1520 1St AveOakland, CA 94606

Property Details for 1520 1St Ave

Year built

1910

Construction

WOOD

Lot size

0.08 AC

Property size (Sq ft)

5,514 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

20-181-12

APU

2018112

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,157,917

  6.5%

  $2,915,000

  7%

  $2,706,786

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,822,919

  Geo Method

  $2,383,760

• Alternative Use

  Use

  Valuation

  Residential

  $2,915,000

  Hospitality

  $2,670,124

  Educational

  $2,221,512

  Medical

  $2,297,914

  Retail

  $3,455,686

Location Insight

City

Oakland

County

Alameda

State

California

Latitude

37.7994

Longitude

-122.256

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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