For Sale
$2,750,000

809 28Th StOakland, CA 94606

14-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Property Details for 809 28Th St

Property type
Apartment buildings
Square Feet
9,496 SF
Year Built
1923
Units
14

Location Insight

City
Oakland
County
Alameda
State
California
Latitude
37.8028788
Longitude
-122.2375984
809 28Th St, Oakland, California

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809 28Th St
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