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305 Lenox Ave 10 Unit Apartment Building $1,900,000 ($190,000/Unit) 6.12% Cap Rate Oakland, CA 94610
INVESTMENT HIGHLIGHTS
- Prime Adams Point location just blocks from Lake Merritt, Grand Avenue, and Lakeshore Avenue retail corridors
- Well-maintained 10-unit building totaling approximately 6,982 RSF
- Historically low vacancy and consistent tenant demand in a supply-constrained market
- Strong in-place cash flow with a 6.12% cap rate and 9.15 gross rent multiplier based on current income
- Desirable unit mix: (1) Studio, (8) 1BR/1BA, and (1) 2BR/1BA units
- Below-market rents provide clear rental upside through turnover or modest unit upgrades
EXECUTIVE SUMMARY
305 Lenox Avenue is a well-maintained 10-unit multifamily property located in the sought-after Adams Point neighborhood of Oakland, just blocks from Lake Merritt. The property features an attractive and efficient unit mix of (1) Studio, (8) 1BR/1BA, and (1) 2BR/1BA units, totaling approximately 6,982 square feet of rentable space.
This offering provides investors with strong in-place cash flow, delivering a 6.12% in-place cap rate and 9.15 GRM based on current income. The property benefits from historically low vacancy, stable tenant demand, and upside potential through continued rental growth in one of Oakland’s most desirable rental submarkets. With its unbeatable location, strong financial performance, and long-term growth potential, 305 Lenox Avenue is an ideal opportunity for both cash-flow focused and value-add investors.
Situated in the heart of Oakland’s desirable Adams Point neighborhood, 305 Lenox Avenue offers an unbeatable urban lifestyle just steps from Lake Merritt. This highly walkable and transit-friendly location places residents within proximity to Grand Avenue and Lakeshore Avenue’s vibrant mix of cafés, restaurants, shops, and essential services.
This offering provides investors with strong in-place cash flow, delivering a 6.12% in-place cap rate and 9.15 GRM based on current income. The property benefits from historically low vacancy, stable tenant demand, and upside potential through continued rental growth in one of Oakland’s most desirable rental submarkets. With its unbeatable location, strong financial performance, and long-term growth potential, 305 Lenox Avenue is an ideal opportunity for both cash-flow focused and value-add investors.
Situated in the heart of Oakland’s desirable Adams Point neighborhood, 305 Lenox Avenue offers an unbeatable urban lifestyle just steps from Lake Merritt. This highly walkable and transit-friendly location places residents within proximity to Grand Avenue and Lakeshore Avenue’s vibrant mix of cafés, restaurants, shops, and essential services.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$207,612
|
$27.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,381
|
$1.40
|
| Effective Gross Income |
$197,231
|
$26.52
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$80,922
|
$10.88
|
| Net Operating Income |
$116,309
|
$15.64
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $207,612 |
| Annual Per SF | $27.92 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,381 |
| Annual Per SF | $1.40 |
| Effective Gross Income | |
|---|---|
| Annual | $197,231 |
| Annual Per SF | $26.52 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $80,922 |
| Annual Per SF | $10.88 |
| Net Operating Income | |
|---|---|
| Annual | $116,309 |
| Annual Per SF | $15.64 |
PROPERTY FACTS Under Contract
| Price | $1,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $190,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.12% | Building Size | 6,982 SF |
| Gross Rent Multiplier | 9.15 | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 0.86/1,000 SF |
| Price | $1,900,000 |
| Price Per Unit | $190,000 |
| Sale Type | Investment |
| Cap Rate | 6.12% |
| Gross Rent Multiplier | 9.15 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 6,982 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.86/1,000 SF |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 2+1 | 1 | - | 750 - 800 |
| 1+1 | 8 | - | 650 |
1 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 010-0771-008-00 | Improvements Assessment | $1,052,519 |
| Land Assessment | $408,196 | Total Assessment | $1,460,715 |
PROPERTY TAXES
Parcel Number
010-0771-008-00
Land Assessment
$408,196
Improvements Assessment
$1,052,519
Total Assessment
$1,460,715
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305 Lenox Ave
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