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92% LTV Seller Financing at 4% IO for 7 Years 1290 26th Ave 24 Unit Apartment Building $3,695,000 ($153,958/Unit) 7.49% Cap Rate Oakland, CA 94601
Investment Highlights
- Twenty Four Units Comprised of Nineteen Studios, Two 1bd/1bth Units, and Three Retail Spaces Built in 1925
- Improvements Include Updated Electrical Panels, Boiler Replaced w/ Low Cost Heating, Multiple Renovated Units, and Upgraded Fire Alarm System
- Three Commercial Units may be Converted to Live/Work Apartments
- Excellent Value Add Mixed Use Property w/ Multiple Vacant Units to Renovate and All Major Upgrades Completed
- Full Size Basement for Parking Garage Conversion
- Incredible Seller Financing Terms Available to Qualified Buyers - 4% IO for 7 Years Fixed
Executive Summary
Value-Add Mixed Use investment in Fruitvale comprised of twenty-four total units. 1290 26th Ave was built in 1925 and features a unit mix of nineteen studios, two 1bd/1bth units and three retail spaces. The property has a Walk Score rating of 90, and is in close proximity to shopping, dining, and the Fruitvale BART station. Major upgrades have been done including new fire alarm system, electrical upgrades, boiler replaced, units remodeled, and more. Huge basement is open and available for adding ADUs. High cash flow with amazing seller financing terms available for qualified Buyers.
Bordering the neighborhoods of Fruitvale and East Lake, the 26th Avenue Apartments provide a walkable Oakland setting with plenty to see, eat, and experience in the Bay Area. The neighborhood is just three miles from Downtown Oakland and about 14 miles from San Francisco's civic center. Explore International Boulevard, a fitting name for a place that houses taco shops, Cajun food, Thai food, and artisan coffee. 26th Avenue Apartments have the added benefit of being close to Interstate 880 and a few Bay Area Rapid Transit lines.
Bordering the neighborhoods of Fruitvale and East Lake, the 26th Avenue Apartments provide a walkable Oakland setting with plenty to see, eat, and experience in the Bay Area. The neighborhood is just three miles from Downtown Oakland and about 14 miles from San Francisco's civic center. Explore International Boulevard, a fitting name for a place that houses taco shops, Cajun food, Thai food, and artisan coffee. 26th Avenue Apartments have the added benefit of being close to Interstate 880 and a few Bay Area Rapid Transit lines.
Property Facts
| Price | $3,695,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $153,958 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.49% | Building Size | 12,420 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 75% |
| Gross Rent Multiplier | 9.14 | No. Stories | 4 |
| No. Units | 24 | Year Built | 1925 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | CN-3 | ||
| Price | $3,695,000 |
| Price Per Unit | $153,958 |
| Sale Type | Investment |
| Cap Rate | 7.49% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 9.14 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 12,420 SF |
| Average Occupancy | 75% |
| No. Stories | 4 |
| Year Built | 1925 |
| Opportunity Zone |
Yes |
| Zoning | CN-3 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Oven
- Range
- Tub/Shower
- Basement
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walking/Biking Trails
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | 450 |
| 1+1 | 2 | - | 550 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 025-0744-001-00 | Improvements Assessment | $2,693,075 |
| Land Assessment | $1,196,460 | Total Assessment | $3,901,155 |
Property Taxes
Parcel Number
025-0744-001-00
Land Assessment
$1,196,460
Improvements Assessment
$2,693,075
Total Assessment
$3,901,155
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92% LTV Seller Financing at 4% IO for 7 Years | 1290 26th Ave
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