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5 Blocks from Lake Merritt | $127K Per Unit 635 E 15th St 9 Unit Apartment Building $1,150,000 ($127,778/Unit) 7.81% Cap Rate Oakland, CA 94606
Investment Highlights
- 9 Units In Oakland 5 Blocks from Lake Merritt: 8 (1BD/1BA) and 1 (2BD/2BA)
- Two Units Delivered Vacant: Immediate Market Rent Upside
- Desirable Oakland Location: Near Lake Merritt, Downtown Oakland, and Jack London Square
- Recent Capital Improvement: Seismic Retroft (2025), New Electrical Panels (2024), Approximately 10 Year Roof
- Off-Street Parking: Eight Garages Total with Three Vacant Offering Income Upside and ADU Potential (Buyer to Verify)
- Transit and Demographics: Close to BART, Major Employment Hubs, and Dense Rental Base
Executive Summary
The Mitchell Warren Team is pleased to present 635 E 15th Street, a 9- unit multifamily property located in Oakland’s Clinton neighborhood. The 5,875 square foot building features a unit mix of eight (8) one-bedroom/one-bath units and one (1) two-bedroom/two-bath unit, offering strong in-place income with clear value-add potential. Two units will be delivered vacant, providing an immediate opportunity to achieve market rents, while existing rents remain below market, allowing for additional upside through natural turnover and improved management. The property also includes eight on-site garages, three of which are currently vacant, offering additional income potential. Investors may also explore the potential to convert garages into ADUs (buyer to verify with the city) to further enhance long-term returns.
635 E 15th Street is ideally located in central Oakland, just five blocks from Lake Merritt, and offers convenient access to the Lake Merritt BART Station for seamless connectivity to Downtown Oakland, San Francisco, and major employment hubs. The property is also near Downtown Oakland, Jack London Square, and the vibrant Lake Merritt corridor, providing residents with a wide range of dining, retail, grocery, and recreational amenities. With over 44,000 residents within a one-mile radius and strong access to transit and urban conveniences, the property is well-positioned as an attractive multifamily investment in one of Oakland’s most accessible and evolving submarkets.
635 E 15th Street is ideally located in central Oakland, just five blocks from Lake Merritt, and offers convenient access to the Lake Merritt BART Station for seamless connectivity to Downtown Oakland, San Francisco, and major employment hubs. The property is also near Downtown Oakland, Jack London Square, and the vibrant Lake Merritt corridor, providing residents with a wide range of dining, retail, grocery, and recreational amenities. With over 44,000 residents within a one-mile radius and strong access to transit and urban conveniences, the property is well-positioned as an attractive multifamily investment in one of Oakland’s most accessible and evolving submarkets.
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Storage Space
- Eat-in Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Carpet
- Breakfast Nook
- Deck
- Garden
- Vinyl Flooring
Site Amenities
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Trash Pickup - Curbside
- Storage Space
1 1
Very walkable
80/100
Very drivable
80/100
Strong public transit
80/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 020-0135-004-01 | Improvements Assessment | $418,554 |
| Land Assessment | $126,977 | Total Assessment | $545,531 |
Property Taxes
Parcel Number
020-0135-004-01
Land Assessment
$126,977
Improvements Assessment
$418,554
Total Assessment
$545,531
Contacts
-
Randell Silva -
Timothy Warren -
Kent Mitchell -
Adam Beeri -
NAI Northern California
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5 Blocks from Lake Merritt | $127K Per Unit | 635 E 15th St
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