This Hotel & Motel Property is Off-Market.

634 15th Street
Oakland, CA 94612 ·

195 Rooms · Hotel & Motel For Sale

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Ridge Hotel

Price N/A Property Use Type Investment
No. Rooms 195 Cap Rate 9.82%
Building Size 64,979 SF Corridor Interior
Property Type Hotel & Motel Lot Size 14,300 SF
Property Sub-type Economy/Limited Service
Listing ID: 16064323 Date Created: 01/19/2009 Last Updated: 04/23/2009

Description

The Ridge Hotel presents a unique opportunity for an investor to acquire a historic, affordable, Single Room Occupancy (SRO) residential hotel in Downtown Oakland. This 195-room hotel is centrally located at 634 15th Street just off of a major area thoroughfare and less than two miles from Lake Merritt.

The Ridge Hotel was originally constructed as a hotel in 1930 and then renovated in 1994 under the Section 42 LIHTC Program; there are extended use restrictions in place until December 31, 2048. Each of the 195 rooms is 10 feet by 12 feet and contains wall-to-wall carpeting, a dresser, box spring and mattress, sink and an intercom system. There are 4 units in the building that contain a single bath. Laundry facilities are provided on site for the residents and the building is wired for cable television. Residents benefit from a furnished community room and lounge.

The first floor of the building contains a restaurant and commercial kitchen which is currently vacant. A new owner would able to capitalize on the additional income potential by leasing the space.

This 195-room hotel is centrally located at 634 15th Street just off of a major area thoroughfare and less than two miles from Lake Merritt. It is conveinently located just a couple of blocks from the 12th Street Bart Station and Oakland's City Center.

Research

634 15th Street, Oakland, CA 94612 (Alameda County)

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