Pill Hill Apartments, Oakland, CA
Price $1,595,000 RBA 4,240 Units 7
Myerhoff & Associates is pleased to offer this outstanding 7-unit, multi-family apartment located in the Pill Hill neighborhood of Oakland, CA. This is a wonderful two-level building with 1920s detailing, coved ceilings, and hardwood floors. It consists of; two 1 Br/1 Ba units and two studios on the top floor; and one studio and two 1 Br/1 Ba units on the main floor, one of which is an expansive owner’s unit with access to a partially refinished basement office, and a huge back yard. The sprawling 6670 Sqft lot has nearly 2,500 Sqft of unused space, perfect for an addition or an ADU. The wood frame property has one driveway and a partial concrete and partial brick foundation which may require retrofitting.
Outstanding Turn-Key Investment
Massive 6670 Sqft. Lot
Phenomenal Pill Hill Location
5 Renovated Units
7% Total Return Day 1
On-Site Laundry
FEATURES & CONDITION
This multi-family apartment has three completely renovated units and three partially renovated units and one small original studio. Refinished hardwood floors in many units retain the charm of the original structure, combined with many new windows that add functionality and insulation. All new tenants pay a portion of the common utilities through Livable. The concrete porch and main entrance were completely rebuilt in the past two years. A coin-operated laundry is on the second floor with one set of machines.
PROPERTY LOCATION & SITE SURVEY
The subject property is in a fantastic location along Telegraph Ave in the Pill Hill neighborhood of Oakland. It is one of the most desirable and centrally located spots in the East Bay. Just 5 blocks to Lake Merritt, less than 1 mile to Piedmont Ave, and 880 FWY access to San Francisco and Silicon Valley. Close proximity to Grand Lake Theater, Trader Joe’s, Whole Foods, and much more.
PARTIAL CAPITAL IMPROVEMENT LIST
Many new double pane windows, a newer roof, new concrete staircase, and landing, three completely renovated units, some refinished hardwood floors, LED common area lighting.
THE OPPORTUNITY
A new investor has the opportunity to acquire a large parcel in a central urban location at well below replacement cost. The subject property is in one of the highest demand rental markets in the Bay Area and should enjoy rising rents and a very low vacancy rate. With newer units renting for close to $2,000/mo for studios, this property cash flows well while offering a lower-cost alternative to San Francisco and other luxury apartments in Oakland. There is a huge opportunity to add units with ADU and jr. ADU’s.