322 Athol Ave - 320-324 Athol Ave, Oakland CA 94606 5 Unit Apartment Building Offered at $1,526,978 CAD at a 4.17% Cap Rate Oakland, CA 94606

320–324 Athol Avenue presents a compelling multifamily investment opportunity in Oakland’s highly desirable Cleveland Heights neighborhood, one of the city’s most sought-after rental submarkets. Located just 0.6 miles from Lake Merritt and approximately 2.2 miles from Jack London Square, the property benefits from immediate access to some of the area’s most attractive lifestyle amenities, including waterfront recreation, dining, retail, and entertainment. This highly walkable and transit-accessible location continues to experience strong tenant demand driven by its proximity to major employment centers and urban conveniences.
The offering is further distinguished by a rare opportunity to acquire a contiguous portfolio of three adjacent properties, including the subject property at 320–322 Athol Avenue, a duplex at 326–328 Athol Avenue, and a six-unit building at 330 Athol Avenue. This assemblage provides investors with the ability to achieve scale in a prime Oakland neighborhood, enhancing operational efficiencies while also offering long-term strategic value through potential redevelopment or portfolio consolidation.
The subject property consists of two separate structures totaling approximately 3,745 square feet situated on a 0.11-acre lot. The unit mix includes (4) 1 bed, 1 bath units and (1) 2 bed 1 bath single-family-style residence, creating broad appeal to a diverse tenant base. The configuration of the property allows for flexibility in leasing and positioning, particularly as the detached home offers a unique housing option relative to traditional apartment units.
A key component of the investment profile is the immediate value-add opportunity, with three units currently vacant. This allows a new owner to quickly capture upside by renovating and leasing units at market rents, significantly increasing the property’s income potential from day one. In addition, the property generates supplemental income through detached garages located at the front of the parcel, currently producing approximately $7,800 annually, with potential for further optimization.
Supported by strong underlying market fundamentals, including sustained rental demand and limited new supply in the immediate area, 320–322 Athol Avenue represents an attractive opportunity for both investors seeking stable long-term cash flow and those looking to execute a repositioning strategy. The combination of in-place income, vacancy-driven upside, and the potential to acquire adjacent assets makes this offering particularly well-suited for investors aiming to expand their footprint in Oakland’s Lake Merritt submarket.