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Corcoran Icon Properties Lists Oakland’s Historic Coit Hotel
Guiseppe Zumbo with Corcoran Icon Properties’ Montclair Office in Oakland has just listed the historic Coit Hotel at 1445 Harrison Street, on the corner of 15th Street. Now called 1445 Harrison Apartments, this 118-unit multi-family residential property was built in 1925 and was home to the Harmony Café, operated by Sarah Jane “Sadie”
Greatherd for many years. Historic documents identify the Coit Hotel as having “sensible rates.”
The nearly-century-old building was designed by noted architect Leonard Ford (1892-1971). A Louisiana native, Ford was the City Architect for the City of Walnut Creek and designed many commercial structures in the East Bay during his career.
Maxwell Hardware Company (“The Always Reliable Store”) provided the fittings and other material for the construction of the hotel. Maxwell Hardware, established in 1886 by Calvin L. Maxwell, was the first store on 12th Street near Broadway. The chain grew to six locations over the years until its closure in the 1960s.
The Coit Hotel building recalls a nostalgic time of beauty and opulence though it is now a multifamily residential property of approximately 55,750 square feet with one retail space and 45 parking spaces on an entitled lot. The lot size is nearly 19,000 square feet located in the heart of Oakland’s central business district near Lake Merritt.
Units include private kitchens and baths, many of which have been renovated with incandescent lighting, energy-efficient showerheads, and water-saver lavatories. Funds have been allocated for a solar heater system and dual-pane windows. With minimal deferred maintenance and convenient management, the cash flow is robust, and includes two laundry rooms with a total of 17 coin-operated/card pay washers and dryers for additional income. The basement has 35 secured storage units with space to add more.
The property is primarily a low-income project with a regulatory agreement through the California Tax Allocation Committee with 25 years remaining. The building qualifies with the state and county and receives a welfare exemption that allows a secure property tax waiver on all ad valorem taxes, only bonds and assessments are paid. This increases the capitalization rate and cash-on-cash return beyond competing buildings for a greater return.
“This is an excellent investment opportunity in an active income-producing property,” commented Zumbo. “The building provides a great hedge against inflation and recession.”
The Davis-Coit Apartments is listed for $29,794,000 (based on a $23,799,000 sale of the apartment building and a $5,995,000 sale of the entitled lot). The entitled lot, located at the rear of the property, could potentially be subdivided with a lot line adjustment and approved for a 127-unit development. For the Offer Memorandum & Disclosures, please see https://app.disclosures.io/link/1445-Harrison-Street-ytfxccb0.
Listing agent Giuseppe Zumbo is native to the Bay Area and worked alongside his grandfather in the family business during his formative years, where he learned the value of hard work, public service, and integrity. He is dedicated in his commitment to give back to his community and is actively involved with the Alameda County Food Pantry and in supplying food and clothing to those in need. He may be reached at (510) 331-5153 or giuseppe.zumbo@corcoranicon.com.
Corcoran Icon Properties Presents Sentinel Ridge, Wine Country Retreat and Vineyard Estate
Henry Schlangen, Senior Sales Associate with Corcoran Icon Properties’ St. Helena office, presents Sentinel Ridge, a legacy vineyard estate in California’s world-renowned Wine Country. Howell Mountain, which rises more than 1,600 feet about the iconic valley and upon which Sentinel Ridge sits, affords breathtaking views.
The entire compound was designed to maximize the impact of its setting in Napa Valley and minimize the impact of its footprint in nature. With over 3,600 square feet of gracious living space, the property seamlessly combines elegance and nature in an organic blend of both. The estate was originally commissioned by a couple seeking refuge from their Midwest suburban home, and grandly surpasses that original desire.
This amazing 12-acre parcel offers gracious living that includes an expansive recreation barn where large sliding doors can be opened to connect with the great outdoors. One outstanding feature is the large table, made of reclaimed and repurposed materials, which slides along tracks, and functions as either a dining table or a tasting table for the adjacent wine cellar.
The structure includes a mezzanine, referred to as “the perch,” which is ideally suited as an office, plus a living room, kitchen, primary suite, and three en suite bedrooms. “The home’s overall effect – a careful and studied blending of interior and exterior – always manages to bring the attention back to the perfection of the land outside,” a studio spokesperson explained.
