1033 Magnolia St
Oakland, CA 94607
Multifamily Property For Sale · 5 Units

Property Overview Bay Apartment Advisors is pleased to be retained as the exclusive broker for the 1033 Magnolia Street Apartments. The subject property is a five (5) unit property in the highly desirable West Oakland neighborhood. The Magnolia Street property is located a short distance from the future West Oakland Station BART Transit Village. The West Oakland Station BART Village project includes 762 new residential units, 382,460 square feet of office space and 75,000 square feet of retail space. This project has already begun to transform the neighborhood immediately surrounding it into a bustling, vibrant destination within the greater neighborhood. Built in 1898, 1033 Magnolia Street consists of a three story converted Victorian home with a detached cottage at the rear of the lot. Each of the buildings is built of wood frame construction with a wooden exterior. Combined the two structures contain approximately 3,940 square feet of gross building area set on ta 4,660 square foot lot. The property features a total of four (4) one bedroom, one bath averaging 710 square feet and one (1) two-bedroom / one bath unit estimated at 1100 square feet. Three of the five units have been substantially remodeled and feature kitchen upgrades such as granite countertops, new cabinetry and tiled floors. The units feature a mix of carpet and laminate flooring throughout the living areas. Bathrooms contain small vanities, tiled and laminate floors, wall-mounted cabinets and shower enclosures. Heat is provided to the units via gas wall mounted heaters. All of the units are separately metered for gas and electricity while water is master metered. The roof was replaced in approximately 2015 and is a composite shingle construction. The building contains a mix of double-paned vinyl windows and older aluminum windows. Each unit contains its own hot water heater. Two of the units feature in-unit washer dryers. There are two on-site parking spots while additional street parking is readily available. The 1033 Magnolia Street Apartments offer investors the opportunity to acquire a well-situated property with little deferred maintenance and significant upside (67%) in a great Oakland location. The West Oakland neighborhood is one of the strongest rental housing submarkets in Oakland. Located just off of I-980 & I-880 and approximately one-half mile from West Oakland BART, the property will attract commuters as well as those who work in the area. The property offers investors a well-maintained asset with significant rental upside and a value-add component.