550 Fairmount Ave, Oakland, CA 94611
- $2,295,000
Listed by Willem Bos, (916) 698-9954 from COMPASS
(If provided) CoList: from
- List Price
- $2,295,000
- MLS#
- EB41148486
- Status
- ACTIVE
- Lot Size
- 6,900
- Listing Area
- Oakland Zip Code 94611
- Year Built
- 1963
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.
Additional Information
- Acres
- 0.16
- Amenities
- Balcony/Patio
- Cooling System
- None
- Exterior Features
- Stucco
- Floor Covering
- Vinyl
- Heating System
- Baseboard
- Lot Size
- 6,900
- Neighborhood
- Oakland Zip Code 94611
- Numberof Units
- 10
- Unincorporated Yn
- Yes
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