58 Vernon Street, Oakland, CA 94610
Property
Sold April 2024
Listing Agent: Linnette Edwards (DRE #01342728) · Listing Office: Abio Properties · Contact: 925-310-4636 · Bought with: Linnette Edwards · Abio Properties · MLS #41038611 · Source: CRMLS
About this property
The Faraday plan approved 9 unit building is a rare portfolio opportunity to acquire a newly constructed asset in a prime Oakland neighborhood close to major employers, transportation corridors, shopping, dining and entertainment. The essentials are all here – electrical, plumbing, security systems, and more. Two stunning penthouse units are move-in ready. Additional units are your blank canvas! See photos and website for more info. Oakland is California’s 8th most populous city. The investment appeal includes the city’s historically low housing inventory and its high concentration of tech,healthcare,green energy,& fin-tech companies. Workers drawn here by major employers like Kaiser Permanente, Renew Financial, Pandora music streaming, and Clorox. Other regional giants include Bayer, Blue Shield, Pixar Animation Studios, Tesla, Workday, 10x Genomics, UC Berkeley and three National Laboratories (Berkeley, Livermore and Sandia). The Faraday is the first new construction of its kind in Oakland’s Adams Point neighborhood since 1972. Nationwide, multifamily construction for sale is at historic lows. Construction costs and approval times make it unlikely that new construction will flood the Bay Area market or the high demand for housing will be met anytime soon.
Listing description from the April 2024 sale, as reported to CRMLS.
Sale history