Telegraph Ave Renovated Units

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.

Interior

Coved living room with dark wood stain

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.

Sleeping Loft

Professional steel staircase provides access to sleeping loft

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.

Loft1

Nick Myerhoff renovated this unit in just one month taking the rent from $950 to $1475

Kitchen

Remodeled kitchen with custom granite and cabinets

Bathroom

Bathroom

photo 333

Exterior of Telegraph 9-Unit apartment in Oakland

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.

Advertisements

About BayApartmentAdvisor

Nick Myerhoff is a Bay Area apartment market specialist. He owns and operates his own multi-family real estate and assists clients and prospects with their purchases and exchanges of residential commercial real estate in the bay area.
This entry was posted in Preview properties, Property Management and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s