442 Merritt Ave Oakland, CA 94610-5143

Property Details for 442 Merritt Ave

Year built

1923

Construction

WOOD

Lot size

0.12 lot acres

Property size

3,608 SF

Property type

Apartment buildings

APN

23-413-13

APU

2341313

Description

This exceptional value-add opportunity presents a five-unit apartment building ideally situated in Oakland, California, at 442 Merritt Ave, 94610. The property, known as "The Perch," boasts a prime location overlooking Lake Merritt, offering residents stunning regional views and abundant sunlight. Built in 1923, this three-story building comprises 3,608 square feet, with 3,400 square feet of net rentable space. The five units consist of four spacious one-bedroom apartments and one studio, all featuring original hardwood floors, kitchens, and bathrooms, plus windowed closets. Two garages, rented separately to tenants, provide additional income streams. Individual gas and electric meters simplify utility management. The property sits above the Cleveland Cascade, a historic Oakland landmark, providing easy access to Lakeshore and Grand Avenue's amenities, including shopping, dining, and recreational activities. Currently operating at 100% occupancy with recent tenant turnover within the last two years, this property offers a strong NOI of $50,128, resulting in a 3.71% cap rate. The asking price is $1,350,000, translating to $270,000 per unit and $374.17 per square foot. The lot size is 5,280 square feet, and the property is zoned for apartments. This is a rare chance to acquire a well-located, income-producing multifamily asset with significant upside potential. The property features two parking spaces. The Alameda County Assessor's Parcel Number (APN) is 23-413-13.