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Listed by Compass
$ 1,375,000
Est. payment /mo
Pending
2244 12th Avenue Oakland, CA 94606
5,495 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 5,495 sqft
Price per Sqft $250
MLS Listing ID ML82045784
HOA Y/N No
Year Built 1962
Lot Size 7,500 Sqft
Property Sub-Type Other
Source Datashare MLSListings
Property Description
Price Per Unit Under $200k. 2244 12th Avenue presents a seven-unit multifamily investment opportunity in Oakland's Clinton Neighborhood, a well-established rental pocket in the East Bay. Located on a corner lot with strong street presence, the property offers immediate access to Lake Merritt, Grand Avenue, Lakeshore dining and retail, Downtown Oakland employment hubs, and direct freeway access to I-580 and I-880. The asset consists of seven 2-bedroom/1-bathroom apartments across a two-story wood frame and stucco building totaling 5,495 sq ft, built in 1962 on a 0.17-acre lot. All units are individually metered for gas and electricity. Income is further supported by a double garage leased to an on-site tenant, five designated parking spaces offered to residents for a monthly fee, and a coin-operated laundry room generating supplemental income. Units are clean and fully rentable in their current condition, with clear value-add potential for an incoming owner to modernize interiors and bring rents to market at $2,200/month. Current cap rate of 7.81% with a pro forma cap rate of 9.52% at market rents. SB 721 inspection completed. Do Not Disturb Tenants.
Location
State CA
County Alameda
Interior
Heating Wall Furnace
Cooling Other
Fireplace No
Laundry Coin Operated
Exterior
Handicap Access Other