2515 San Pablo Ave Oakland, CA 94612
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 2515 San Pablo Ave
- Year built
- 1928
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a beautifully renovated, 4-unit apartment building in West Oakland, CA. The property, known as "The Creamery," boasts a total of 16,582 net rentable square feet situated on a 13,800 square foot lot. Originally constructed in 1928, this two-story brick and timber building has been thoughtfully converted into four unique live/work lofts, each ranging from 3,567 to 5,473 square feet. The units feature high ceilings, large factory windows, open floor plans, and modern amenities including in-unit washers and dryers. Two units also include oversized garage spaces with roll-up doors. All units currently enjoy 100% occupancy, generating a strong Net Operating Income (NOI) of $240,440, with a pro-forma NOI of $273,500 and a pro-forma cap rate of 7.01%. The asking price is $3,900,000, representing a price per unit of $975,000. Residents enjoy access to a second-floor roof deck. The property's prime location in West Oakland offers easy access to major freeways (I-580 and I-880), public transportation, and BART stations, providing convenient commutes throughout the Bay Area, including San Francisco. The vibrant neighborhood is known for its diverse dining, shopping, and entertainment options, further enhancing the property's appeal. This is a rare chance to acquire a premier income-generating asset with significant upside potential in a rapidly developing area. The property's streamlined management with only four master tenants adds to its investment attractiveness. The Alameda County Assessor's Parcel Number (APN) is 3-13-3.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oakland
- County
- Alameda
- State
- California
- Longitude
- -122.275
- Latitude
- 37.8159
