140 Montecito Ave, Oakland, CA 94610
18 Unit Apartment Building | $4,595,000 ($255,278/Unit) | 6.02% Cap Rate | Oakland, CA 94610
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,595,000
- Property Type
-
Multifamily
- Square Feet
- 14,784 SF
Listing Contacts
Steven Pinza
Verified Profile
Alec Matut
Verified Profile
- Property Info
Property Overview
The Montecito is a pride-of-ownership asset situated in the highly sought-after Adam’s Point neighborhood. The 18 unit apartment building was constructed in 1961, and features a mix of 17 1bd/1bth and one stunning 3bd/2bth owner’s suite. The structure boasts 10,218 SF of rentable space, including off-street garage parking, onsite laundry, and balconies offering stunning views of Lake Merritt. Current tenants pay for all their own utilities, minimizing operating expenses for future ownership. The building features a number of improvements, including: upgraded electrical systems, copper plumbing, recently-recoated roof, and a full seismic retrofit.
Current rents have ample room to grow, offering significant potential for rental upside via annual adjustments, tenant turnover, and capital improvements. One unit will be delivered vacant, perfect for owner-occupants or immediate tenant placement at market rate. In addition, investors may take advantage of the opportunity to acquire 140 Montecito Ave via Seller financing. The property is ideally located just blocks from Lake Merritt, considered a Walker’s Paradise due to its immediate proximity to restaurants, shopping outlets, public transportation options, I-580 and BART.
Current rents have ample room to grow, offering significant potential for rental upside via annual adjustments, tenant turnover, and capital improvements. One unit will be delivered vacant, perfect for owner-occupants or immediate tenant placement at market rate. In addition, investors may take advantage of the opportunity to acquire 140 Montecito Ave via Seller financing. The property is ideally located just blocks from Lake Merritt, considered a Walker’s Paradise due to its immediate proximity to restaurants, shopping outlets, public transportation options, I-580 and BART.
Property Details
- Class
- C
- Year Built
- 1961
- Stories
- 4
- Lot Size (sq. ft)
- 6,970 SF
- Units
- 18
Highlights
- Incredible Seller Financing for Qualified Buyers - 85% LTV and 5% Interest - Over 8% Cash on Cash Return Day One
- Prime Adam's Point Location Offering 18 Units Comprised of Fourteen (14) 1bd/1bth Units, Three (3) Studio Apartments, and One (1) 3bd/2bth Penthouse
- Most Units Fully Remodeled - Upgraded Electrical Systems, Copper Plumbing, Recoated Roof, New Concrete Driveway, Seller Completing Seismic Retrofit
- Estimated $1,500,000 Tax Deduction through Accelerated Depreciation. Carries Forward Until Full Benefit Received.
- Separately Metered for Gas, Electricity - Current Tenants Pay Utilities Fees to Cover Water and Garbage, Minimizing Owner Expenses
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