8-Unit Renovated Apartment
New
For Sale
$1,895,000
296 Lester Ave, Oakland, CA 94606
Six residences feature updated interiors within an eight-home multifamily property near Lake Merritt.
Property Size6,080 SF
Price / SF$311.68
Days on Market1
Property Features for 296 Lester Ave
General Information
Standard status
Active
Size
6,080 SF
Property subtype
Multifamily
Occupancy
87%
Units
Unit Mix
8 x 2BR
Multifamily Units
8
Additional Details
Cap Rate
6.23%
Amenities
All eight residences feature two-bedroom, one bath layouts averaging approximately 760 square feet, providing a uniform unit mix with broad appeal within the Oakland rental market.
The property offers investors an opportunity to acquire an existing Oakland multifamily asset at a basis below replacement cost, providing an attractive entry point into the East Bay rental market.
Positioned in Oakland's Cleveland Heights neighborhood near Lake Merritt, the property benefits from convenient access to the lake and surrounding neighborhood amenities within the broader East Bay.
Building Details
Building Size
6,080 SF
Year Built
1959
Units
8
Listing Agency:
Marcus & Millichap | Oakland
Listed By:
Joe Owens · License #License(s): CA: 01707768
(510) 454-9708
Source:
Marcusmillichap
Added: Oct 19
Last Checked: Oct 19 at 2:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap | Oakland
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Investment Insights
Based on property information with market context.
Built in 1959, this Oakland multifamily property contains eight two-bedroom apartments totaling 6,080 square feet. Six units have been renovated with upgraded interior finishes, while the remaining two complete the building’s residential mix.
The property is at 296 Lester Ave in Oakland’s Cleveland Heights neighborhood, a short walk from Lake Merritt.
The property is at 296 Lester Ave in Oakland’s Cleveland Heights neighborhood, a short walk from Lake Merritt.
Key Highlights
- Eight apartments, each with a two‑bedroom floorplan
- 6,080 square feet across the property
- Six of eight units have undergone renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,451
Cap Rate
6.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,389,020
$2.4M
Cap Rate 7%
$1,706,443
$1.7M
Cap Rate 9%
$1,327,233
$1.3M
Market Conditions
NOI Build-Up for 6,080 SF
Gross rent
$229.8K $37.80/SF
− Vacancy
−$12.6K −$2.08/SF
EGI
$217.2K $35.72/SF
− OpEx
−$97.7K −$16.07/SF
NOI
$119.5K $19.65/SF
Area
ZIP 94606
Vacancy
5.50%
Lease Rate
$37.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,389,020
Cap Rate 7%
$1,706,443
Cap Rate 9%
$1,327,233
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,451 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,875 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,856
Businesses Nearby
Explore this area
Business Placement
Demographics for 94606, CA
40,768
Population
17,457
Households
2.3
Avg Household Size
37
Median Age
40%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
17,725
Density / Sq Mi
$70,769
Median Household Income
$47,558
Median Earnings
$1,775
Median Rent
$747,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residences feature updated interiors within an eight-home multifamily property near Lake Merritt.
Where is this apartment building located?
The property is located at 296 Lester Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Eight apartments, each with a two‑bedroom floorplan; 6,080 square feet across the property; Six of eight units have undergone renovation
