809 28Th St Oakland, CA 94606

This exceptional 14-unit apartment building, located at 809 E 28th St in Oakland, CA 94606, presents a compelling investment opportunity. Built in 1923, this well-maintained property boasts 9,496 square feet on a 3,750 square foot lot and offers a mix of unit types: six spacious studios, seven one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit. The building features five secured garage spaces, a significant advantage in this market. The current NOI is $166,354, yielding a 6.05% cap rate, with a pro-forma NOI of $218,622 and a pro-forma cap rate of 7.95%. The asking price is $2,750,000, translating to a price per square foot of $290. Situated in Oakland's desirable Ivy Hill neighborhood, this property benefits from its corner lot location and beautiful period architecture. Its strong historical performance, including a very low vacancy rate maintained for over 22 years, demonstrates its ability to attract and retain premium tenants. This presents a unique chance to acquire a day-one cash-flowing asset with significant upside potential through future unit renovations and upgrades, promising substantial long-term returns. The property's attractive features and prime location make it an ideal investment for those seeking a stable and profitable multifamily asset in a thriving Oakland neighborhood.