2328 Seminary AveOakland, CA 94605

Property Details for 2328 Seminary Ave

Year built

1965

Construction

WOOD

Lot size

0.77 AC

Property size (Sq ft)

35,814 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

38-3207-4

APU

3832074

Description

This 45-unit apartment building in Oakland, CA, presents a compelling investment opportunity. The property, built in 1965, comprises 35,814 net rentable square feet across three stories on a 0.78-acre lot (33,976 sq ft). It features a mix of 30 two-bedroom/one-bath and 15 one-bedroom/one-bath units, each with a patio or balcony. Amenities include gated access, 45 off-street parking spaces, two common laundry rooms, and an elevator. The property boasts a 95% occupancy rate, generating a current NOI of $336,361 and a pro-forma NOI of $606,094, representing a 6.12% cap rate. The asking price is $5,500,000 ($153.57/sq ft), with a land value of $162.99/sq ft. The property is zoned RM-4 and benefits from its location near public transportation (AC Transit, BART), schools (Greenleaf Elementary), recreation (Rainbow Recreation Center), and retail (Seminary Point, ShopRite). An existing assumable loan with a balance of $3,485,615 and a 3.61% interest rate is available. The current stabilized rents offer a 22% upside potential, making this an add-value opportunity for investors seeking to increase rental income through unit improvements and capital enhancements. The property is offered fee simple and is suitable for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $20,510,996

  6.5%

  $18,933,226

  7%

  $17,580,854

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,335,148

  Geo Method

  $15,482,768

• Alternative Use

  Use

  Valuation

  Residential

  $18,933,226

  Hospitality

  $17,342,734

  Educational

  $14,428,951

  Medical

  $14,925,185

  Retail

  $22,445,036

Location Insight

City

Oakland

County

Alameda

State

California

Latitude

37.7695

Longitude

-122.192

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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