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Listed by Jatin Mehta • Kite Hill Real Estate
$1,500,000
Est. payment /mo
2,547 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,547 sqft
Price per Sqft $588
Subdivision Oakland
MLS Listing ID 41135461
HOA Y/N No
Year Built 1920
Lot Size 5,438 Sqft
Property Sub-Type Quadruplex
Source Bridge AOR
Property Description
To access the marketing package copy/paste: https://bit.ly/kitehillre. 459 Wayne Ave is a fully remodeled 4-unit apartment building in Cleveland Heights, Oakland, presenting an outstanding investment opportunity for multiple different buyers. Each unit features modernized interiors, with three 1-bedroom units and a 2-bed, 1-bath owner's unit that's ideal for an owner-occupier. Previously, the property was successfully rented as medium-term rentals with furnished units. The current owner is open to including the furniture in the sale, allowing the new buyer to continue this strategy seamlessly. Financially, the property is strong, with a Gross Rent Multiplier (GRM) of 11.64 and a cap rate of 5.53%. It generates a monthly rental income of $10,735, totaling $128,820 annually ( Including laundry ). The property has been fully remodeled, including rewiring and some exterior updates, such as new paint, fascia, and soffit work. Additional amenities include 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back. Moreover, the property is entitled for the development of 20 new apartment units, offering a prime opportunity for investors looking to expand or redevelop. This potential for growth in Oakland's thriving rental market makes the property a versatile and promising investment. Whether you're seeking a stable income-generating asset or interested in a larger development project, this property offers significant flexibility and growth potential, making it a valuable addition to any real estate portfolio.
Location
State CA
County Alameda
Interior
Heating Natural Gas
Cooling Other
Flooring Wood
Fireplace No
Building
Lot Description Rectangular Lot, Paved
Water Public
Others
Special Listing Condition Standard
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