1715 Central Ave Alameda, CA 94501

This exceptional 34-unit apartment building, located at 1715 Central Ave in Alameda, California, presents a compelling value-add opportunity. Boasting 22,300 square feet, this three-story, 1959-built property sits on a R5 zoned lot (APN 72-302-10) and offers a desirable mix of one- and two-bedroom units. The building features on-site laundry facilities, surface and street parking, and select units include private patios. Its strong cash flow is further enhanced by its excellent location. Situated in a walkable residential neighborhood with a Walk Score of 84 and Bike Score of 86, it's just nine minutes from the Lake Merritt BART station and within walking distance of Alameda Beach. The property benefits from being in a top-rated school district (Alameda High, rated 9/10 by GreatSchools) and is less than three miles from the San Francisco Ferry Terminal. The building is well-maintained and professionally managed, making it an attractive investment for discerning buyers. This is a rare opportunity, as comparable properties in this market rarely become available. The asking price is $8,300,000, representing a 5.76% cap rate. This property offers significant potential for future appreciation and strong rental income.