RM-4 Mixed Housing Type Residential
The subject property is located in Oakland, CA just minutes away from the nearest bar station on Fruitvale and less than a mile away from HWY 880 & HWY 580. The City of Oakland has a total population of 435,224 residents living within the city limits and is seeing an average annual growth rate of .40%. Roughly 60% of Oakland’s residents are renters and several of those being commuters to other cities within the Bay Area. With the closest bar station within walking distance of the property, any resident will have the ability to commute to San Francisco, Richmond, East Bay, or San Jose.
This 2-story, fully leased, 8-unit multi-family investment property is available for sale at a 3.8% cap rate with a NOI of $76,296.00. The property has one two-bedroom unit, one studio, and 6 one-bedroom units. The property also has 5 garages that produces an additional $955.00 per month . Additionally, the onsite laundry generates $1,950.00 per year in revenue.
This investment property has a 2-year-old roof with a fresh coat of exterior paint and 8 storage units. Also, the property is individually metered for gas and electric allowing for lower operating expenses. This asset is positioned in the middle of HWY 580 & HWY 880 making it easy to access multiple freeways along with a BART station before freeway access.