388 9Th StOakland, CA 94607

Property Details for 388 9Th St

Lot size

2.25 AC

Property size (Sq ft)

423 SF

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

2-60-326

APU

260326

Description

This exceptional investment opportunity presents a 9,825 square foot bank located in Oakland, California's vibrant Chinatown, within the prestigious Pacific Renaissance Plaza. Boasting a new 9.8-year net lease with Bank of Orient (commencing September 1, 2023, and expiring June 30, 2033), this property offers a substantial remaining lease term of 8.6 years. The lease includes attractive 5% annual rent bumps, providing excellent inflation protection. The property features 5 units and ample parking (590 spaces). With a strong NOI of $398,364 and a compelling 7.35% cap rate, this offering presents a significant return on investment. The property enjoys exceptional visibility at the intersection of 9th and Franklin Streets, benefiting from high traffic counts (6,344 AADT) and proximity to major transportation arteries, including I-880 (195,000 AADT) and the 12th Street/Oakland BART station. Situated within a thriving mixed-use development, the property is surrounded by residential, retail, and office spaces, including 250 residential condominium units and 68 retail and office/medical units. The surrounding area boasts robust demographics, with a daytime population of 537,598, an average household income of $153,631, and an average home value of $1.24 million within a 5-mile radius. The asking price is $5,420,000, translating to a price per square foot of $551.65. Four 5-year lease options further enhance the long-term value of this exceptional investment. The property's strategic location near Oakland City Hall, Jack London Square, and the Port of Oakland, coupled with its proximity to Oakland International Airport, solidifies its position as a premier investment opportunity.

Location Insight

City

Oakland

County

Alameda

State

California

Latitude

37.8007

Longitude

-122.271

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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