name

5-Unit Apartment Complex

Located in Oaklands Sought-After Seminary Neighborhood | $1,390,000

$1,150,000

5645 Bancroft Avenue

5,013 Sq.Ft. 5,898.02 Sq.Ft.

Description

One of the most well maintained 5-unit building, with 3 fully renovated units plus a bonus unit for additional income, located in the Seminary neighborhood in Oakland. Desirable unit mix of (4) 2 bedrooms, (1) 1 bedroom, plus bonus unit. Significant capital improvements completed, including new sewer lateral and replacement of original cast iron to PVC (to the main line), and cleanout; new exterior paint including fence and gate, maintenance repairs to garage, roof, gutters. Gated building with 24-hour security camera system installed throughout the exterior. Key code access for entry, individual garages with additional drive-way space, plus ample street parking. Less than 10 minutes to two BART stations, convenient access to 880 and 580 freeways, great central location. May deliver up to 1 vacant unit at closing. Pro forma cap rate 7+. All information deemed reliable but not guaranteed, potential buyer to verify all.

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Location

5645 Bancroft Avenue, OAKLAND, CA 94605

Status

Sold

Date Sold

December 18, 2023

ABOUT

A Truly Exceptional Investment Opportunity

This sprawling Oakland duplex, one of the largest available in the city, is a prime prospect for astute investors aiming for substantial rental gains. Unlock its full potential with significant rental upside and the exciting potential to add an ADU.

Each unit boasts a spacious layout featuring 3+ bedrooms, optimizing tenant comfort and maximizing rental revenue. Recent ownership has completed comprehensive capital improvements including a new roof, upgraded plumbing, modernized sewer lateral, updated electrical systems, and energy-efficient windows.

One unit has been thoughtfully renovated prior to tenant occupancy, ensuring a premium living standard. Meanwhile, the second unit is currently leased below market value to a dependable, long-term tenant. This presents a valuable opening to elevate rental income through targeted enhancements.

The property is separately metered, streamlining management for both units. With ample lot space and existing exterior structures, including a garage, the potential for an ADU adds another layer of rental revenue. Furthermore, minimal landscaping demands translate to efficient maintenance.

With one unit offering below-market rent and the enticing prospect of an ADU, the potential for heightened cash flow and appreciation is truly striking. Buyer to verify all.

This sprawling Oakland duplex, one of the largest available in the city, is a prime prospect for astute investors aiming for substantial rental gains. Unlock its full potential with significant rental upside and the exciting potential to add an ADU. Each unit boasts a spacious layout featuring 3+ bedrooms, optimizing tenant comfort and maximizing rental revenue. Recent ownership has completed comprehensive capital improvements including a new roof, upgraded plumbing, modernized sewer lateral, updated electrical systems, and energy-efficient windows. One unit has been thoughtfully renovated prior to tenant occupancy, ensuring a premium living standard. Meanwhile, the second unit is currently leased below market value to a dependable, long-term tenant. This presents a valuable opening to elevate rental income through targeted enhancements. The property is separately metered, streamlining management for both units. With ample lot space and existing exterior structures, including a garage, the potential for an ADU adds another layer of rental revenue. Furthermore, minimal landscaping demands translate to efficient maintenance. With one unit offering below-market rent and the enticing prospect of an ADU, the potential for heightened cash flow and appreciation is truly striking. Buyer to verify all.
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5,013

5,013

Square Foot

5,900

5,900

Lot Size (sqft)

5

5

Parking Spaces

5.25%

5.25%

Cap Rate

7.11%

7.11%

Pro-Forma Cap Rate

1965

1965

Year Built

01

Interior

Laundry room

None
01

Exterior & Building

Garage Spaces

5.0

Water Source

Public

Pool

None

Roof

Shingle

Parking

Off Street, Attached, On Street

Heat Type

Wall Furnace

Air Conditioning

None

Sewer

Public Sewer

Substructure

Slab

Security Features

Secured Garage/Parking, Security Fence, Closed Circuit Camera(s)
01

Lot & Area

Status

Sold

Living Area

5,013 Sq.Ft.

Total Area

5,013 Sq.Ft.

Lot Size

5,898.02 Sq.Ft.

MLS® ID

ML81930885

Type

Multi-Family

Year Built

1965

School District

Oakland Unified
01

Finance

Sales Price

$1,150,000

Real Estate Taxes

$14,000/yr

Maintenance Fee

$4,000/mo

Zoning

RM

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Thank you for your message

We will be in touch with you shortly

Let’s connect

Helen Chong

EM

Helen Chong

Founder, CCIM, CIPS, GRI

01700495

Peter Whang

EM

Peter Whang

Real Estate Investment Advisor

01996428