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Listed by Scott Piper, DRE #01151725 • EXP Realty of California, Inc
$ 1,800,000
Est. payment /mo
Active
2300 Fruitvale Ave Oakland, CA 94601
3 Beds
2 Baths
5,200 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 5,200 sqft
Price per Sqft $346
MLS Listing ID BE41146742
Bedrooms 3
Year Built 1928
Lot Size 6,800 Sqft
Property Sub-Type Five or More Units
Source Bay East
Property Description
Eight-unit multifamily asset, two buildings on a 6,800 SF corner lot in Oakland, offered at $1.8M. Executable pro forma cap rate of 9.2% at full stabilization. Two of the eight units are finished to a standard this submarket does not typically produce: large-format slate tile, ductless mini-split climate control, in-unit LG washer/dryer, quartz and marble kitchens with Samsung appliances and wine refrigerator, and bathrooms built to a boutique-hotel spec; floor-to-ceiling wood-grain tile, frameless glass showers, floating black vanities, black fixtures throughout. Mature Italian cypress and custom iron fencing frame the corner exterior; keyfob-secured gates front and rear, enclosed parking, and a built-in package drop complete a presence uncommon for the asset class. The remaining six units carry a documented path to increased rents: $75,000 refurbishment investment per unit, ($450,000 total), converting current monthly rent of $12,999.88 to a market monthly rent of $21,510 with all units upgraded. Each completed "proof" unit has produced a 19-23% coupon return on invested capital - the work is not projected, it is documented and replicated. (See Offering Memorandum for more detail) 2300 Fruitvale is Building 1 of the 6 building Excedente Portfolio, that is dramatically outper
Location
State CA
County Alameda
Area Oakland Zip Code 94601
Interior
Flooring Tile
Laundry Laundry Area - In Unit, Washer, Dryer
Exterior
Exterior Feature Stucco
Parking Features Assigned Spaces, Parking Area
Garage Spaces 5.0
Building
Lot Description Grade - Level
Others
Tax ID 27-839-45
Special Listing Condition Not Applicable
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Robin Mesina
Real Estate + Finance License ID: 02363717 / NMLS: 1311825
+1(415) 713-0084 | robin@siderarealty.com