3104-3112 & 3130 14th Ave Oakland, Ca 94602
DESPERATE / MUST SELL!!! REDUCED $851K - 7% CAP - 3% Financing - 8.5 $ on $
Marketing description
DESPERATE / MUST SELL!!! MOTIVATED SELLER!!!
COOPERATING WITH ALL BROKERS!
Building Description: This very nostalgic 2 story property is located at 3104-3112 & 3130 14th Ave in Oakland California. It has 32,382 rentable square feet, with 29 large apartments. The property was built in 1949, 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, electric meters and individual hot water heaters minimizing the owner’s expenses. There is 20% upside in the current rents. With 20% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. There are two separate parcels, one is an 8 unit and the other is a 21 unit.
The apartment unit mix is 2 Studios, 23 one-bedroom units and 4 two-bedroom units and there are 7 garages attached for parking and 8 covered 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 building is located across the street from the Highland Hospital complex and about 2 blocks from the west bound ramp to 580. There is a Quik Stop gas & convenience store across the street. The building is situated in the middle of some very popular Oakland destinations. It's 2 miles to Lake Merritt and less than 1 mile to both Glenview (shops & restaurants including Blackberry Bistro) and Fruitvale Blvd. which features many shops and a Safeway grocery store.
Construction is typical wood framing with concrete foundation walls raised to create a partial basement on the southern portion and slab on grade foundation on the northern portion. The exterior finishes consist of painted brick veneer and stucco siding. The flat roof contains built up covering. Units are heated by electric wall heaters. Domestic hot water is provided by a central gas fired boiler located in the basement. Domestic water lines are copper. Electrical wiring is observed as copper. The subject has no deferred maintenance and is in good condition.
Investment highlights
DESPERATE / MUST SELL!!! MOTIVATED SELLER!!!
Existing first loan with Chase Bank of $2,550,000 @ 3.15% payable monthly $11,800, due date 2032 buyer may assume
20% Upside in the Rents
Existing Cap 6.1%, Market Cap 7.6%
Existing Gross Rent Multiplier 11.1 Market Gross Rent Multiplier 9.4.
Existing Cash on Cash Return 6.4% Market Cash on Cash Return 9%
High growth city and area influencing great appreciation potential
No deferred maintenance - Easy Management
Strong Rent Upside. Trouble free income and management
Across the street from Highland Hospital.
Offers immediate scale in a supply constrained market.
Tremendous access to major employers- Drafting off of eastward migration.
Major Discount to homeownership as Oakland median home prices rise: 63% discount.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
