701-705 Franklin St
Oakland, CA 94607
Retail Property For Sale

The Property is located within the Lake Merritt Station Area District Pedestrian - 2 Commercial (D-LM-2) zoning district. The intent of this zone is to “create, maintain, and enhance areas of the Lake Merritt Station Area Plan District for ground-level, pedestrian-oriented, active storefront uses. Upper story spaces are intended to be available for a wide range of Office and Residential Activities. “ (Oakland Planning Code Section 17.101G.010(B)(2).) There is an email in the Due Diligence package from the City of Oakland noting “the City of Oakland does not consider the SRO Moratorium to presently apply to the property at 701 Franklin street…” The property consists of 3 floors above street level and improved basement spaces. The Ground Floor consists of six (6) retail units. Three (3) of the Six (6) units are occupied by tenants. Two of the units 107 and 705 have basement space connected to their units. The upper two floor are vacant and it is estimated that the property was last operated as the “George Hotel”, a twenty eight (28) Single Resident Hotel (SRO) rooms. It appears the rooms were last occupied in 1962. The upper two floors are in disrepair. The city of Oakland has plans on file on the 2nd floor desk entitled “Engineering Analysis Report for 701 Franklin Street dated January 30, 1995” that can be viewed by the public. The Report of Building Record indicates a Building Permit for seismic retrofit #B9500398 was issued and expired in 1997. There appears to have been some retrofit done on the property. The preliminary title report notes an instrument recorded 09/11/95 entitled “Postponement of Mandatory Requirements of the Unreinforced Masonry Hazard Mitigation Ordinance/Hold Harmless Agreement”. The building is roughly 90% vacant. There are currently three retail tenants in occupancy on the ground floor. Two have leases and the third is month to month. Building History: We believe the property was originally built in 1890. Historic records indicate the original architect was Charles Mau. Original Construction appears to have been of bricks from the Remillard Brick Company. City records show in “Lodging above” in 1903. 1936 records indicate “28 rooms used not as apartments”. In 1943 records indicates the rooms were called the “George Hotel”. The property has been in the same family since 1947. The owners believe the last time the rooms were rented was in the late 1960’s. Historic Significance: Betty Marvin who is at the City of Oakland and is the Historic Preservation Planner noted the building is “Not currently a Designated Historic Property, but may be eligible and if designated can become eligible for historic Building code which would facilitate re-use & re-habilitation” (See Due Diligence Package for more detail)