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JLee Broker

[email protected] +1(650) 857-1000

Listed by Jatin Mehta, DRE #02045713 • Kite Hill Real Estate

$1,500,000

Est. payment - /mo

5 Beds

4 Baths

2,547 SqFt

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Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

Purchase Type For Sale

Square Footage 2,547 sqft

Price per Sqft $588

MLS Listing ID EB41135461

Bedrooms 5

Year Built 1920

Lot Size 5,438 Sqft

Property Sub-Type Fourplex

Source Bridge MLS

Property Description

To access the marketing package copy/paste: https://bit.ly/kitehillre. 459 Wayne Ave is a fully remodeled 4-unit apartment building in Cleveland Heights, Oakland, presenting an outstanding investment opportunity for multiple different buyers. Each unit features modernized interiors, with three 1-bedroom units and a 2-bed, 1-bath owner's unit that's ideal for an owner-occupier. Previously, the property was successfully rented as medium-term rentals with furnished units. The current owner is open to including the furniture in the sale, allowing the new buyer to continue this strategy seamlessly. Financially, the property is strong, with a Gross Rent Multiplier (GRM) of 11.64 and a cap rate of 5.53%. It generates a monthly rental income of $10,735, totaling $128,820 annually ( Including laundry ). The property has been fully remodeled, including rewiring and some exterior updates, such as new paint, fascia, and soffit work. Additional amenities include 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back. Moreover, the property is entitled for the development of 20 new apartment units, offering a prime opportunity for investors looking to expand or redevelop. This potential for growth in Oakland's thriving rental market makes the proper

Location

State CA

County Alameda

Area Oakland Zip Code 94606

Interior

Heating Gas

Cooling Other

Flooring Wood

Exterior

Exterior Feature Stucco

Parking Features Detached Garage, Tandem Parking

Garage Spaces 4.0

Roof Type Other

Building

Lot Description Regular

Others

Tax ID 22-308-2

Special Listing Condition Not Applicable

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Nearby School & Business

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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459 Wayne Ave Oakland, CA 94606

JLee Broker

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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