Situated in Oakland’s Cleveland Height neighborhood and half a block from Oakland’s renowned Lake Merritt, 160 Athol Avenue stands as a meticulously maintained, pride of ownership multifamily building consisting of five apartment units. Dating back to 1923, this property features a charming wood frame and stucco construction on a concrete foundation. Comprising two structures, it encompasses a two-story four-unit apartment building at the front, and a single family house above a garage in the rear. The building is 5,205 square feet on a 4,205 square foot lot.
The unit mix of this property is highly unique, featuring three spacious 1-bedroom/1-bathrooms units, one large three-level 2-bedroom/1-bathroom flat, and one 3-bedroom/1-bathroom single family house. Each unit is independently metered for gas and electricity. Investors have an exceptional opportunity to acquire this well-positioned asset, as it offers significant upside upon unit turnovers. There is also immediate upside through rent increases that a new owner can achieve through allowable increases on all of the units, including a larger increase that must be approved by the Alameda Housing Authority.
Oakland has consistently demonstrated one of the nation's highest rent growth rates and lowest vacancy rates, making this investment a promising long-term venture. Ideally located merely steps away from Oakland's renowned Lake Merritt, 160 Athol provides tenants with easy access to an array of lake activities, as well as a vibrant selection of nearby restaurants, cafes, parks, and shopping options. Its convenient proximity to both downtown Oakland and the Grand Lake neighborhood further enhances its appeal. Additionally, the property benefits from its convenient location, situated a mere 0.5 miles from Lake Merritt BART station and offering swift access to the 580 and 880 freeways, enabling tenants to easily commute to San Francisco and other neighboring cities
1/2 Block from Lake Merritt
5.44% Stabilized Cap Rate / 7.9% Proforma Cap Rate
House + Fourplex
(1) 3-Bed/1-Bath, (1) 2-Bed/1-Bath Flat, and (3) 1-Bed/1-Bath
35% Upside In Rents
Exempt from Oakland Soft Story List