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$ 2,295,000
Est. payment | /mo
6,899 Sqft Lot
$ 2,295,000
Est. payment | /mo
6,899 Sqft Lot
Key Details
Property Type Single Family Home
Listing Status Pending
Purchase Type For Sale
Subdivision Oakland
MLS Listing ID 41148486
HOA Y/N No
Year Built 1963
Lot Size 6,899 Sqft
Property Description
550 Fairmount Ave presents the opportunity to acquire a 10-unit apartment community in Grand Lake, one of Oakland's most consistently in-demand rental neighborhoods. The three-story 1963 building comprises six 1BR/1BA and four 2BR/1BA units totaling 6,632 SF on a 6,900 SF lot, set over covered off-street parking with five spaces generating additional income. Eight of the ten units have been updated leaving a clear, low-capital path to completing the program. The investment case pairs dependable in-place revenue with incredible upside: scheduled income of $19,509 per month against market rents of $26,350, an approximately 35% gap rooted in tenancies dating to 2006. At $2,295,000, the offering trades at a 7.0% current CAP and 9.3 GRM, rising to a 10.1% CAP as units turn to market. Steps from the Grand Avenue and Lakeshore retail corridors, the Grand Lake Theatre, and Lake Merritt, with MacArthur BART one mile away and immediate I-580 access, putting downtown Oakland and San Francisco within easy reach. A rare Grand Lake value-add at $229,500 per unit.
Location
State CA
County Alameda
Interior
Heating Baseboard
Cooling None
Fireplace No
Exterior
Total Parking Spaces 10
Building
Lot Description Corner Lot
Others
Tax ID 1081421
Listed by Willem Bos COMPASS #02013980