Score
0Albany, CA
555 Pierce St APT 506
418K
2 beds
2 baths
1,160 sqft
2 bd • 2 ba • 1,160 sf
This analysis was generated on 1/27/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$418,000
Price/Sq.Ft
$360
Year Built
1977
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• The property has a relatively low price per square foot ($360.34) compared to other properties in Albany, making it a more affordable option in a competitive market. This is especially true for buyers who don't mind doing some remodeling. Comparable condos in Albany average $450-$600 per square foot.
• The property has new laminate flooring, new paint, and new appliances, which provide a good starting point for buyers who want to personalize the unit.
• The HOA dues are comprehensive, covering cable TV, internet, water, garbage, common area maintenance, common hot water, exterior maintenance, hazard insurance, management fee, reserves, security, and grounds maintenance. This is a significant benefit, simplifying monthly budgeting and reducing the need for separate bills.
• The community amenities are a major selling point, including a heated outdoor pool, tennis courts, an indoor gym, and a sauna. These amenities enhance the quality of life for residents and provide recreational options.
• The property is located in a desirable area, near Pierce Street Park, Pacific East Mall, freeway access, El Cerrito BART, and AC Transit SF Commuter Bus lines. It's also close to Solano Avenue's restaurants and shops, providing convenient access to local amenities.
• The property is within the highly acclaimed Albany School District, which is a major draw for families with children. The school ratings are: Ocean View Elementary 6/10, Albany Middle 8/10, and Albany High 10/10.
• The property has a designated parking spot assigned on the deed, which is a valuable feature in a densely populated area.
The Bad
• The unit needs remodeling beyond the new flooring, paint, and appliances. This will add to the overall cost and time commitment for the buyer. The property description explicitly states that it is 'in need of remodeling,' which could include the kitchen, bathrooms, and potentially other areas.
• The building is older, built in 1977, which could mean potential issues with older plumbing, electrical, and HVAC systems that may need future costly repairs or replacements.
• The property has no yard, which may be a drawback for some buyers who value private outdoor space. The enclosed balcony may not be sufficient for those seeking a true outdoor space.
• The property is located in an area with high traffic and is close to industrial areas, which may lead to noise and air quality concerns. The air quality risk is rated as 'EXTREME' (9/10).
• The unit is 1,160 square feet, which is not particularly large for a 2-bedroom, 2-bathroom condo. This may be a concern for buyers needing more space. The original enclosed balcony (1060 sqft) is included in the stated living space, which is not ideal.
The Ugly
• The 'EXTREME' air quality risk (9/10) is a significant concern, with 16 bad air days per year. This may require additional expenses for air filtration systems and could pose health risks, especially for those with respiratory conditions.
• While the HOA covers hazard insurance, it does not include earthquake insurance. Given that Albany is located near the Hayward Fault, the risk of earthquakes is substantial, and buyers will need to purchase separate earthquake insurance, adding to the monthly cost of ownership.
• The lack of room details is concerning, as it is difficult to assess the layout and size of individual rooms. This lack of information could be a red flag for buyers.
• The property has a history of significant price fluctuations, with a 44.1% increase since the last listing. This could indicate market volatility and potential for future price instability.
• The property's location near industrial areas and a major freeway may lead to noise and environmental concerns that are difficult to resolve.
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Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• First-time homebuyers looking for a relatively affordable entry point into the Albany market, particularly those who don't mind doing some renovations. The price per square foot ($360.34) is lower than many other properties in the area.
• Buyers who value community amenities such as a pool, tennis courts, gym, and sauna. The inclusion of these facilities within the HOA is a plus.
• Commuters who need easy access to public transportation. The property is conveniently located near El Cerrito BART and AC Transit SF Commuter Bus lines.
• Individuals or couples who appreciate a walkable neighborhood with access to parks, shopping, and dining, with Pierce Street Park, Pacific East Mall, and Solano Avenue in close proximity.
• Buyers who prioritize access to highly-rated public schools. The property is within the boundaries of the highly acclaimed Albany School District (Ocean View Elementary 6/10, Albany Middle 8/10, and Albany High 10/10).
Not For
• Buyers who want a move-in-ready property and are not interested in undertaking any remodeling projects. The description explicitly states that the unit is 'in need of remodeling,' which means additional time and expense will be required.
• Buyers sensitive to air quality issues. The property has an 'EXTREME' air quality risk (9/10) with 16 bad air days per year. This could be a significant concern for individuals with respiratory issues.
• Those who need a yard or outdoor space. This property has no yard, and the enclosed balcony might not be sufficient for buyers seeking private outdoor space.
• Buyers who prefer newer construction. The building was built in 1977, which means that there will be older building systems and could require costly updates.
• Buyers who are particularly sensitive to noise or prefer a very quiet living environment, given the property's proximity to industrial areas and a major freeway.
