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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

Listed by Willem Bos • COMPASS • 415-660-9955

$2,295,000

Est. payment - /mo

6,632 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type 5 or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 6,632 sqft

Price per Sqft $346

Subdivision Oakland

MLS Listing ID 41148486

HOA Y/N No

Year Built 1963

Lot Size 6,900 Sqft

Property Sub-Type 5 or More Units

Source Bridge AOR

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

Interior

Heating Baseboard

Cooling None

Flooring Vinyl

Fireplace No

Building

Lot Description Corner Lot

Water Public

Others

Special Listing Condition Standard

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Patricia Beattie

+1(415) 286-8292

Broker License ID: 01405369

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550 Fairmount Ave Oakland, CA 94611

Patricia Beattie

Key Details

Location

Interior

Building

Others

Nearby School & Business

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