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Emil Soleyman

emil@emilrealestate.com +1(209) 500-8589

Listed by Ray Rodriguez, DRE #01999734 • Compass

$1,375,000

Est. payment - /mo

2 Beds

1 Bath

5,495 SqFt

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Open House

Thu May 14, 12:30pm - 2:00pm

UPDATED:

Key Details

Property Type Multi-Family, Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 5,495 sqft

Price per Sqft $250

MLS Listing ID ML82045784

Bedrooms 2

Full Baths 1

Year Built 1962

Lot Size 7,500 Sqft

Property Sub-Type Five or More Units

Source MLSListings, Inc.

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

Area Oakland Zip Code 94606

Zoning RM-2

Rooms

Kitchen Oven Range - Electric

Interior

Heating Wall Furnace

Cooling Other

Flooring Vinyl / Linoleum

Laundry Coin Operated

Exterior

Parking Features Assigned Spaces, Attached Garage, On Street, Uncovered Parking

Garage Spaces 5.0

Utilities Available Individual Electric Meters, Individual Gas Meters

Roof Type Flat / Low Pitch,Rolled Composition

Building

Foundation Concrete Slab

Sewer Sewer - Private

Water Private / Mutual

Others

Tax ID 22-301-15

Special Listing Condition Not Applicable

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2244 12th AVE Oakland, CA 94606