When it was time to enlist the services of a viticulturist and winemaker, the esteemed Davie Pina and Russell Bevan were obvious choices. Davie was tasked to design, plant, and manage the vineyard at the highest level and Russellto make the finest estate Cabernet Sauvignon possible. With scores reaching a high of 99 points, the vineyard has not disappointed.
Designed by Field Architecture in concert with landscape architects, Roche and Roche, the agrarian-styled home has received multiple awards and acknowledgments for innovation and design. Field Architecture has been recognized with the AIA California Council’s Residential Honor Award for Sentinel Ridge, featured in Luxe Magazine and Architect Magazine. It was also one of the two Erin Martin Design projects featured in Andrew Martin’s Interior Design Review World’s Top 100 Designers, in which Erin Martin was named Interior Designer of the Year.
Built in 2016, Sentinel Ridge received a 2020 Merit Award in the Residential Design category from the Northern California Chapter of the ASLA. The property is featured on the cover of the coffee table book Wine Country Living, published by Rizzoli New York in 2020. Grassi & Associates received awards for its construction and Dexter Estate Landscapes for landscape construction.
“The serenity and beauty of the setting along with the grace and grandeur of the residence combine to make Sentinel Ridge a magical dwelling place,” remarked Henry Schlangen, listing agent. “The materials of the structure blend seamlessly with the environment creating a calm and serene ambience.”
Sentinel Ridge is listed for $7.5 million. Schlangen may be reached at 707.235-5951 or
Corcoran Icon Properties Lists Historic Heritage Home in Petaluma
Victorian Specialist Bonnie Spindler has just listed the architecturally-significant residence, designed by Julia Morgan, located at 707 D Street in historic downtown Petaluma. This is one of only four Julia Morgan homes in Petaluma, and it is one of her earlier commissions. Built-in 1911, the home is over 3,000 square feet of gracious living and reflects Morgan’s distinctive architectural flair.
The home last sold in 1973, and the agent has the original architectural plans. The four-bedroom, 2.5-bath residence includes a den, family room, and formal dining room. The kitchen was modernized a few years ago, but many of the home’s original features have been preserved. The low-slung windows present an abundance of natural light as well as street views of the vintage neighborhood.
Julia Morgan, a trailblazer in many aspects, was the first woman to achieve an architectural license/engineering degree. She was the first woman to earn the American Institute of Architects highest award, the AIA Gold Medal (posthumously). She designed over 700 buildings in California during her illustrious career but is best known for her work on Hearst Castle in San Simeon. Noted for her expertise with the turn-of-the-century First Bay Area Tradition, she embraced an aesthetic blend of classical, craftsman, formal, and whimsy in her work.
“This home is a blend of Prairie and Tudor styles, and sits on a sizeable lot of 8,400 square feet,” commented Spindler. “The D Street neighborhood is well recognized for its delightful variety of historic architecture and beautifully preserved homes.”
Bonnie Spindler, listing agent and noted Victorian Specialist, shares her time between Petaluma and San Francisco, and specializes, though is not restricted to pre-1926 architecture. Both her residences embody her love of all things historic. She bought her first home at the age of 23 and has invested in a multitude of homes ever since. With 30 years in the business, she still enjoys the ever-changing facets of real estate, the challenges to overcome, and the clients who become friends as well as life-long clients. She is tenacious in her pursuit of excellence and is committed to giving back to her communities. She has served as a board member position on the Institute of Classical Architecture & Art, which presents the Julia Morgan Design Awards for Excellence to architects, designers, artisans, students, builders, and patrons; the Petaluma Woman’s Club where she serves as House and Grounds Chair. The PWC is 150 years old and is housed in a Heritage Club House designed by Brainard Jones (a native son who designed 80 percent of the historic homes in Petaluma). She serves on the San Francisco Zen Center’s development committee and has served on the Alamo Square and Victorian Alliance.
Petaluma is a charming riverfront town on Highway 101 just 40 miles north of San Francisco and a bit south of Santa Rosa. Sunset magazine described Petaluma’s downtown area as a “well-watered, well-fertilized, mature Main Street USA.” With 65 sites on the National Register of Historic Places, Petaluma is also home to the Butter & Egg Festival. The SMART (Sonoma-Marin Area Rail Transit) train stops in the downtown center.
The D Street home is listed for $1.15 million. Bonnie Spindler may be reached at 415.706.6660 or properties@bonniespindler.com.
