2232 Coolidge Ave Oakland, CA 94601

Property Details for 2232 Coolidge Ave

Year built

1968

Property size

3,956 SF

Property type

Commercial real estate

APN

27-881-37

Description

This exceptional two-story apartment building, located at 2232 Coolidge Avenue in Oakland, California, presents a compelling investment opportunity. Built in 1968, this 3,956 square foot property sits on a 6,250 square foot lot and features four units, each with its own enclosed garage space and additional driveway parking (8 spaces total). Three of the four units are currently vacant, offering immediate potential for maximizing rental income. The units boast recent renovations, including new Italian porcelain tile floors, new carpeting, elegant granite and quartz countertops, updated light fixtures, faucets, and stainless steel appliances. One vacant unit is a spacious three-bedroom, two-bathroom unit, ideal for an owner-occupier. The property's strong financial performance is reflected in its asking price of $1,300,000 ($329 per square foot), a 5.95% cap rate, and a pro-forma NOI of $70,647. The building has been meticulously maintained for 38 years. There is also a laundry room with hookups. The property's location in Oakland, Alameda County, zip code 94601, offers convenient access to local amenities and transportation. Further potential exists for the addition of an accessory dwelling unit (ADU) in the rear yard, subject to city approval. This property is a rare find, combining renovated units, high occupancy potential, and the possibility for future expansion.