Pride of Ownership 4-Plex With Huge Units

04-27-2022
06-21-2022

568-574 Merritt Ave, Oakland, CA 94610

  • Vintage, Pride of Ownership 4-Plex With Huge Units (Avg. 905 SF Each) & Classic 1920's Character
  • Potential to Convert One-Bedroom Units into Two-Bedroom Units
  • One Unit Delivered Vacant Providing the Opportunity to Add Bedrooms & Expand The Unit 
  • Potential For Significant Rental Income Upside - Rents are Approximately 22% Market & Provide the Opportunity to Increase The NOI by 65%
  • A Walker's Paradise (95 Walk Score) - 6 Minute Walk to Lake Merritt Shoreline, Short Walk to Lakeshore Ave & Grand Ave
  • Potential To Complete an Accessory Dwelling Unit Conversion

 

Property Description

CBRE East Bay Multifamily Team is pleased to offer for sale 568-574 Merritt Avenue, a pride of ownership, four-unit, two-story, apartment building centrally located in the Cleveland Heights neighborhood of Oakland, CA, just a 6-minute walk from the Lake Merritt Shoreline.

Built in 1925, the ±3,622 sq. ft.* structure is situated on a ±3,941 sq. ft.* lot. The property has an ideal unit mix of four large one-bedroom, one-bathroom units that provide the potential opportunity to add bedrooms and convert to two-bedroom units. The units average approximately ±905 sq. ft.* each. Unit 568 will be delivered vacant providing the Buyer with the potential opportunity to convert the unit into a two-bedroom unit and possibly expand the unit over the existing garage. Every unit is individually metered for gas and electric. The property also features four secured garages that can be rented out for additional income. The garages provide the potential opportunity to complete an accessory dwelling unit (ADU) conversion and increase the total unit count. The property is also located in the RU-2 Zoning District which may allow for up to 4.93 market rate dwelling units, rooming units or efficiency units and up to 7.39 dwelling units, rooming units or efficiency units with a density bonus providing further opportunity to increase the unit count at the property. 

The Cleveland Heights neighborhood offers its residents convenient access to some of the best commercial corridors the City of Oakland has to offer as well as the recently revitalized Lake Merritt Shoreline. The property features a 95 Walk Score and is considered a “Walker’s Paradise” by walkscore.com. The property is conveniently located just two blocks from Lakeshore Avenue, the main commercial corridor for the Lakeshore neighborhood, which is lined with a plethora of dining, shopping and entertainment options such as Arizmendi Bakery, Starbucks, Shakewell, and Chipotle, among others. CVS, Trader Joe’s, several banks and gas stations and other useful amenities also line the thoroughfare making this a one-stop shop for local errands and entertainment alike. Residents at the property can also take advantage of the recently revitalized 3.4-mile shoreline of Lake Merritt, which is just a half-mile from the property. The Lakeshore Neighborhood, which is home to Grand Avenue commercial corridor, is just a 7-minute walk from the property and provides additional dining and shopping options including The Star on Grand, Safeway, Mijori Japanes, Ikaros, Café Romanat and the ever-popular Grand Lake Theatre. The property is also a short drive from several other highly desirable and amenity rich neighborhoods including the Piedmont Avenue Neighborhood, the Temescal, Rockridge, Uptown & Downtown Oakland.

Perfect for commuters, the property provides convenient access to Interstate 580 & 980 as well as Highway 24. Furthermore, the asset is just a few blocks from AC Transit bus stops on both Lakeshore Avenue and Grand Avenue and is just 1.4-miles from the 19th Street BART Station making public transportation a viable option for tenants residing at the property.

*To be verified by Buyer

Key Property Information

Listing Status
Under Contract
Multifamily type
2-4 Units
Price
$ 1,795,000
No. of Units
4
Average Occupancy
75%
Year Built
1925
Building Size
3,622 Sq ft
Lot Size
3,941 Sq ft
No. of Stories
3
APN
23-420-20
Zoning Code
RU-2
No. of Parking Spots
4
Opportunity Zone
Off
Price per unit
$ 448,750
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37.807721, -122.246374

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