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Additional details
Listed by Willem Bos, DRE #02013980 • COMPASS
$2,295,000
Est. payment /mo
3 Beds
2 Baths
6,632 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,632 sqft
Price per Sqft $346
MLS Listing ID EB41148486
Bedrooms 3
Year Built 1963
Lot Size 6,900 Sqft
Property Sub-Type Five or More Units
Source Bridge MLS
Property Description
550 Fairmount Ave presents the opportunity to acquire a 10-unit apartment community in Grand Lake, one of Oakland's most consistently in-demand rental neighborhoods. The three-story 1963 building comprises six 1BR/1BA and four 2BR/1BA units totaling 6,632 SF on a 6,900 SF lot, set over covered off-street parking with five spaces generating additional income. Eight of the ten units have been updated leaving a clear, low-capital path to completing the program. The investment case pairs dependable in-place revenue with incredible upside: scheduled income of $19,509 per month against market rents of $26,350, an approximately 35% gap rooted in tenancies dating to 2006. At $2,295,000, the offering trades at a 7.0% current CAP and 9.3 GRM, rising to a 10.1% CAP as units turn to market. Steps from the Grand Avenue and Lakeshore retail corridors, the Grand Lake Theatre, and Lake Merritt, with MacArthur BART one mile away and immediate I-580 access, putting downtown Oakland and San Francisco within easy reach. A rare Grand Lake value-add at $229,500 per unit.
Location
State CA
County Alameda
Area Oakland Zip Code 94611
Interior
Heating Baseboard
Cooling None
Flooring Vinyl
Exterior
Exterior Feature Stucco
Garage Spaces 10.0
Others
Special Listing Condition New, Not Applicable
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