Excellent 1 bedroom with loft, renovated
This property was a target of mine starting about five to ten years ago. It’s a unique 1920’s style three story building right across the street from Alta Bates Medical Center in Oakland on Telegraph Ave.
When I first saw the interior lofts it caught my eye and I knew there was something special about the property. It’s been about a year since I purchased the building and have renovated nearly all the units. Rents have gone up over 25% in less than a year.
This building was shown to many investors but nobody really saw the potential like I did. In fact I ran this opportunity buy a few of my investor friends and everybody balked at the building. But eventually I found the right partners and took down this excellent 9-Unit property for $670k. It’s worth nearly $900 now just one year later.
These lofts were installed prior to me taking ownership and it was a really unique feature. They were a complete mess when I bought the place, but with just a bit of vision and hard work the light filled units really shine. The wood floors were hidden beneath some terrible old carpet for many years. It took my floor guy 3 tries before I was happy with his results.
The moral of this story is to listen to Nick when he tells you “this is a good property”. And, keep your eyes and ears open for the right opportunity because they are out there.