Eastlake Apartments 2505-2525 10th Ave 35 Unit Apartment Building $6,250,000 ($178,571/Unit) 7.60% Cap Rate Oakland, CA 94606

The building at 2525 10th Ave, Oakland, is a multi-family complex in the Ivy Hill / Bella Vista neighborhood, built in 1957. It consists of 29 1-bedroom units, 5 two-bedroom units and one studio and has on-site amenities such as parking and laundry facilities. The complex is situated near major freeways, Lake Merritt, and public transit. 80% of the units have been renovated. All units have separate gas + electric meters. This building allows the next owner to increase returns and leverage investment in the hot Oakland market. There is also onsite parking for all residents. The entire block and neighborhood is well maintained with single family homes. Eastlake Apartments is a 35-unit market rate apartment complex located in Oakland totaling 23,750 square feet. The property is comprised of 3 buildings on 1 lot with 29 one bedroom/ one bathroom, 5 two bedroom/one bath, and 1 studio unit and 31 on-site parking spaces. Amenities include on-site laundry, secured access entry, mostly dual pane windows, individually metered gas and electricity, and some unit views of downtown Oakland. The Project is located near I-880, 580 & 980, downtown Oakland & Lake Merritt, Highland Hospital, Lake Merritt & Fruitvale BART Stations, Laney College and Oakland High School, and across the Street from “Friends of Bella Vista Park”. 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. Investor will receive a waiver of Ad Valorem property taxes. This property comprises of 35 units presenting a unique strategic opportunity for an investor to rapidly establish a substantial presence in Oakland. 2505-2525 10th Ave presents a compelling opportunity for workforce housing investment, the asset offers investors a reliable and consistent revenue stream, driven by the growing demand for affordable housing in the fast Oakland market. The property benefits from exceptional connectivity to the Bay Area, with convenience access to Lake Merritt, Interstate 580 and 880 and proximity to Oakland International Airport, allowing residents several transportation options and ease of access to key regions throughout the Bay. 2505-2525 10th Ave features an exceptional unit mix with a particularly strong concentration of highly desirable studio, one bedroom, and two-bedroom units. The portfolio’s unit mix paired with strong demand for workforce housing ensured landlords benefit from natural turnover, minimizing loss to lease risks. Eastlake Apartments blend 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. The property at Eastlake in Oakland 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. 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. You will appreciate the neighborhood amenities near Eastlake. This part of Oakland is bike friendly, so you get around town easily. You can go for a walk in one of the neighborhood parks. If you like to walk, you will find streets lined with trees and sidewalks that are well-lit at night. Residents in this neighborhood consider the area to be walkable with stores, public transportation, and shops nearby. The complex is close to the Lake Merritt and Bart Station.