2240-2242 Macarthur Blvd 18 Unit Apartment Building $2,750,000 ($152,778/Unit) 6.81% Cap Rate Oakland, CA 94602

This 18 unit multi-residential building plus 1 commercial storefront was built in 1927 and is located above the 580 Freeway in the bristling Dimond District neighborhood. Dimond District is known for its wonderful restaurants, stores, local banks and access to public transportation. Well known Farmer Joe’s Marketplace on Fruitvale Avenue offers fresh produce and has a quality meat market. Also nearby are Safeway Market, CVS, and several highly rated cafes. Local residents conveniently have nearly everything within living distance. There’s also carpooling at Fruitvale and Montana Street. Local Dimond Park on Fruitvale offers tennis courts, a pool, and a playground area for children.
The property has been under long-term current ownership and has been maintained under professional property management for many years. Over the last 9 years several improvements have been completed. These improvements include exterior painting, seismic retrofitting, newer roof, newer water heater tank, and newer fire alarm system.
Many of the apartments have been renovated including updated kitchens and baths. The heat to the building is provided through energy efficient boiler located in the basement.
There are separate electric meters which are tenant expenses.
There is one master water meter which is an owner expense.
There is a master gas meter for the boiler and unit ranges which is an owner expense.
Property Highlights
• 12 one bedroom apartments
• 6 studio apartments
• 1 small commercial ground-floor storefront
• Exterior recently painted
• Seismic retrofitting completed in 2024
• New 4-ply cap sheet system roof in 2017 with regular yearly maintenance
• New Bradford White 100gal water heater tank in 2016 with regular yearly maintenance
• Fire alarm system installed in 2017 with regular yearly service
• Individual electric meters to all units and individual unit panels updated in 2024
• Steam heating to all units which is an owner expense
• There is one master gas meter which is an owner expense that covers steam heating and unit ranges
• There is one master water meter which is an owner expense
• Located above 580 along bus lines and close to 580
• Excellent Dimond District commercial area with grocery stores, restaurants, post office, park
Financial Information
• Current annual gross income with one studio vacant $267,784.00
• Annual Expenses: (some expenses have been averaged based upon current operating costs)
• Pest control $2400.00
• Fire inspection-OFD $1000.00
• Fire equipment $1150.00
• Boiler inspection & maintenance $1015.00
• PG&E $19,906.00
• EBMUD $7752.00
• Garbage service-Waste Management $15,877.00
• Garbage service-bin pull $1950.00
• City business license $2958.00
• City RAP fees $1818.00
• Property tax $20,327.00
• Insurance-liability $4832.00
• Insurance-commercial property $18787.00
Total expenses $99,772.00
Net operating income $168,012.00 (one studio unit vacant)
Expenses reflected above will not be exact for an incoming investor
Cap rate: 5.6%
GRM: 11.2%
Asking Price is $3,000,000
Price per unit: $166,666.00
Shown by appointment
This property is listed jointly through the following licensed California Real Estate Brokers who are not affiliated.
Holda Novelo, broker Landmark Real Estate Management, CA BRE 00781045
3542 Fruitvale Ave. #252, Oakland, CA 94602
510-531-7784
Frank Hennefer broker, CA BRE 00852682
10464 San Pablo Ave.
El Cerrito, CA 94530
510-305-5436
Holda Novelo of Landmark Real Estate Management is a real estate broker licensed by the State of California operating under License Number 00781045. Frank T Hennefer is a real estate broker licensed by the State of California operating under License Number 00852682. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, rental or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Broker cannot and has not independently verified information provided by others, including square footage and lot size. This is not intended to solicit property already listed. No financial or legal advice provided. This brokerage fully supports the principles of the Fair Housing Act and Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.