267 Lester Ave Oakland, CA 94606-1267

Property Details for 267 Lester Ave

Year built

1966

Construction

WOOD

Lot size

0.25 lot acres

Property size

23,863 SF

Property type

Apartment buildings

APN

21-226-6-1

APU

2122661

Description

This three-story, 23,863 square foot apartment building in Oakland, CA boasts 28 units (16 one-bedroom/one-bath, 5 two-bedroom/one-bath, 3 two-bedroom/1.5-bath, 3 two-bedroom/two-bath, and 1 three-bedroom/two-bath penthouse). Built in 1966, the property features 28 secure parking spaces, an on-site laundry room, and 19 units with private balconies. The large penthouse unit occupies the entire fourth floor and is approximately 1,700 square feet. All units have individually metered gas and electricity. Recent capital improvements include new dual-pane windows, exterior paint, electrical upgrades, and a new security system. The property is conveniently located half a block from Lake Merritt, offering a Walk Score of 92 and a Bike Score of 87. It's also 1.1 miles from the Lake Merritt BART station and provides easy access to freeways 580 and 880. The asking price is $8,000,000, with a current NOI of $400,559 and a pro-forma NOI of $527,825, representing a 5.01% cap rate and a pro-forma cap rate of 6.60%. Significant upside potential exists through interior renovations. The property is exempt from Oakland's mandatory soft-story retrofit program. This is a stabilized investment opportunity in a high-demand area with strong rental growth and low vacancy rates.

Location Insight

City

Oakland

County

Alameda

State

California

Longitude

-122.252

Latitude

37.8021

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments