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Fruit Vale Lofts 1228 36th Ave 13 Unit Apartment Building $8,225,000 ($632,692/Unit) 7% Cap Rate Oakland, CA 94601

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Investment Highlights

Brand New 7-Year Absolute NNN Lease with 3.0% Annual Increases | Passive and Growing Income Stream with No Management Responsibilities
Dense/Infill Trade Area Demographics Consisting of Educated, Early Career Professionals with Strong Average Household Incomes
Located in 13th Largest MSA in the United StatesLocated in 13th Largest MSA in the United States

Infill San Francisco Bay Area Transit-Oriented Location | 2 Blocks from Fruitvale BART Station; Convenient Commuter Access to Regional Employment Hubs
Brand New Pride of Ownership 2026 Construction | 2 Blocks from Fruitvale BART Station; Convenient Commuter Access to Regional Employment Hubs

Executive Summary

Lee & Associates is pleased to exclusively present the sale of a newly constructed, single-tenant absolute NNN investment located at 1228 36th Avenue in Oakland, California. This pride-of-ownership asset features a 2026-built, three-story, 17,158-square-foot multifamily residential building mapped for 13 condominiums. The property is leased on a 7-year absolute triple-net basis to Oasis Living, a mission-driven operator specializing in supportive housing for individuals and families facing mental health challenges. The lease includes 3% annual rent escalations and a landlord termination option after year three, offering flexible future value strategies.
Strategically positioned in Oakland’s vibrant Fruitvale neighborhood, the property benefits from an infill, transit-oriented location just two blocks from the Fruitvale BART station and within minutes of San Francisco and Silicon Valley employment hubs. Surrounded by a mix of affordable housing communities, public charter schools, and ongoing redevelopment projects, the site is in the heart of a gentrifying East Bay submarket. The building’s condominium mapping enhances long-term exit optionality rarely available in traditional NNN or multifamily investments, appealing to investors seeking both income stability and capital appreciation.

1228 36th Ave, Oakland, CA – OM

Property Facts

Price	$8,225,000	Building Class	B
Price Per Unit	$632,692	Lot Size	0.26 AC
Sale Type	Investment	Construction Status	Under Renovation
Cap Rate	7%	Building Size	17,500 SF
Sale Condition	1031 Exchange	No. Stories	3
No. Units	13	Year Built/Renovated	1940/2026
Property Type	Multifamily	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Apartment
Zoning	S-15 - Flexible Zoning

Price	$8,225,000
Price Per Unit	$632,692
Sale Type	Investment
Cap Rate	7%
Sale Condition	1031 Exchange
No. Units	13
Property Type	Multifamily
Property Subtype	Apartment
Building Class	B
Lot Size	0.26 AC
Construction Status	Under Renovation
Building Size	17,500 SF
No. Stories	3
Year Built/Renovated	1940/2026
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	S-15 - Flexible Zoning