PRICE REDUCED! Large, Renovated 4-Plex Near MacArthur BART

04-15-2022
06-06-2022

709 40th St, Oakland, CA 94609

  • Large, Renovated, Pride of Ownership, 4-Plex With 468 SF Newly Constructed Accessory Structure Centrally Located in The Longfellow Neighborhood
  • 87 Walk Score, 92 Bike Score, 74 Transit Score - 1 & A Half Block From MacArthur BART, Walking Distance to Temescal & Much More
  • Huge Units (Avg. 825 SF) With Classic 1920's Character and Updated Kitchens & Bathrooms - Potential to Add Bedrooms
  • Significant Exterior Capital Improvements - New Accessory Structure, New Roof, Sewer Lateral Compliant, New Mail Boxes, New Security Gate, & More
  • Great In Place Rent With Significant Rental Income Upside - Potential to Increase The NOI By Nearly 95%
  • ADU Potential - Convert the Accessory Structure into an ADU or Build a New Detached ADU

Property Description

PROPERTY TOURS ARE AVAILABLE BY APPOINTMENT

 

CBRE, Inc. is pleased to offer 709 40Th  Street, Oakland, CA 94609, a large, pride of ownership, renovated 4-plex with a newly constructed accessory structure centrally located in the Longfellow Neighborhood of Oakland, CA. 

The ±3,362* SF main structure was built in 1924 and the ±468 SF* accessory structure was built in 2016. The buildings are situated on a ±5,000 SF/±0.11 Acre* lot along 40th Street in between Martin Luther King Jr. Way and West Street. The Property features a unit mix of four large one-bedroom, one-bathroom units and one newly constructed accessory structure that acts as a commercial studio. All 4 residential units have undergone significant upgrades including updated kitchens that feature modern shaker cabinets, stone countertops and dishwashers as well as updated bathrooms with modern vanities and stone countertops. The accessory structure features vaulted ceilings with skylights, polished concrete floors, and a bathroom with unique tile walls and a standing shower. The in-place income is solid at $91,20 per year and provides potential for significant rental income upside with the opportunity to increase the net operating income by nearly 95%.

709 40th Street is centrally located in the Longfellow neighborhood and provides residents of the property convenient access to some of the best retail districts in Oakland. The trendy Temescal District is just one and a half blocks from the property and the Piedmont Avenue Neighborhood is under 1-mile from the property and feature a plethora of popular dining options including Beauty’s Bagels, Temescal Brewing, Homeroom, Tacos Oscar, Clove and Hoof, Brenda’a, TrueBurger, Blue Bottle Coffee, Burma Superstar, Marafuku Ramen, Cholita Linda, the famous Bakesale Betty, The Wolf, Cato’s Ale House, Piedmont Grocery, Barney’s Gourmet Hamburgers, the ever popular Fenton’s Creamery, The Piedmont Theatre, and Commis, the only 2 Michelin Star restaurant in the East Bay. Furthermore, the property’s is under 1.5-miles from the popular College Avenue retail corridor, which is lined with fantastic dining and shopping options, and The Shops at The Ridge, a two phase, 400,000 SF outdoor shopping center that features Safeway as it’s anchor tenant among many others. The property also offers convenient access to the city of Emeryville which features fantastic shopping and dining options at the East Bay Bridge Shopping Mall and Bay Street Emeryville.

709 40th Street is just one and a half blocks from the MacArthur BART Station and is just steps from AC Transit bus stops on 40th Street and Martin Luther King Jr Way making public transportation a viable options for resident of the property. Additionally, the property is just 0.4-miles from the West Bound Highway 24 on ramp which offers direct access to the I-580 and I-980 making commutes to major employment centers a breeze. 

*To Be Verified by Buyer

Key Property Information

Listing Status
Available
Multifamily type
2-4 Units
Price
$ 1,225,000
No. of Units
4
Cap Rate
4.42%
GRM / GIM
13.43
Average Occupancy
100%
Year Built
1924
Year Renovated
2016
Building Size
3,830 Sq ft
Lot Size
5,000 Sq ft
No. of Stories
2
APN
012-0962-028-00
No. of Parking Spots
4
Opportunity Zone
Off
Price per unit
$ 306,250
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