873 29th St, Oakland, CA 94608

Property Description

4-unit apartment complex fully renovated in 2023. Current CAP rate: 6.08% and the current GRM is 10.85. The property offers approximately 2,176 square feet of rental space and sits on a 3,500 square foot lot with off-street parking and room for a backyard patio. The unit mix offers four 1b/1bth units that are leased to new tenants at market rates. One unit will be delivered vacant at closing making it perfect for an owner-occupant! The property offers brand new units with new flooring, high-end kitchens and bathrooms, wood flooring, in-unit water heaters, double pane windows, new electrical systems, new plumbing, a new roof, new siding, a new sewer lateral, and more. The property is separately metered for PG&E and should have low annual operating expenses and no maintenance requirements. The tenants are all new and easy to manage so hiring a property manager should not be necessary. This is a very attractive Oakland location, only a few minutes from Downtown Oakland, San Francisco, and Berkeley with easy access HWY 880, HWY580, and HWY24 and multiple BART stations. This location is great for walking and biking with ample public transportation options making it one of the more desirable neighborhoods in Oakland.