$500K Below MAI Appraisal - 10% CAP 2124 90th Ave 32 Unit Apartment Building $5,395,000 ($168,594/Unit) 10.50% Cap Rate Oakland, CA 94603

2124 90th & 2125 92nd Ave is a very nostalgic 2 story, walk-up, multifamily building consisting of 32 residential units with 28,000 square feet of gross building area. The unit-mix consists of (26) 2 bedroom/1.5-bathroom units, (5) 3 bedroom/1.5-bathroom units and (1) 4 bedroom/1.5 unit. The property was built in 1964. There is laundry on site. 80% of the units have been renovated. All units have separate gas and electric meters and individual hot water heaters minimizing the owners’ expenses. There is 30% upside in the current rents. With 30% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. There are two laundry rooms at the property. There is a regulatory agreement in place that allows a full waiver of Ad Valorem property taxes. Casa Grande blends historic charm with urban realities, offering affordable living with great potential and a strong sense of community, particularly appealing to those seeking proximity to medical facilities and a diverse, established neighborhood. Although the property is 100% affordable, market rents in the subject area are currently lower than the max allowable rents determined by the County, making it no issue while taking advantage of the tax abatement. The Regulatory Agreement allows for a waiver of Ad Valorem taxes. Construction is typical wood framing with concrete foundation walls raised to create a partial basement on the southern portion and slab on grade foundation on the northern portion. The exterior finishes consist of painted brick veneer and stucco siding. The flat roof contains built up covering. Units are heated by electric wall heaters. Domestic hot water is provided by a central gas fired boiler located in the basement. Domestic water lines are copper. Electrical wiring is observed as copper. The property at 2124 90TH & 2125 92ND Ave in Oakland, CA has strong investment potential due to its proximity to major employers, transportation routes, shopping centers, dining venues, and entertainment options. It is an attractive option for renters seeking convenience and accessibility. The combination of a robust economy and desirable location make this property a promising investment opportunity in the Oakland real estate market. The subject property is located along 90th Avenue in the Webster neighborhood of East Oakland. The immediate surroundings are primarily characterized by mid-density residential uses, with multifamily and single-family dwellings prevalent along 90th Avenue and adjacent streets. Local land use is interspersed with small scale commercial retail, educational institutions, and community services. Notable nearby landmarks include the Elmhurst Branch of the Oakland Public Library to the northwest and the adjacent Esperanza Elementary School. The neighborhood also contains a mix of neighborhood parks, such as Arroyo Viejo Park and the Coliseum Connections Public Green Space approximately one mile to the West. It is located primarily in a residential block. You will appreciate the neighborhood amenities near 2124 90TH & 2125 92ND Ave. The property benefits from proximity to major transportation. Interstate 880 is located roughly one mile to the West, providing direct North-South freeway across East Bay and to key logistical nodes such as the Port of Oakland. The Oakland Coliseum, BART stations and AMTRAK Hub are approximately 1.5 miles northwest, offering commuter Rail transit regionally. AC transit bus routes operate along 90th Avenue and International Boulevard, facilitating local and regional transit connectivity. Oakland International Airport is location approximately four miles south-west of the property, supporting both passenger travel and air cargo operations. The subject property is less than 10 miles from downtown Oakland; the Webster neighborhood isn’t flashy but provides affordable living in East Oakland. “One of the most affordable areas in the Bay Area”. The neighborhood is very diverse and accessible to many public schools (Elementary, Middle and High Schools), making it a viable option for those looking for a way into the Bay Area. The neighborhood also contains a mix of neighborhood parks, such as Arroyo Viejo Park and the Coliseum Connections public green space approximately one mile to the west. The Webster Neighborhood has multiple bus stops throughout and is under two miles from the BART station at the Coliseum. State Route 185 runs along the neighborhood’s western border and connects commuters to the downtown centers of Oakland and San Francisco. For those looking to travel, Webster is under five miles away from Oakland International Airport. Middle East Oakland sits as a collection of neighborhoods west of Interstate 580, including Havenscourt, Lockwood Gardens, Maxwell Park, Melrose, Millsmont, Oakmore, Ridgemont, and Seminary. Middle East Oakland lies six miles southeast to downtown Oakland and 15 miles east of San Francisco. The area features a variety of residential homes that have been developed over 100 years. Mills College rests centrally to Middle East Oakland, with some students living within the area. Many residents choose Middle East Oakland for easy commuting access into downtown Oakland, Oracle Arena, and Oakland International Airport.