Demographics
Area Median Income
$115,712
Property History
Price History
Ownership Timeline
$0Cash Purchase
Jul 11, 2002Saeed Javaheri, Saeed Javaheri Living TrustGerald L Fitzpatrick, Jeanne Y Fitzpatrick
Re-Recorded Document
Non-Arm's Length Transactions
$0Cash Purchase
Jul 11, 2002Saeed Javaheri, The Saeed Javaheri Living TrustGerald L Fitzpatrick, Jeanne Y Fitzpatrick
Re-Recorded Document
Non-Arm's Length Transactions
$0Cash Purchase
Jul 11, 2002Saeed Javaheri, The Saeed Javaheri Living TrustGerald L Fitzpatrick, Jeanne Y Fitzpatrick
Re-Recorded Document
Non-Arm's Length Transactions
$290,000Cash Purchase
Jul 11, 2002Saeed Javaheri, The Saeed Javaheri Living TrustGerald L Fitzpatrick, Jeanne Y Fitzpatrick
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Feb 16, 2002Saeed JavaheriSaeed Javaheri, Saeed Javaheri Living Trust
Intrafamily Transfer
Non-Arm's Length Transactions
$270,000Financed
May 30, 2001David E Carman, Helen CarmanSaeed Javaheri
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Nov 29, 2000David E Carman, Helen CarmanDavid E Carman, Helen Carman
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Jun 29, 1999Betty ChiangDean Chiang
Intrafamily Transfer
Non-Arm's Length Transactions
$168,000Financed
Jun 28, 1999Dean ChiangDavid E Carman, Helen Carman
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
May 3, 1999Suian Trust , Dean ChiangDean Chiang
Gift Deed
Non-Arm's Length Transactions
Property Taxes
$2,422
2024 Tax Assessment
1.6%from previous year
Assessed Value$79,258
Tax Rate3.06%
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Risk Assessment
Climate Risks
airSEVERE
16 bad air quality days per year
heatMINIMAL
6 extreme heat days per year
98th percentile: 82°F
floodMINIMAL
FEMA Zone: Minimal Risk Area
Insurance: Optional
fireMINIMAL
Insurance: Optional
windMINIMAL
Insurance: Optional
Risk Analysis
• High Air Quality Risk (9/10): The property is located in an area with significant air quality issues, with 16 bad air days per year. This can lead to health concerns and may require additional expenses for air filtration systems.
• Remodeling Costs: The property description indicates that it is 'in need of remodeling,' which means additional costs beyond the purchase price. This could include updating the kitchen, bathrooms, and potentially other areas of the unit.
• Earthquake Risk: The property is located near the Hayward Fault, so there is a risk of earthquakes. It's essential to have adequate earthquake insurance and understand the seismic safety of the building. The HOA hazard insurance does not cover earthquake damage.
• Older Building: Being built in 1977, the building is older, and there may be potential issues with older plumbing, electrical, and HVAC systems that may require costly repairs or replacements.
• Potential for Special Assessments: It is essential to review the HOA's financial health and reserves to understand the likelihood of special assessments for major repairs or upgrades. The HOA includes many services, so a good reserve is important to avoid large assessment costs in the future.
Insurance
Annual Cost
$1,505
$125 per month
Cost & Affordability
Monthly Costs
Breakdown of estimated monthly expenses for this property
Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements
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20.0% of purchase price
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$418 monthly
$125 monthly
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Schools
Albany Middle School
Public•Grades 6-8
9/10
Middle
862 students
Albany High School
Public•Grades 9-12
9/10
High
1,168 students
Financials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$418,000
Price/sqft
$360
Layout
2 bd•2 ba
Days on market
20 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$848,240
50.7%
Your price is 50.7% below average
Median Price
$855,000
51.1%
Based on 6 recent sales
Price per Sq.Ft
$738
51.2%
Your price is 51.2% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 722 Richmond St, El Cerrito, CA 94530 | $855,000 | 1,184 | 2 | 2 | $722100.4% | 12/12/2024 |
| 1122 Santa Fe Ave, Albany, CA 94706 | $1,300,000 | 1,165 | 2 | 2 | $1,116209.7% | 10/2/2024 |
| 544 Madison St, Albany, CA 94706 | $1,105,440 | 1,098 | 3 | 2 | $1,007179.4% | 10/4/2024 |
| 535 Pierce St #5400, Albany, CA 94706 | $649,000 | 1,170 | 2 | 2 | $55553.9% | 9/9/2024 |
| 535 Pierce Street #3402, Albany, CA 94706 | $685,000 | 1,170 | 2 | 2 | $58562.5% | 9/1/2024 |
| 555 Pierce St #931, Albany, CA 94706 | $495,000 | 1,113 | 2 | 2 | $44523.4% | 9/6/2024 |
722 Richmond St, El Cerrito, CA 94530
Price: $855,000
Sq.Ft: 1,184
Beds/Baths: 2/2
$/Sq.Ft:
$722100.4%
Sale Date: 12/12/2024
1122 Santa Fe Ave, Albany, CA 94706
Price: $1,300,000
Sq.Ft: 1,165
Beds/Baths: 2/2
$/Sq.Ft:
$1,116209.7%
Sale Date: 10/2/2024
544 Madison St, Albany, CA 94706
Price: $1,105,440
Sq.Ft: 1,098
Beds/Baths: 3/2
$/Sq.Ft:
$1,007179.4%
Sale Date: 10/4/2024
535 Pierce St #5400, Albany, CA 94706
Price: $649,000
Sq.Ft: 1,170
Beds/Baths: 2/2
$/Sq.Ft:
$55553.9%
Sale Date: 9/9/2024
535 Pierce Street #3402, Albany, CA 94706
Price: $685,000
Sq.Ft: 1,170
Beds/Baths: 2/2
$/Sq.Ft:
$58562.5%
Sale Date: 9/1/2024
555 Pierce St #931, Albany, CA 94706
Price: $495,000
Sq.Ft: 1,113
Beds/Baths: 2/2
$/Sq.Ft:
$44523.4%
Sale Date: 9/6/2024
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