333 Lester Avenue, a 12-unit value-add multifamily investment opportunity located in Oakland's desirable Lakeshore/Grand Lake submarket, just blocks from Lake Merritt. Built in 1958, the property spans 8,453 square feet on a 0.23-acre lot and offers a diverse, in-demand unit mix of seven 1-bedroom, four 2-bedroom, and one 3-bedroom unit.… Read More Offered at $2,498,000 ($208,167 per unit / $296 per square foot), the property is currently 92% occupied, generating $254,255 in Effective Gross Income and $146,196 in Net Operating Income, reflecting a 5.85% current cap rate. Upon stabilization and lease-up to market rents (averaging $2,437 per unit), the property is projected to generate $341,841 in Effective Gross Income and $229,403 in NOI, reflecting a 9.18% pro forma cap rate. Individually metered gas and electric service helps minimize owner-paid utility expenses, while the diverse unit mix appeals to a broad renter base seeking more space near the lake without leaving the urban core. Situated near Lakeside Park, Trader Joe's, Peet's Coffee, and the Grand Lake/Lakeshore retail corridor, the property benefits from strong walkability and consistent renter demand. Read Less
Listing Snapshot
Days Online
0
Last Updated
Square Ft.
8,453
Lot Size
0.23 Acres
Year Built
1958
MLS Number
ML82064252
Additional Details
Building
Built in 1958, 1 building
Cooling
None
Expenses
Insurance: $12,000, Maintenance: $6,000, Trash: $17,874, Other Expense: $6,145
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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