369 Palm Ave 24 Unit Apartment Building $5,140,000 ($214,167/Unit) 6% Cap Rate Oakland, CA 94610

This offering of twenty-four units at 369 Palm Avenue, Oakland, CA represents a rare opportunity to acquire a well-located and attractive multifamily property in the Adams Point neighborhood of Oakland, CA. The current owner has owned the property for several decades and meticulously maintained the property with many interior and exterior capital improvements. The property is constructed of wood frame and stucco siding with enclosed ground floor parking (earthquake retrofit complete), on-site laundry, and a
security entrance. The majority of units have been renovated upon turnover, and the superior unit mix consists of twelve one-bed/one-bath, nine two-bed/one-bath, and three two-bed/two-bath units, with select units have large private balconies (SB-721 inspection complete). The property is separately metered for gas and electricity allowing for stable consist of expenses for the owner.
Tenants benefit from great walkability, with a Walk-Score of 91 (Walkers
Paradise). Nearby public transport, or short walk allow easy access to
Whole Foods, Grand Lake, BART, and the shoreline of Lake Merritt. The
building’s ideal location positions it to benefit from Oakland’s rebound and
provide tenants with easy access to Downtown Oakland and San
Francisco’s primary employment centers. The huge AI boom in San
Francisco is starting to provide spillover to Oakland as jobs and rents have
stabilized and strengthened.