Residential Income - 3128 Fruitvale Ave, Oakland, CA

$3,525,000

3128 Fruitvale Ave, Oakland, CA

3128 Fruitvale Ave, Oakland, CA 94602 - $3,525,000 · Multi-Family Home for Sale, photo 3

3128 Fruitvale Ave, Oakland, CA 94602 - $3,525,000 · Multi-Family Home for Sale, photo 4

3128 Fruitvale Ave, Oakland, CA 94602 - $3,525,000 · Multi-Family Home for Sale, photo 5

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Description

Renovated with huge upside: ownership has invested $492,707 in improvements since 2018, yet eight of the 14 apartments still rent below $1,300 a month, leaving 53% upside to market. The work includes six gut-remodeled units, new copper plumbing and a heat pump water heater, a sewer lateral, main electrical panels, a roof and a new parking lot. The property is Soft Story and SB 721 compliant. Offered at $3,525,000, a 6.02% current cap and 10.13 GRM, growing to a 10.36% cap and 6.69 GRM at market rents. This 18-unit mixed-use property in Oakland's Dimond District offers 14 apartments and 4 commercial storefronts across three buildings on a 20,000 SF lot with 14 surface parking spaces. The unit mix is seven 1BR/1BA units, seven 2BR/1BA units and four commercial suites. Just 0.2 miles to Farmer Joe's with easy access to I-580 and Fruitvale BART.

Property details

Year built

1950

Property type

Residential Income

Lot size

20,000 sqft

Location

3128 Fruitvale Ave • Oakland, CA 94602

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Listed by

Willem Bos · COMPASS

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