459 Wayne Ave

Oakland, CA 94606

$1,500,000

Sold Price
N/A

bed Beds

shower Baths

N/A sqft

straighten / sqft

1920

calendar_month Built

Property Description

Check out the marketing package here: https://bit.ly/kitehillre. This fully remodeled 4-unit apartment building in Cleveland Heights, Oakland, presents an outstanding investment opportunity. Each unit features modernized interiors, with (3) 1-bed and (1) 2-bed owner’s unit that’s ideal for an owner-occupier. Previously, the property was successfully rented as medium-term rentals with furnished units. The current owner is open to including the furniture in the sale, allowing the new buyer to continue this strategy seamlessly. Financially, the property is strong, with a (GRM) of 12 and a cap rate of 5.13%. The property has been fully remodeled, including rewiring and some exterior updates, such as new paint, fascia, and soffit work. Additional amenities include 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back. Moreover, the property is entitled for the development of 20 new apartment units, offering a prime opportunity for investors looking to expand or redevelop. This potential for growth in Oakland's thriving rental market makes the property a versatile and promising investment. Whether you seek a stable, income-generating asset or are interested in a larger development project, this property offers flexibility and

Listing Information

Close Price $1,500,000
Close Date Tuesday, October 22nd, 2024
Status Closed
MLS 41071524
HOA $0
Type Residential Income
Subtype Quadruplex
Year Built 1920
Lot Size 5,438
Structure Size N/A
DOM 41
Courtesy Of Pellego
Listing Agent Jatin Mehta DRE#02045713

Interior Features

Total Bedroom
Bedrooms N/A
Flooring Information
Material Wood

Exterior Information

Maps

Listing information courtesy of: Jatin Mehta, Pellego 949-929-9562. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 23rd, 2024 at 5:32 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.