2945 Mcclure St Oakland, CA 94609-3560
- Apartment buildings
- 16,496 SF
- 0.23 lot acres
Sep 07, 2022
Current Use by Public Records
- Telegraph Hill Apartments / Apartment Building
Property Details for 2945 Mcclure St
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.23 lot acres
- Property size
- 16,496 SF
- Property type
- Apartment buildings
- APN
- 9-699-5-4
- APU
- 969954
Description
This 24-unit apartment building in Oakland's desirable Pill Hill neighborhood presents a compelling investment opportunity. Boasting 16,496 square feet on a 10,000,000 square foot lot, the property features a mix of studio, one-bedroom, and two-bedroom units, with many recently renovated. Eleven units have undergone significant upgrades within the last 14 months, including new flooring, cabinetry, countertops, and appliances. The building offers secure entry, covered parking for 22 cars (including tandem spaces) and additional motorcycle parking, a laundry facility, and individually metered electricity. The owner covers water, garbage, and gas for hot water. Located near major hospitals, including Sutter Health Alta Bates Medical Center and Kaiser Hospital, and within walking distance of Telegraph Avenue and Broadway Street, the property benefits from a high walk score of 95 and excellent access to public transportation, including the MacArthur BART station. Its proximity to major freeways (24, 580, 880, and 80) provides easy access to the entire Bay Area. The building is soft story exempt and features recently updated common areas and fire safety systems. With a strong NOI of $309,367 and a 5.95% cap rate, this property offers significant potential for future growth, particularly given the high demand for rental units in this area and the opportunity for increased rental income through further unit upgrades. The asking price is $5,200,000, representing a price per unit of $216,666.67 and a price per square foot of $315.23. The building's location, amenities, and recent improvements make it an attractive investment for both seasoned and new investors.
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
- -122.266
- Latitude
- 37.819
- CBSA code
- 41860
- CBSA name
- SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA
