Brandon Geraldo - Commercial Real Estate Showcase

Brandon Geraldo Property Listings
Senior Vice President
Colliers International
1999 Harrison St
Suite 1750
Oakland, CA 94612-3520

1148 E 18th Street - OMC Lofts

Oakland, CA 94606-3800 - East Lake MF Submarket

Property Type:Multi-Family Number of Units:21 Status:Existing Year Built:1922
Stories:1 Building Size:33,065 SF Land Area:.82 AC (35,719 SF)
For Sale Price:$9,900,000 Price/Unit:$471,428.57 Cap Rate:5.03 % GRM:-

Parking:.42 Parking Spaces / 1,000 SF

OMC Lofts is a conversion of the original Mothers Cookies factory. The property was built in stages starting in 1915 as the original switching station for AT&T. Mother's Cookies purchased the property in 1922 and constructed several buildings from 1922-1949. In 1949 the property totaled 40,000 square feet and served as the corporate office, warehouse and bakery. Many of the factory features such as the original cookie ovens, scales and delivery doors have been carefully preserved and incorporated into the project.

In 1997, GMB Property Corporation began the first phase of the renovation of this historic building. For over 20 years the building was partially occupied and from 1990-1997 was vacant and boarded up. The project now consists of 21 units of Live-Work space. Second Floor live spaces offer dramatic 20-30 foot ceilings with the original maple hardwood floors completely restored. Many of the spaces offer 12x15 roll-up first floor doors and amenities that allow any resident to really "work" in the spaces. Large factory windows, retrofitted brick and large timber construction and on-site parking for select units.

The project is located 5 blocks from Lake Merritt and 3 blocks from the Oakland's Eastlake Shopping District and located in a friendly neighborhood. BART's 12th Street station is only a short bike ride away. The project is designed for people who really need or want to work in their space. The project also offers many off-street parking spaces. All of the units have been recently renovated and offer new bathrooms and kitchens.

Sale Notes:
**LAST PROPERTY TOUR TUESDAY, 8/1 AT 12:00 PM** The subject property was was reportedly built in the 1920s and was the site of the original Mother' s Cookies factory. In 2009, the conversion to live/work loft
units was completed and the Certificate of Occupancy was received, making the building exempt from the Oakland Rent Control Ordinance. The 35,775 square
foot, historical building consists of 20 live/work lofts and one commercial unit. The live/work loft units range from 1,018 to 2,600 square feet. In the last two
years, 10 of the units have been substantially renovated with new bathroom finishes, bathroom flooring and shower, kitchen cabinets and fixtures, flooring and
lighting. The cost of the unit renovations range from $12,000 to $22,000.

The residents of OMC Lofts benefit from controlled access, and a mix of 12x15 skylights, roll up doors (four), concrete floors (first floor), large factory windows,
brick and timber construction, bike racks, 10 on-site parking spaces, and on-site washers and dryers. Units on the second floor have 20-30 foot ceilings and
the original maple hardwood floors have been restored. The current ownership group completed several major capital improvements such as replacement of
both sewer laterals

Colliers International
Brandon Geraldo
(415) 288-7879

Ryan C Rodriguez
(510) 433-5816

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