Bay Apartment Advisors is pleased to be retained as the exclusive broker for The Harrison, an apartment building located at 3921 Harrison Street. The subject property contains a sixteen (16) unit apartment building situated on the border of the City of Piedmont directly between the Grand-Lake shopping district and the Piedmont Avenue shopping district.
Built in 1963, 3921 Harrison Street is located in one of the most highly desirable neighborhoods of Oakland. The property consists of a four-story apartment building with fourteen (14) onsite garage parking spots. The apartment structure’s wood frame and stucco exterior is built above the concrete podium base that houses the garaged parking for the residents. Seismic upgrades, as well as new siding and a new roof, were included in the building improvements of more than one and a quarter million dollars ($1,250,000+) spent over the last six years. The apartment building contains approximately 13,336 square feet of gross building area with a lot of approximately 11,250 square feet.
The building features a balanced mix of nine (9) one bedroom units, six (6) two bedroom units, and one (1) large two bedroom penthouse. Thirteen (13) of the apartments have been renovated in the last five years. Renovations feature plank hardwood flooring, designer light fixtures, and redesigned kitchens and bathrooms. Bathrooms contain new vanities, wall mounted cabinets and new designer light bars. Most of the units feature bathtubs with tiled surrounds and showers. Kitchens present new cabinetry, quartz countertops, tiled flooring and tiled backsplash. The renovated units contain new stainless appliances. Decks and porches spotlight the additional living space created outdoors for all sixteen (16) apartments.
Heat is provided via individual forced air heaters with digital thermostats. Register ducts are located in all rooms of the apartment. All units are separately metered for gas and electricity. Water is master metered. The roof is a torch on modified roll roofing which was replaced in December of 2013. The life span of the roof is expected to exceed twenty-five years. The property offers fourteen (14) garaged parking spots providing additional income. Additional street parking is also readily available. Storage lockers located in the garage provide the residents with additional space for large personal items. Also in the garage are the onsite laundry facilities for resident’s convenience providing additional income to the owner.
The Harrison offers investors the opportunity to acquire a property in the highly sought after Grand-Lake neighborhood one block from the border with the City of Piedmont. The neighborhood is a close and convenient walk, less than one-half mile, to the vibrant shopping districts of both Grand-Lake and Piedmont Avenue. In addition, the investment offers over twenty-six percent (26.6%) upside. With its proximity to Downtown Oakland and close proximity to MacArthur BART the property will attract commuters as well as those who work in the area. Investors can purchase this substantially renovated property with little deferred maintenance and significant upside. The opportunity still exists that the subject property will be exempted from Oakland’s rent control ordinance due to the large amount of work and money spent on the property. Oakland provides what is referred to as a “Substantial Rehabilitation” exemption to owners who qualify. The current owner has filed for this exemption and it is currently in the appeal process.
