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Listed by Joseph Owens • Marcus & Millichap • 510-379-1200
$1,895,000
Est. payment /mo
6,080 SqFt
New
296 Lester Ave Oakland, CA 94606
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Key Details
Property Type Commercial
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,080 sqft
Price per Sqft $311
Subdivision Lake Merritt
MLS Listing ID 41151543
HOA Y/N No
Year Built 1959
Lot Size 6,000 Sqft
Property Sub-Type 5 or More Units
Source Bridge AOR
Property Description
Eight 2BR/1BA units near Lake Merritt offering a 6.23% current cap rate and 8.20% at market rents. Average scheduled rent of $2,186 trails the $2,600 market rent by 18.9%. Six of eight units are renovated, and one vacant unit is scheduled at market. Oakland rents rose 13.0% year over year as of July 2026 (Apartment List), second-fastest among the 100 largest U.S. cities, as San Francisco's AI-driven rent surge pushes renters east. Current NOI $118,092; NOI at market rents $155,330.
Location
State CA
County Alameda
Interior
Heating Forced Air
Cooling None
Flooring Vinyl
Fireplace No
Exterior
View Lake, City
Building
Lot Description Other
Water Public
Others
Special Listing Condition Standard
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