Description

Eight 2BR/1BA units near Lake Merritt offering a 6.23% current cap rate and 8.20% at market rents. Average scheduled rent of $2,186 trails the $2,600 market rent by 18.9%. Six of eight units are renovated, and one vacant unit is scheduled at market. Oakland rents rose 13.0% year over year as of July 2026 (Apartment List), second-fastest among the 100 largest U.S. cities, as San Francisco's AI-driven rent surge pushes renters east. Current NOI $118,092; NOI at market rents $155,330.

Property details

Year built

1959

Property type

Residential Income

Lot size

6,000 sqft

Location

296 Lester Ave • Oakland, CA 94606

More homes for sale and rent in Oakland, CA →

Listing Agent

Joseph Owens

DRE #: 01707768

Brokerage: Marcus & Millichap

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CRMLS

MLS# 41151543

Listed: 10/16/2026 10:28 AM

Based on information from the California Regional Multiple Listing Service, Inc. as of 10/16/2026 5:43 PM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

IDX information is provided exclusively for consumers' personal, non-commercial use. Information is deemed reliable but not guaranteed. Buyer should independently verify all information.

Listed by: Marcus & Millichap

Equal Housing Opportunity

Advertising Broker: Nalren Corp (CA DRE #02423715)

Licensed in the state of California

Nalren Corp (CA DRE #02423715) is the Advertising Broker for this IDX display. We are not the listing broker for this property. The listing broker/agent information is shown above. Contact the listing agent for inquiries.

Residential Income - 296 Lester Ave, Oakland, CA