410 Fairmount Ave Oakland, CA 94611

Property Details for 410 Fairmount Ave

Year built

1926

Construction

WOOD

Lot size

0.17 lot acres

Property size

16,306 SF

Property type

Apartment buildings

APN

10-809-13

APU

1080913

Description

This exceptional 18-unit apartment building at 410 Fairmount Ave, Oakland, CA 94611, presents a compelling investment opportunity. Boasting 16,306 square feet on a 7,250 square foot lot, this property offers a strong mix of unit types: two studios, ten one-bedroom, and six two-bedroom units. Built in 1926 and recently seismically upgraded, the building features significant capital improvements, including a complete electrical panel replacement and individual unit meter installations, resulting in lower PG&E expenses. The property includes seven secured parking spaces. The current Net Operating Income (NOI) is $235,914, yielding a 6.30% cap rate, while the pro-forma NOI is $291,098, projecting a 7.80% cap rate. The asking price is $3,750,000, translating to $208,333 per unit and an 8.7 GRM. Its prime location above Lake Merritt ensures high tenant demand and strong rental growth potential. This well-maintained, easily managed asset offers a secure, long-term investment with substantial upside. The building's recent upgrades minimize future maintenance needs, enhancing its value and appeal to investors seeking a stable, high-performing property in a desirable Oakland location. This is a rare opportunity to acquire a multifamily property with proven cash flow and significant potential for appreciation.