450 Merritt Avenue, a nine-unit multifamily property located in the heart of Oakland's Cleveland Heights neighborhood. The property consists of six ~1,260 square foot 2 bedroom, 2 bathroom units and three ~1,050 square foot 2 bedroom, 1.5 bathroom units. The building sits above ten garage spaces, increasing the desirability for tenants and offering the owner an additional revenue source. The property offers on-site laundry, tenant storage lockers, and balconies with sweeping views. In addition, the property offers a significant value-add component allowing the new owner impressive upside potential upon unit turnover and capital improvement work. This is truly a rare opportunity to purchase a trophy asset in an A+ location.
Off market
$2,110,300
450 Merritt Ave, Oakland, CA 94610
--beds
0baths
12,344sqft
Lowrise (1-3 Flrs)
Built in 1957
-- sqft lot
$2,110,300 Zestimate®
$171/sqft
$2,738 Estimated rent
What's special
Facts & features
Interior
Bedrooms & bathrooms
- Bathrooms: 0
Heating
- Forced air, Gas
Cooling
- Central
Appliances
- Included: Dishwasher, Garbage disposal, Washer
- Laundry: Coin Operated
Features
- Elevator
- Flooring: Tile, Carpet
Interior area
- Total interior livable area: 12,344 sqft
Property
Parking
- Total spaces: 10
- Parking features: Garage - Attached
Accessibility
- Accessibility features: Accessible Elevator Installed
Features
- Patio & porch: Deck, Patio, Balcony/Patio
- Exterior features: Stucco, Cement / Concrete
- Has view: Yes
- View description: Water
- Has water view: Yes
- Water view: Water
Lot
- Size: 8,250 sqft
- Features: Sloped Up
Details
- Parcel number: 23416101
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Lowrise (1-3 Flrs)
Materials
- Roof: Composition
Condition
- Year built: 1957
Utilities & green energy
- Sewer: Public Sewer
Community & neighborhood
Location
- Region: Oakland
HOA & financial
Other financial information
- Total actual rent: 0
Other
Other facts
- Sewer: Public Sewer
- Flooring: Carpet, Tile
- Appliances: Dishwasher, Disposal, Washer, Gas Water Heater
- GarageYN: true
- AttachedGarageYN: true
- Heating: Gas, Forced Air 1 Zone
- InteriorFeatures: Elevator
- HeatingYN: true
- PatioAndPorchFeatures: Deck, Patio, Balcony/Patio
- CoolingYN: true
- ConstructionMaterials: Stucco, Cement Siding
- NumberOfUnitsTotal: 9
- TenantPays: Electricity, Gas, Parking Fee
- MaintenanceExpense: 4500
- ParkingFeatures: Attached Garage, Garage Door Opener, Space Per Unit - 1
- AccessibilityFeatures: Accessible Elevator Installed
- LaundryFeatures: Coin Operated
- TotalActualRent: 0
- CapRate: 3.01
- Cooling: Central 1 Zone A/C
- Roof: Rolled Composition
- LotFeatures: Sloped Up
- MlsStatus: Active
- GrossIncome: 197244
- GrossScheduledIncome: 197244
- InsuranceExpense: 4567
- NetOperatingIncome: 105300
- OperatingExpense: 88426
- ProfessionalManagementExpense: 7618
- VacancyAllowance: 5917
- PropertySubType: Lowrise (1-3 Flrs)
Services availability
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Estimated market value
$2,110,300