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$ 1,295,000
Est. payment | /mo
5,000 Sqft Lot
$ 1,295,000
Est. payment | /mo
5,000 Sqft Lot
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 41079321
HOA Y/N No
Year Built 1943
Lot Size 5,000 Sqft
Property Description
An exceptional investment opportunity in the highly sought-after Grand Lake area, just behind the iconic Grand Lake Theater. This two-story, 5-unit apartment building features a front structure built in 1943, with a rear addition built later, providing a total of +/-4,605 square feet of living space. The unit mix includes (4) 2-bedroom/1-bath units & (1) 1 bedroom/1-bath unit. In a vibrant neighborhood with increasing property values & strong demand for housing, this is a prime opportunity for investors. $76,488/annually (+/-4.725% cap rate, +/-16.93 GRM). Vacant 2bd/1ba offers significant rental upside $105,960 +/-annually (+/-6.54% cap rate, +/-12.22 GRM). Add value opportunity with potential projected rental income of $153,600+/-annually (+/-9.35% cap rate, +/-8.56 GRM). (5) Gas meters, (4) Electric meters, (4) Water meters, (5) Off-street parking spaces. Situated between Grand Ave and Lakeshore Ave, join friends for brunch at one of the many diverse eateries or catch the latest movie from the iconic Grand Lake Theater or gather your organic produce every Saturday morning at the farmer's market. Enjoy the Lake Merritt vibe and get in your daily exercise along the lakefront with a WalkScore of 97. Located near BART, downtown Oak-SF, casual carpool & major freeways.
Location
State CA
County Alameda
Interior
Heating Gravity, Wall Furnace
Cooling None
Fireplace No
Exterior
Roof Type Composition,Shingle
Total Parking Spaces 5
Others
Tax ID 1183761
Listed by Giuseppe Zumbo • Corcoran Icon Properties
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "