Oakland Multifamily for Sale - Oakland-North
DESPERATE / MUST SELL!!!
This very nostalgic 3 story property is located at 303 Lee Street in Oakland California. It has 18,720 rentable square feet, with 25 large units including 7 two-bedroom one-bathroom and 18 one-bedroom/onebathroom all with private baths and kitchens. The property was built in 1964, with a concrete perimeter foundation, exterior walls are wood, and the roof is composition shingle. There is laundry on site. 80% of the units have been renovated. All units have separate gas and electric meters minimizing the owner’s expenses. The apartment unit mix is 7 two bedrooms and 18 one-bedroom units; there are 23 parking spaces. The quality of the building is maintained with pride. The units are separately metered for gas, electricity and hot water. The units have pleasant views from the entry and living room of upstairs units. The laundry is coin operated for additional income. The subject has no deferred maintenance and is in good condition. 303 Lee Street is in an amazing location perched on top of the hill in Adams Point. It is a few blocks walk to Lake Merritt, local AC Transit and 19t Street BART is only a few minutes on foot. The property has (18) one bedrooms units and (7) two bedroom units. The spacious penthouse unit has amazing Lake Merritt and city views! The building is well constructed with a poured in place concrete garage and is exempt from the Oakland Soft Story, with subterranean parking for all tenants. 303 Lee Street is situated in Adam Point, one of Oakland’s most sought-after neighborhoods. The location grants easy access to Lake Merritt, downtown Oakland, 19th Street BART and Whole Foods Market. Tucked away on a quiet tree-lined street, residents enjoy peaceful settings with close proximity to many vibrant amenities including shopping on Lakeshore Blvd, numerous dining options along Grand Ave, a popular weekly Farmers Market and entertainment at the Grand Lake Theater. With it’s blend of desirable units, neighborhood charm and easy walk ability to an array of attractions and local businesses, 303 Lee Street presents a unique opportunity to secure a highquality investment in the Oakland apartment market. The property at 303 Lee Street in Oakland, CA has strong investment potential due to its proximity to major employers, transportation routes, shopping centers, dining venues, and entertainment options. It is an attractive option for renters seeking convenience and accessibility. The combination of a robust economy and desirable location make this property a promising investment opportunity in the Oakland real estate market. This investment gives an owner the rare opportunity to lease up high demand units at current market rents to reposition the assets and achieve outstanding returns The building sits up on top of the hill in the highly desirable Adam’s Point neighborhood. It is a few blacks walk to Lake Merritt with easy access to the 580 Freeway. It is ideal for tenants who work downtown or want to enjoy the Grand Lake lifestyle, restaurants and other amenities. Truly an “A” location in Oakland. 303 Lee Street blends historic charm with urban realities, offering affordable living with great potential and a strong sense of community, particularly appealing to those seeking proximity to medical facilities and a diverse, established neighborhood. Construction is typical wood framing with concrete foundation walls raised to create a partial basement on the southern portion and slab on grade foundation on the northern portion. The exterior finishes consist of painted brick veneer and stucco siding. The flat roof contains built up covering. Units are heated by electric wall heaters. Domestic hot water is provided by a central gas fired boiler located in the basement. Domestic water lines are copper. Electrical wiring is observed as copper You will appreciate the neighborhood amenities near 303 Lee Street. This part of Oakland is bike friendly, so you get around town easily. You can go for a walk in one of the neighborhood parks. If you like to walk, you will find streets lined with trees and sidewalks that are well-lit at night. Residents in this neighborhood consider the area to be walkable with stores, public transportation, and shops nearby. The property at 303 Lee Street in Oakland has strong investment potential due to its proximity to major employers, transportation routes, shopping centers, dining venues, and entertainment options. It is an attractive option for renters seeking convenience and accessibility. The combination of a robust economy and desirable location make this property a promising investment opportunity in the Oakland real estate market. Located in the crook of Oakland’s Lake Merritt, Adams Point is a built-up suburb with views of the water, the Oakland Hills and the sparkling city skyline. Within walking distance to boutique shops, parks and local eateries, it’s among the city's most popular areas to live in. Homeowners here like the mixed-feel atmosphere; the sidewalk-lined streets rimmed with greenery lead to the waterfront and nearby cultural attractions. The convenience and accessibility are major selling points, according to local Realtor Andrea Schlosser of Abio Properties, a 25-year San Franciscan. “It’s also desirable because you can so easily get to other neighborhoods.” This well-positioned enclave is minutes from Downtown Oakland (Uptown to locals), commercial-heavy Piedmont Avenue and the trendy Grand Lake – Merritt. With a CAP Index rating of five, Adams Point also experiences less crime than the neighboring Downtown Oakland. Shopping and dining destinations are steps away from home in Adams Point. The bustling Grand Avenue is home to popular restaurants like MAMA Oakland, which is listed in the Michelin Guide, boutiques, bookstores and cafes. A few blocks east on Grand Avenue is the busy corridor’s namesake neighborhood, a trendy community with more shops and eateries densely patterning the commercial strip. It’s also home to Grand Lake Theatre, an iconic, historic movie palace listed as one of the US's top ten vintage movie theaters. Neighborhood grocers and markets are also abundant here, where locals can choose from Whole Foods, Trader Joe’s or specialty stores like Koreana Plaza, a large Korean market. Locals head to the Grand Lake Farmers Market on Saturday mornings to pick up fresh, local produce and browse handmade wares while they snack on provisions from local food trucks. It’s also a short trip to a multitude of Oakland’s cultural attractions like museums, performing venues and art galleries.
