640 Brooklyn sits at the crest of a hill in the popular China Hill district of Oakland. The neighborhood borders the Jewel of Oakland, Lake Merritt,with beautiful views, great recreational opportunities, convenient shopping and an emerging restaurant and entertainment scene. Employment is robust and growing in downtown Oakland, about a 20-minute walk, or ten minutes by bike from 640 Brooklyn. The AC TransBay Express bus service stops a short walk away at the corner of Lakeshore and Lake Park, along with the popular Casual Carpool, both serving commuters to San Francisco. The nearest BART access is the Lake Merritt Station near Laney College, a pleasant 15 minute walk from 640 Brooklyn.
The building enjoys classy architecture from the 1920’s, with a modernized entry and many units with fully renovated interiors. Six former studios have been re-designed into 1-Bedroom units. This opportunity remains available for more units. The property includes parking for six+ cars in the limited access garage, extra space for parking bikes and scooters, and an updated owned laundry facility.
The property is being offered to qualified investors with proven upside through a continued program of complete renovation of unit interiors. The current owner has rent increases in the form of banked rents that have not been passed through to tenants. Purchasers should carefully evaluate and independently confirm the applicability of these potential increases.
