560 Merritt Ave, Oakland, CA 94610
- Vintage, Pride of Ownership 4-Plex with Large Units (Avg. 833 SF Each) & Classic 1920's Character
- Unit 560 has Given Notice to Vacate in Mid-July 2022 Providing the Opportunity to Achieve Market Rent
- Potential For Significant Rental Income Upside - Rents are Approximately 33% Market & Provide the Opportunity to Increase The NOI by 105%
- Residential Financing Available - 30-Year Fixed Interest Rate With Potential for 75-80% Loan Amounts
- A Walker's Paradise (95 Walk Score) - 6 Minute Walk to Lake Merritt Shoreline, Short Walk to Lakeshore Ave & Grand Ave
- Large Parking Area Wit Potential For Detached Accessory Dwelling Units
PROPERTY TOURS AVAILABLE BY APPOINTMENT
CBRE East Bay Multifamily Team is pleased to offer for sale 560-566 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 ±3,334 sq. ft.* structure is situated on a ±3,975 sq. ft.* lot. The property has an efficient unit mix of two large studio units that function as one-bedroom units and two large one-bedroom units that function as two-bedroom units. The units average approximately ±833 sq. ft.* each. Every unit is individually metered for gas and electric. The property also features a sizable parking area at the back of the building that can fit up to four cars. The parking area provides the potential opportunity to add detached accessory dwelling units (ADU) to the property and increase the total unit count. The property is also located in the RU-2 Zoning District which may allow for up to 4.97 market rate dwelling units, rooming units or efficiency units and up to 7.45 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