Multifamily For Sale

Overview

Highlights

• Sold off market to a local non-profit
• All-cash offer
• Delivered 6-7 units vacant
• Sought-after Adam's Point location
• Massive approximately 1100+ SF 2-bedroom, 1-bathroom units
• Pride-of-ownership asset with top-of-the-line renovations in majority of units and capital expenditures
• Over 7% cap rate potential on market rents with all units rented

Description

Team Chappell of NAI Northern California is pleased to announce their latest sale of this meticulously maintained fourplex in Adams Point. Built in 1927, 221 Fairmount Ave is a four-unit building consisting of three very large 2-bedroom, 1-bathroom units and one 2-bedroom, 2-bathroom unit. The property also features three non-conforming units including two 1-bedroom, 1-bathroom units and a studio apartment. No detail has been spared as the majority of units feature top-of-the-line renovations including new kitchens, baths, flooring, lighting, electrical, and plumbing. The building itself has been meticulously maintained with newer water heaters, furnaces, and electrical systems throughout. The nearly vacant building in a prime location creates a unique opportunity that is rarely available.

Location

221 Fairmount Ave is located in the Adam's Point/ Westlake neighborhood in Oakland. This highly sought after location is within walking distance to some of Oakland's top neighborhoods including Grand Lake, Piedmont Avenue, and downtown. Local favorites such as Whole Foods, Zachary's Pizza, and the Star on Grand are all only a few blocks away. The commuter central location with easy access to 19th Street BART, I-580, I-880, I-980, provides ease of transportation to main hubs in downtown Oakland and San Francisco.

Contact Broker