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Listed by Keith Manson Cushman & Wakefield
$2,244,000
Est. payment /mo
13 Beds
9,992 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,992 sqft
Price per Sqft $224
MLS Listing ID 425074010
Bedrooms 13
HOA Y/N No
Year Built 1950
Lot Size 5,937 Sqft
Acres 0.1363
Property Sub-Type Multi Family
Property Description
The Cushman & Wakefield Northern California Multifamily Capital Markets Group is pleased to offer for sale 410 Merritt Avenue, an 11-unit multifamily investment opportunity in Oakland's highly desirable Cleveland Heights neighborhood. The property is ideally suited for a value-add strategy, combining strong in-place fundamentals with meaningful near-term potential to drive rental income growth. The unit mix is both spacious and efficient, featuring three 2-bedroom units averaging 945 sf, seven 1-bedroom units averaging 711 sf, and one 320 sf studio. Each 1- and 2-bedroom unit includes a dining nook that can be converted into an additional bedroom through a cost-effective process, creating the opportunity to increase density and further enhance revenue. The property also features 8 single-car garages with room to park an additional vehicle in front of each garage. Upon stabilization, the property is projected to achieve an attractive 8.83% cap rate, highlighting the compelling investment returns available to an active operator. The building was constructed with a concrete podium that exempts it from Oakland's mandatory soft story retrofit program, reducing exposure to costly seismic upgrades.
Location
State CA
County Alameda
Area Oakland Zip 94610
Interior
Heating Gas, Wall Furnace
Flooring Wood
Fireplace No
Appliance Free-Standing Electric Range, Free-Standing Refrigerator, Gas Water Heater
Exterior
Garage Spaces 8.0
View City, Downtown, Lake
Roof Type Asphalt
Building
Lot Description Curbs/Gutters, Sidewalk, Other
Sewer Public Sewer
Water Public
New Construction Yes
Others
Tax ID 2341381
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