1520 1St AveOakland, CA 94606

This exceptional 8-unit apartment building in Oakland, CA, presents a compelling value-add investment opportunity. Located in the desirable Downtown Oakland area, near Lake Merritt, the property offers a mix of unit types: three 2-bedroom/1-bathroom, three 1-bedroom/1-bathroom, and two studio apartments, each with one bathroom. The asking price is $2,400,000, translating to $435.26 per square foot for the 5,514 square foot building. Currently at 12.5% occupancy, the property offers significant upside potential. Seven of the eight units can be delivered vacant at closing, allowing for immediate renovations and market-rate leasing. Further value enhancement is possible through the addition of an ADU and/or an on-site laundry facility. The property's prime location, near Lake Merritt BART station and major employers like Kaiser Permanente and Sutter Health, ensures strong tenant demand. A pro-forma cap rate of 5.70% is projected. This is an ideal opportunity for investors seeking to capitalize on the robust Oakland real estate market and create substantial returns through value-add strategies. The property is situated in Alameda County, with a zip code of 94606.