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11 Value-Add Units | Cleveland Heights 410 Merritt Ave 11 Unit Apartment Building $3,086,891 CAD ($280,626 CAD/Unit) 8.83% Cap Rate Oakland, CA 94610
INVESTMENT HIGHLIGHTS
- Premier Location in Cleveland Heights
- Concrete Podium Construction
- Attractive Stabilized Return Profile
- Flexible Layouts with Density Upside
- Opportunity to Renovate 7 Units & Achieve Top of The Market Rents
- Highly Walkable, Transit-Rich Location
EXECUTIVE SUMMARY
Property Tours are available by appointment.
The Cushman & Wakefield Northern California Multifamily Capital Markets Group is pleased to offer for sale 410 Merritt Avenue, an 11-unit multifamily investment opportunity in Oakland’s highly desirable Cleveland Heights neighborhood. The offering provides investors with the ability to immediately implement a renovation program and capture significant upside through repositioning. The property is ideally suited for a value-add strategy, combining strong in-place fundamentals with meaningful near-term potential to drive rental income growth.
The unit mix is both spacious and efficient, featuring three 2-bedroom units averaging 945 square feet, seven 1-bedroom units averaging 711 square feet, and one 320-square-foot studio. Each 1- and 2-bedroom unit includes a dining nook that can be converted into an additional bedroom through a cost-effective process, creating the opportunity to increase density and further enhance revenue. The property also features 8 single-car garages with room to park an additional vehicle in front of each garage. Upon stabilization, the property is projected to achieve an attractive 8.83% cap rate, highlighting the compelling investment returns available to an active operator.
The building was constructed with a concrete podium that exempts it from Oakland’s mandatory soft story retrofit program, reducing exposure to costly seismic upgrades. Beyond its physical attributes, the property enjoys a highly walkable location with a 91 Walk Score, providing residents with convenient access to AC Transit, major freeway on-ramps, and nearby BART stations for seamless regional connectivity.
Just steps from Lakeshore Avenue and Grand Avenue, two of Oakland’s most vibrant commercial corridors, the property is surrounded by a diverse mix of dining, retail, and entertainment amenities. This dynamic location, paired with the property’s strong fundamentals and substantial repositioning potential, makes this offer an exceptional opportunity for investors seeking long-term growth and cash flow in one of Oakland’s most sought-after rental submarkets.
The Cushman & Wakefield Northern California Multifamily Capital Markets Group is pleased to offer for sale 410 Merritt Avenue, an 11-unit multifamily investment opportunity in Oakland’s highly desirable Cleveland Heights neighborhood. The offering provides investors with the ability to immediately implement a renovation program and capture significant upside through repositioning. The property is ideally suited for a value-add strategy, combining strong in-place fundamentals with meaningful near-term potential to drive rental income growth.
The unit mix is both spacious and efficient, featuring three 2-bedroom units averaging 945 square feet, seven 1-bedroom units averaging 711 square feet, and one 320-square-foot studio. Each 1- and 2-bedroom unit includes a dining nook that can be converted into an additional bedroom through a cost-effective process, creating the opportunity to increase density and further enhance revenue. The property also features 8 single-car garages with room to park an additional vehicle in front of each garage. Upon stabilization, the property is projected to achieve an attractive 8.83% cap rate, highlighting the compelling investment returns available to an active operator.
The building was constructed with a concrete podium that exempts it from Oakland’s mandatory soft story retrofit program, reducing exposure to costly seismic upgrades. Beyond its physical attributes, the property enjoys a highly walkable location with a 91 Walk Score, providing residents with convenient access to AC Transit, major freeway on-ramps, and nearby BART stations for seamless regional connectivity.
Just steps from Lakeshore Avenue and Grand Avenue, two of Oakland’s most vibrant commercial corridors, the property is surrounded by a diverse mix of dining, retail, and entertainment amenities. This dynamic location, paired with the property’s strong fundamentals and substantial repositioning potential, makes this offer an exceptional opportunity for investors seeking long-term growth and cash flow in one of Oakland’s most sought-after rental submarkets.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$383,948
|
$38.43
|
| Other Income |
$12,381
|
$1.24
|
| Vacancy Loss |
$19,197
|
$1.92
|
| Effective Gross Income |
$377,132
|
$37.74
|
| Taxes |
$38,904
|
$3.89
|
| Operating Expenses |
$65,801
|
$6.59
|
| Total Expenses |
$104,705
|
$10.48
|
| Net Operating Income |
$272,426
|
$27.26
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $383,948 |
| Annual Per SF | $38.43 |
| Other Income (CAD) | |
|---|---|
| Annual | $12,381 |
| Annual Per SF | $1.24 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $19,197 |
| Annual Per SF | $1.92 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $377,132 |
| Annual Per SF | $37.74 |
| Taxes (CAD) | |
|---|---|
| Annual | $38,904 |
| Annual Per SF | $3.89 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $65,801 |
| Annual Per SF | $6.59 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $104,705 |
| Annual Per SF | $10.48 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $272,426 |
| Annual Per SF | $27.26 |
PROPERTY FACTS
| Price | $3,086,891 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $280,626 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 8.83% | Building Size | 9,992 SF |
| Gross Rent Multiplier | 8.04 | No. Stories | 2 |
| No. Units | 11 | Year Built | 1950 |
| Property Type | Multifamily | Parking Ratio | 1.6/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,086,891 CAD |
| Price Per Unit | $280,626 CAD |
| Sale Type | Investment |
| Cap Rate | 8.83% |
| Gross Rent Multiplier | 8.04 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 9,992 SF |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.6/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $2,614 CAD | 320 |
| 1+1 | 7 | $3,439 CAD | 705 - 715 |
| 2+1 | 3 | $3,989 CAD | 945 |
1 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 023-0413-008-01 | Total Assessment | $456,862 CAD (2025) |
| Land Assessment | $158,853 CAD (2025) | Annual Taxes | $38,904 CAD ($3.89 CAD/SF) |
| Improvements Assessment | $279,773 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
023-0413-008-01
Land Assessment
$158,853 CAD (2025)
Improvements Assessment
$279,773 CAD (2025)
Total Assessment
$456,862 CAD (2025)
Annual Taxes
$38,904 CAD ($3.89 CAD/SF)
Tax Year
2024
CONTACTS
-
Zachary Greenwood -
Mac Watson -
Tate Eames -
Keith Manson -
Cushman & Wakefield NorCal Multifamily
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11 Value-Add Units | Cleveland Heights | 410 Merritt Ave
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