Property Description

This three-story property was constructed using wood framing and a stucco exterior, and has a raised foundation and newer roof. It is separately metered for gas and electric and has a secure entry. Various units at the property have partial upgrades, including wood flooring, upgraded kitchens and newer bathrooms. There is an unused laundry room, representing additional income for the new owner. The property is comprised of twelve junior onebedroom units, six of which have lake views. A new senior community is being planned directly behind. All the rents are well below market, representing a huge repositioning opportunity for the new owner. The property at 1516 1st Ave in Oakland, CA would be a great addition to the portfolio of any investor who is looking for an asset in a ground zero location with solid value added potential.

Location Description

We are pleased to present the subject property located at 1516 1st Ave, in the city of Oakland, California. The property is located in the prestigious Lake Merritt area and is situated right in front of the Lake. No property stands in between the subject property and the Lake, making this asset irreplaceable. Great Lake 7 Downtown views.