Casa Grande Village 2125 92nd Ave 32 Unit Apartment Building $4,995,000 ($156,094/Unit) 12.15% Cap Rate Oakland, CA 94603

$895K Below MAI Appraised Value | 11.25% Cap Rate | 29% Cash-on-Cash Return | $178 PSF
2124 90th Avenue and 2125 92nd Avenue, also referred to as "Casa Grande", is a very nostalgic, charming two-story walk-up multifamily community featuring 32 residential units and approximately 28,000 square feet of gross building area. The property offers a family-oriented unit mix consisting of 26 two (2)-bedroom, 1.5-bathroom units, five (5) three
(3)-bedroom, 1.5-bathroom units, and one (1) four (4)-bedroom, 1.5-bathroom unit.

Built in 1964, the property has been well-maintained and features two on-site laundry facilities, with approximately 80% of the units renovated. Separate gas and electric metering, along with individual hot water heaters, helps minimize operating expenses. With 30% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. There is a regulatory agreement in place that allows a full waiver of Ad Valorem property taxes.

Casa Grande combines classic character with stable, affordable housing fundamentals, fostering a strong sense of community within an established East Oakland neighborhood. While the property is 100% affordable, current market rents remain below the County's maximum allowable rent thresholds, allowing ownership to benefit from the tax-abatement program without limiting future rental growth potential. The Regulatory Agreement's Ad Valorem tax waiver further enhances the property's long-term investment appeal.

Construction is typical wood framing with concrete foundation walls, raised to create a partial basement in the southern portion and a slab-on-grade foundation in the northern portion. Exterior finishes consist of painted brick veneer and stucco siding beneath a flat built-up roof. 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.

Situated in a desirable Oakland location, the property benefits from convenient access to major employers, transportation corridors, shopping, dining, and everyday amenities. Strong local housing demand and accessibility make Casa Grande an attractive option for residents and position the asset for long-term investment performance.

Located along 90th Avenue in the Webster neighborhood of East Oakland, the property is surrounded by a mix of multifamily and single-family residences, neighborhood-serving retail, schools, and community services. Nearby amenities include the Elmhurst Branch of the Oakland Public Library, Esperanza Elementary School, Arroyo Viejo Park, and Coliseum Connections Public Green Space. The established residential setting, combined with convenient access to daily necessities and community amenities, contributes to Casa Grande's enduring appeal.