me some suggestions if you can!
the rents look great but sadly they mean nothing when it comes to appraising it. Value of 4 unit buildings is solely derived from the neighborhood comps and then adjusted for quality and room count.
Those rents look great and seem extremely high, even in this market.
Raffaele do post what you find out, I am curious too about the cap rate in our area, I do not think we can accomplish the 1% rule in the better neighbourhoods of Oakland at the current prices. From what I have seen the rate is around 6-7%. If others have more knowledge into this, please comment.
the rents look great but sadly they mean nothing when it comes to appraising it. Value of 4 unit buildings is solely derived from the neighborhood comps and then adjusted for quality and room count.
Those rents look great and seem extremely high, even in this market.
I need some suggestion from you if you can! I would need to appraise a Multiunit of 4 units in Oakland, CA 94609 : the sq. ft. is 5231, built it in 1907, and they get a rent of $4200, $3500, $3700 per month being 3 bed, 2 bath; 2 bed, 1 bath; 2 bed, 1 bath .
Would you be able to come up with a Market Value of the Home?! Pass me some suggestions if you can!
Thanks, Raffaele
Like @Account Closed implied, go run comps like you normally do, limiting your search to ballpark other Victorian 3-4 unit conversions that are nearby and recently sold, to the greatest extent possible.
thanks for your reply online here; to answer to Chris, there is not much similar homes sold around that area, and i was trying to compare other 4 Units sold in Oakland recently: but the fact is that they all have only 50% of the rent that those one I have! So I don't really know how to calculate the Real value of this Home!
And for the cap rate, probably I should follow Barry, I agree the cap rate can be around 6%-7% .
If anyone can come up with an idea of the Market Value it would be a great help for me: the area is Bushrod in Oakland, before South Berkeley!
4-plex for sale in 94610 <Adams Point) Oakland for 1,395,00. Rent roll of 82,716 - needs work for sure. It's a converted SFH built in 1907 also. maybe that helps.