500K Below MAI Appraisal-10% CAP-23.5% $ on $ 2124 90th Ave 32 Unit Apartment Building $5,395,000 ($168,594/Unit) 10.78% Cap Rate Oakland, CA 94603

$500K Below MAI Appraisal!!! - 10% Cap!!! - 23.5% Cash on Cash!!! - 19% MARKET Cap!!! - $192 Price Per Foot!!!

Building Description: 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.