A doge is an elected chief of state lordship, the ruler of the Republic in many of the Italian city states during the medieval and renaissance periods, in the Italian "crowned republics".
The word is from a Venetian word that descends from the Latin dux (as do the English duke and the standard Italian duce and duca), meaning "leader", especially in a military context. The wife of a doge is styled a dogaressa. [1]
PROPERTY DESCRIPTION
Fruitvale Studios is an extensively renovated 1920’s era wood-framed, brick facade gem with a substantial rent roll. The previous owners have restored and improved much of the property beginning with the interior of many units, which have new windows, heaters, flooring, kitchens and baths, and electric sub-panels. The hallways have matching Pergo floors which bring out the natural dark cherry
trim and 1920’s architectural detailing of the building. Fully detached on all sides, Fruitvale Studios has gated parking for 9 cars, laundry facilities on the 2nd floor, and a 19-camera closed-circuit video monitoring system, making this one of the cleanest and most secure properties in the Fruitvale corridor. It’s also professionally managed with many high-quality tenants.
FEATURES & CONDITION
The subject property has 24 studios, 6 per floor, with nearly identical layouts and sizes. There is a leased laundry facility on the 2nd floor with two sets of washers and dryers. The basement provides ample storage and workspace and can be accessed both through the interior hallway and from the parking area. There are some anchor bolts visible and while the façade is brick, the foundation is concrete. Parking is in the back of the building and accessed via a motorized iron gate.
PROPERTY LOCATION
Located just 1 mile west of Fruitvale BART, this building is directly in the path of progress. With nearby office space being leased up by internet companies and gentrification occurring in every direction, Fruitvale Studios is poised to benefit from the San Francisco spillover effect and demographic changes occurring in Oakland, where rent growth is outpacing nearly every other city in the U.S.
PARTIAL CAPITAL IMPROVEMENT LIST
Sewer lateral replaced, hardwood floors installed throughout the entire building, 20 new apartment entrance doors, new lock, and key system, new 19-camera surveillance system, newer 25,000 BTU water heater and holding tank, updated electric service panel, new hallway lighting and paint, new exterior trim paint and many new windows. Renovation of 16 of the interior of the units, many torn down to the studs. Renovations include; new sub-panels and copper plumbing, double pane windows, new cabinets and countertops, appliances, fixtures, tile, tubs, toilets, and flooring. The total cost of all capital expenditures over the past 24 months: $383,000.
THE OPPORTUNITY
The subject property offers a new owner the opportunity to buy into one of the hottest real estate markets worldwide. Oakland is rapidly transforming into an internationally recognized market, on par with Hong Kong, London, and Manhattan. Fruitvale Studios is offered at substantially below construction and or replacement costs. Our research indicates there will be an extremely high demand for housing in this neighborhood for the foreseeable future, driven by the technology sector and a lack of new market-rate housing.
2600 International Blvd, Oakland, CA 94601
$3,600,000
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