166 Athol AveOakland, CA 94606

This exceptional 28-unit apartment building, located at 166 Athol Avenue in Oakland, California's desirable Cleveland Heights neighborhood, presents a compelling investment opportunity. Built in 1965 and meticulously maintained, this three-story building boasts 29,381 square feet and offers a diverse unit mix: fourteen 1-bedroom/1-bathroom units, ten 2-bedroom/2-bathroom units, three 2-bedroom/1-bathroom units, and a spacious 1,100-square-foot, 3-bedroom/2-bathroom penthouse occupying the entire fourth floor. Twelve units feature private balconies, adding to their appeal. The property includes 28 secure parking spaces, an on-site laundry room, and individually metered gas and electricity for each unit. Recent capital improvements include new dual-pane windows, exterior painting, electrical upgrades, and a new security system. Importantly, this property is exempt from Oakland's mandatory soft-story retrofit program. The building's prime location, half a block from Lake Merritt, offers a Walk Score of 92 and a Bike Score of 87, providing residents easy access to amenities and transportation. Its proximity to Lake Merritt BART station and major freeways (580 and 880) ensures convenient commutes. The current NOI is $417,762, with a pro-forma NOI of $498,115, representing a 5% cap rate and a pro-forma cap rate of 5.86%. The asking price is $8,500,000, translating to $289.30 per square foot. Significant income upside potential exists through interior renovations to capitalize on Oakland's strong rental market, characterized by high rent growth and low vacancy rates. This well-positioned asset offers a promising long-term investment prospect.