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Listed by Willem Bos • COMPASS
$2,295,000
Est. payment /mo
6,632 SqFt
Active
550 Fairmount Ave Oakland, CA 94611
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Key Details
Property Type Commercial
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,632 sqft
Price per Sqft $346
Subdivision Oakland
MLS Listing ID 41148486
HOA Y/N No
Year Built 1963
Lot Size 6,900 Sqft
Property Sub-Type 5 or More Units
Source Bridge AOR
Property Description
550 Fairmount Ave presents the opportunity to acquire a 10-unit apartment community in Grand Lake, one of Oakland's most consistently in-demand rental neighborhoods. The three-story 1963 building comprises six 1BR/1BA and four 2BR/1BA units totaling 6,632 SF on a 6,900 SF lot, set over covered off-street parking with five spaces generating additional income. Eight of the ten units have been updated leaving a clear, low-capital path to completing the program. The investment case pairs dependable in-place revenue with incredible upside: scheduled income of $19,509 per month against market rents of $26,350, an approximately 35% gap rooted in tenancies dating to 2006. At $2,295,000, the offering trades at a 7.0% current CAP and 9.3 GRM, rising to a 10.1% CAP as units turn to market. Steps from the Grand Avenue and Lakeshore retail corridors, the Grand Lake Theatre, and Lake Merritt, with MacArthur BART one mile away and immediate I-580 access, putting downtown Oakland and San Francisco within easy reach. A rare Grand Lake value-add at $229,500 per unit.
Location
State CA
County Alameda
Interior
Heating Baseboard
Cooling None
Flooring Vinyl
Fireplace No
Building
Lot Description Corner Lot
Water Public
Others
Special Listing Condition Standard
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