The Paloma At Oakland Hills

05-13-2022
05-13-2022

4690 Tompkins Ave, Oakland, CA 94619

  • Main Building: new Certificate of Occupancy in 2021 and condo map in-place
  • .04 miles to Mills College at Northeastern University campus
  • Classic Mediterranean architecture including stucco walls, clay tile roofs, cast iron, steel windows and doors
  • Large spacious floor plans (1,035 sf on average in main building)
  • Mills Act designation allows for significant savings in annual property taxes
  • Impressive interior finishes including washer/dryer, tile backsplashes, white quartz countertops and stainless steel appliances

Property Description

A 2021 adaptive reuse multifamily project totaling 59 units on two acres, with Mediterranean–Style architecture. The property consists of two parcels totaling 50,733 net rentable square feet and 59 units. The site offers generous street frontage with spacious low-density grounds and luxury rental units.
The building on parcel one has been fully renovated to offer 40 luxury apartment rentals with a condominium map in place. Parcel two has eight units with 55+ deed restriction and 11 co-living units. Originally constructed in 1928, the property evokes the Mediterranean style of architecture that was so popular in California in the 1920s. The style is expressed by unique exterior forms and features including balconettes, hipped clay tile roofs, cast ornamentation and steel doors and windows.
In 2019, parcel one joined parcel two in being admitted into the Mills Act Program, which provides robust, permanent and transferable tax abatement. The tax abatement offers a roughly 60% discount when compared to conventional taxation methods serving as a powerful driver of NOI. Upward movement in interest rates results in lower property tax liability allowing an investor to benefit from increasing interest rates while also benefiting from increasing rents.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 36,500,000
No. of Units
59
Cap Rate
3.93%
Year Built
2021
Building Size
50,733 Sq ft
Lot Size
101,930.4 Sq ft
No. of Stories
3
Opportunity Zone
Off
Price per unit
$ 618,644
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37.787025, -122.184849

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