Bought with Vinson Trac • Vinson Trac, Broker
$1,500,000
$1,598,000
6.1%For more information regarding the value of a property, please contact us for a free consultation.
459 Wayne Ave Oakland, CA 94606
2,547 SqFt
Key Details
Sold Price $1,500,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,547 sqft
Price per Sqft $588
MLS Listing ID 41071524
Sold Date 10/22/24
HOA Y/N No
Originating Board Bridge AOR
Year Built 1920
Lot Size 5,438 Sqft
Property Description
Check out the marketing package here: https://bit.ly/kitehillre. This fully remodeled 4-unit apartment building in Cleveland Heights, Oakland, presents an outstanding investment opportunity. Each unit features modernized interiors, with (3) 1-bed and (1) 2-bed owner’s unit that’s ideal for an owner-occupier. Previously, the property was successfully rented as medium-term rentals with furnished units. The current owner is open to including the furniture in the sale, allowing the new buyer to continue this strategy seamlessly. Financially, the property is strong, with a (GRM) of 12 and a cap rate of 5.13%. The property has been fully remodeled, including rewiring and some exterior updates, such as new paint, fascia, and soffit work. Additional amenities include 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back. Moreover, the property is entitled for the development of 20 new apartment units, offering a prime opportunity for investors looking to expand or redevelop. This potential for growth in Oakland's thriving rental market makes the property a versatile and promising investment. Whether you seek a stable, income-generating asset or are interested in a larger development project, this property offers flexibility and
Location
State CA
County Alameda
Interior
Heating Natural Gas
Cooling Ceiling Fan(s)
Flooring Wood
Fireplace Yes
Appliance Dishwasher, Disposal
Laundry Coin Operated
Exterior
Parking Type Attached, Off Street
Building
Lot Description Regular, Paved
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