634 15th Street
Oakland, CA 94612 ·
195 Rooms · Hotel & Motel For Sale
|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|
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.
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