3020 35th Ave - Apartments FOR SALE


Oakland, CA 94619- Allendale
$3,225,000 USD
510-398-1027
3020 35th Ave, Oakland, CA for Sale
$3,225,000 USD
Apartments - FOR SALE
1/9
null | 7.01% Cap Rate

3020 35th Ave
Oakland, CA 94619
Allendale


HIGHLIGHTS

  • Primarily Comprised of Spacious, High Demand 2 Bedroom Unit Layouts
  • Most Capital Upgrades Complete - Roof, Paint, Windows, Seismic Retrofit - Done!
  • Allendale/Laurel Central Oakland Location near I-580 - Easy Commute Access
  • Strong Immediate Cash Flow (7% Cap) with Inherent Future Growth (±20% Upside)

OVERVIEW

3020–3025 35th Avenue offers investors a compelling opportunity to acquire a well-maintained and well-located multifamily property near the Laurel District in Oakland’s vibrant Allendale neighborhood. Built in 1961, this two-story, wood-frame building features a durable stucco exterior and sits on an expansive 14,600 square foot lot with approximately 17,016 rentable square feet. The property comprises 18 units: (2) non-conforming one-bedroom, one-bath units, (15) two-bedroom, one-bath units, and (1) non-conforming three-bedroom, one-bath unit. The spacious floor plans are well-designed, and several units have already been renovated, providing immediate appeal. Much of the heavy lifting has been done to help minimize lower future repair and maintenance costs. Capital improvements include a new roof and exterior paint (2018), seismic retrofit (2020), 4 fully renovated units and 6 partially renovated units, all new windows (2022). Plus, the work for balcony and raised walks compliance and safety regulations is already underway presenting a new owner a turn-key, cash flowing property with a fair amount of built-in upside. Amenities include a manager’s office and owner storage for maintenance plus onsite laundry facilities with owned machines to generate additional income, as well as tuck under parking for tenant convenience. The property’s location provides easy commuter access to I-580 just a few blocks away, along with major AC Transit bus lines along 35th Avenue. Just blocks from the vibrant and growing Laurel District, residents have quick access to a wide variety of restaurants, shops, and services along MacArthur Blvd, like Farmer Joe's Marketplace. 3020–3025 35th Avenue provides investors a chance to own a turnkey property with solid immediate cash flow plus rent upside potential in a vibrant, well-connected neighborhood. The recent capital upgrades, central location and spacious units should attract steady tenant demand for years to come.

FOR SALE DETAILS

PRICE

$3,225,000 USD

PRICE/SF

$231 USD /SF

# OF UNITS

18

PRICE/UNIT

$179,167

CAP RATE

7.01%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

18

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,593 SF

ZONING

N/Av, Oakland

APN/PARCEL ID

032-2030-003-00

ASK ABOUT THIS PROPERTY

David WeglarzThe Prescott CompanyMore Info
510-398-1027

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David WeglarzThe Prescott CompanyMore Info
510-398-1027

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.