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634 15th Street, Oakland, CA 94612
195 Rooms | Hotel & Motel
Hotel / Motel - Off Market
- No. Rooms:
- Building Size:
- 64,979 SF
- Property Type:
- Hotel & Motel
- Property Sub-type:
- Economy/ Limited Service
- Property Use Type:
- Cap Rate:
- Lot Size:
- 14,300 SF
- Listing ID
- Last Updated
- over 1 year ago
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.
Map of 634 15th Street, Oakland, CA 94612 (Alameda County)
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The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-P