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Listed by Compass
$ 1,375,000
Est. payment | /mo
5,495 SqFt
$ 1,375,000
Est. payment | /mo
5,495 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 5,495 sqft
Price per Sqft $250
MLS Listing ID ML82045784
HOA Y/N No
Year Built 1962
Lot Size 7,500 Sqft
Property Sub-Type Other
Source Datashare MLSListings
Property Description
Price Per Unit Under $200k. 2244 12th Avenue presents a seven-unit multifamily investment opportunity in Oakland's Clinton Neighborhood, a well-established rental pocket in the East Bay. Located on a corner lot with strong street presence, the property offers immediate access to Lake Merritt, Grand Avenue, Lakeshore dining and retail, Downtown Oakland employment hubs, and direct freeway access to I-580 and I-880. The asset consists of seven 2-bedroom/1-bathroom apartments across a two-story wood frame and stucco building totaling 5,495 sq ft, built in 1962 on a 0.17-acre lot. All units are individually metered for gas and electricity. Income is further supported by a double garage leased to an on-site tenant, five designated parking spaces offered to residents for a monthly fee, and a coin-operated laundry room generating supplemental income. Units are clean and fully rentable in their current condition, with clear value-add potential for an incoming owner to modernize interiors and bring rents to market at $2,200/month. Current cap rate of 7.81% with a pro forma cap rate of 9.52% at market rents. SB 721 inspection completed. Do Not Disturb Tenants.
Location
State CA
County Alameda
Interior
Heating Wall Furnace
Cooling Other
Fireplace No
Laundry Coin Operated
Exterior
Handicap Access Other
"We would love to put our experience and successful track record to work for you. Top 1% in California" Kevin & Naomi Kieffer Compass Homes@EastBayPro.com or M. 925-300-8000"