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UNDER CONTRACT | Two Blocks from Piedmont 671 Vernon St 31 Unit Apartment Building $7,095,000 ($228,871/Unit) 6.47% Cap Rate Oakland, CA 94610

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INVESTMENT HIGHLIGHTS

Positioned at the edge of Piedmont and steps from the Morcom Rose Garden in Oakland’s highly desirable Grand Lake neighborhood
Diverse Unit Mix – 31 total units including (8) two-bedroom/one- bath, (20) one-bedroom/one-bath, and (3) studio units
Covered gated parking, balconies in select units, a pool, and an on-site laundry room support strong tenant demand

Easy access to Piedmont Avenue’s dining, coffee shops, retail boutiques, and conveniences, plus quick connectivity to major transit
Recent Upgrades include a new roof, various interior improvements, and a completed seismic retrofit
Prime location and desirable unit mix create a stable, high-demand asset with long-term upside in the Oakland multifamily market

EXECUTIVE SUMMARY

The Mitchell Warren Team is pleased to present 671 Vernon Street, a well-maintained 31-unit apartment building located in Oakland’s highly desirable Grand Lake neighborhood. The property features eight (8) two-bedroom/one-bath units, twenty (20) one-bedroom/one-bath units, and three (3) studio units, appealing to a wide range of renters in this strong, high-demand market. A new roof, various unit improvements, and a complete seismic retrofit were completed in recent years. Amenities include covered gated parking, private balconies in select units, a pool, and an on-site laundry room. With its prime location, recent improvements, and attractive unit mix, 671 Vernon Street represents a compelling opportunity for investors seeking a stable, well-located asset with long-term upside potential.
671 Vernon Street offers an unbeatable location in one of Oakland’s most desirable neighborhoods, positioned right at the edge of Piedmont and just steps from the serene Morcom Rose Garden. The property provides residents with a peaceful, residential setting while maintaining easy access to the vibrant amenities of Piedmont Avenue. The building’s location also offers excellent connectivity, with quick access to major transit routes and BART stations, providing seamless commutes throughout the East Bay and into San Francisco. With its combination of neighborhood charm, proximity to nature, and walkable access to shopping and dining, 671 Vernon Street represents a prime opportunity in the Oakland multifamily market.

PROPERTY FACTS

Price	$7,095,000	Property Subtype	Apartment Multifamily Manufactured Housing Mobile Home Park Office Office Residential Multifamily Dormitory
Price Per Unit	$228,871	Apartment Style	Mid-Rise
Sale Type	Investment	Building Class	C
Cap Rate	6.47%	Lot Size	0.30 AC
Sale Condition	1031 Exchange	Building Size	20,185 SF
Gross Rent Multiplier	9.39	No. Stories	4
No. Units	31	Year Built	1961
Property Type	Multifamily	Parking Ratio	0.99/1,000 SF
Zoning	N/Av, Oakland

Price	$7,095,000
Price Per Unit	$228,871
Sale Type	Investment
Cap Rate	6.47%
Sale Condition	1031 Exchange
Gross Rent Multiplier	9.39
No. Units	31
Property Type	Multifamily
Property Subtype	Apartment Multifamily Manufactured Housing Mobile Home Park Office Office Residential Multifamily Dormitory
Apartment Style	Mid-Rise
Building Class	C
Lot Size	0.30 AC
Building Size	20,185 SF
No. Stories	4
Year Built	1961
Parking Ratio	0.99/1,000 SF
Zoning	N/Av, Oakland