303 Lee Street Oakland, Ca 94610
DESPERATE / MUST SELL!!! 4% in Place Financing - Across from Lake Merritt
Marketing description
DESPERATE / MUST SELL!!! MOTIVATED SELLER!!!
COOPERATING WITH ALL BROKERS!
Building Description: This very nostalgic 3 story property is located at 303 Lee Street in Oakland California. It has 18,720 rentable square feet, with 25 large units including 7 two-bedroom one-bathroom and 18 one-bedroom/one-bathroom all with private baths and kitchens. The property was built in 1964, with a concrete perimeter foundation, exterior walls are wood, and the roof is composition shingle. There is laundry on site. 80% of the units have been renovated. All units have separate gas and electric meters minimizing the owner’s expenses. The apartment unit mix is 7 two bedrooms and 18 one-bedroom units; there are 23 parking spaces. The quality of the building is maintained with pride. The units are separately metered for gas, electricity and hot water. The units have pleasant views from the entry and living room of upstairs units. The laundry is coin operated for additional income. The subject has no deferred maintenance and is in good condition.
303 Lee Street is in an amazing location perched on top of the hill in Adams Point. It is a few blocks walk to Lake Merritt, local AC Transit and 19t Street BART is only a few minutes on foot. The property has (18) one bedrooms units and (7) two bedroom units. The spacious penthouse unit has amazing Lake Merritt and city views! The building is well constructed with a poured in place concrete garage and is exempt from the Oakland Soft Story, with subterranean parking for all tenants.
303 Lee Street is situated in Adam Point, one of Oakland’s most sought-after neighborhoods. The location grants easy access to Lake Merritt, downtown Oakland, 19th Street BART and Whole Foods Market. Tucked away on a quiet tree-lined street, residents enjoy peaceful settings with close proximity to many vibrant amenities including shopping on Lakeshore Blvd, numerous dining options along Grand Ave, a popular weekly Farmers Market and entertainment at the Grand Lake Theater. With it’s blend of desirable units, neighborhood charm and easy walk ability to an array of attractions and local businesses, 303 Lee Street presents a unique opportunity to secure a high-quality investment in the Oakland apartment market.
Investment highlights
GREAT DEAL IN HIGHLAND PARK!
Existing first loan with Chase Bank of $4,241,000 @ 4.10% payable monthly $21,668, due date of November 1, 2032, buyer may assume.
DESPERATE / MUST SELL!!! MOTIVATED SELLER!!!
Existing Cap 5.3%, Market Cap 6.2%
Existing Gross Rent Multiplier 12.3 Market Gross Rent Multiplier 11.1
Existing Cash on Cash Return 4.5% Market Cash on Cash Return 6.2%
High growth city and area influencing great appreciation potential
No deferred maintenance - Easy Management
Strong Rent Upside. Trouble free income and management
Walking distance to Lake Merritt.
Offers immediate scale in a supply constrained market.
Tremendous access to major employers- Drafting off of eastward migration.
Resilient growth market fundamentals in post-COVID recovery
Major Discount to homeownership as Oakland median home prices rise: 63% discount.
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