Alameda Hotel Apartments Hit Market in Rare Listing

A nearly century-old apartment building in downtown Alameda is on the market for the first time this millennium.

The 93-unit Alameda Hotel Apartments at 1415 Broadway has hit the market for the first time in more than three decades, the San Francisco Business Times reported. Colliers is marketing the Spanish Colonial Revival property for $18.6 million, or roughly $200,000 per unit and $263 per square foot.

The asking price is below the Alameda County Tax Assessor’s 2025 estimated value of $21.3 million. The current owner, an entity known as 1415 Broadway Alameda LLC, appears to be tied to a private real estate investor based in Lafayette, according to the Business Times.

The unit mix reflects the building’s vintage hotel roots. Of the units, 18 are sleeping rooms with shared bathrooms, while another 21 have private baths. The rest include 32 studios and 22 one-bedroom apartments. In addition to the residences, the building contains 14 ground-floor retail spaces and an 11,000-square-foot event venue with a ballroom, meeting rooms and an outdoor courtyard.

Its listing comes just weeks after a fire broke out in one of the units at the 1926-built property. Investigators are still determining the cause of the fire, which was extinguished within about 20 minutes, the Alameda Post reported.

The nearly $19 million price tag underscores how apartment values across the East Bay have continued to soften amid elevated interest rates and difficult refinancing conditions. The sale adds to a growing batch of East Bay apartment trades closing below peak-era valuations and, in many cases, below replacement cost. Older properties have generally held up better than newer construction, which has struggled under financing pressure and pandemic-era rent declines.

Last month, a WSB Properties affiliate bought a 27-unit building at 316 12th Street in Oakland for $8.1 million, roughly half of its development cost. Earlier this year, The Martin Group acquired the 224-unit property at 1889 Harrison Street in downtown Oakland for $61 million, approximately half of its assessed value.

A surge in demand for residences, particularly in San Francisco, could turn the region’s fates around. Other cities in the East Bay like Emeryville and Richmond have seen rents increase in turn. Alameda is required by the state to plan for 5,353 new homes by 2031, though it has only permitted 663, according to the Business Times. At the start of last year, there were no multifamily properties under construction in the East Bay city, and none were delivered in the previous year, per a report from NAI NorCal.

— Chris Malone Méndez