220 Athol Ave, Oakland, CA 94606

Located at 220 Athol Ave in Oakland, this multifamily property presents a compelling investment opportunity with a list price of $4,750,000, translating to roughly $190,000 per unit and $193.72 per square foot. Constructed in 1966, the property consists of 25 units on a spacious 0.26-acre lot, totaling 24,520 square feet of building area. The asset features a diverse unit mix consisting of 1 two-bedroom/2-bathroom penthouse unit, 7 two-bedroom/2-bathroom units, 16 1-bedroom/1-bathroom units, and 1 studio unit. complemented by 25 garage parking spaces that provide ample and convenient access for residents. Zoned R70 under Oakland's multifamily general plan, the property supports continued multifamily operations in a highly desirable East Bay location.

From a financial perspective, the property offers a current cap rate of 6.03% and a GRM of 9.39, with a current occupancy rate of 96%. Current scheduled rents total $42,134 per month, which leaves clear upside to market rents of $59,730 per month. With strategic lease-up of the vacant unit and professional management, a pro forma cap rate of 10.17% and a GRM of 6.63 can be achieved, establishing stabilized investment returns. Utilities are efficiently structured, with water master-metered, electric and gas individually metered, and the landlord responsible for the house meter, providing a balanced operating framework.

The property benefits from a prime Oakland location, offering residents convenient access to major East Bay employment centers, public transit, and essential retail and dining amenities. The combination of significant lease-up upside, stabilized near-market rental rates across the occupied units, and highly competitive per-unit pricing positions this asset as a strong multifamily investment, providing both immediate value-add potential and long-term appreciation in a centrally located Bay Area submarket.