| INCOME PROPERTY FOR SALE: 19 UNITS |
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| STATUS: |
Sold - April, 2003 |
| ADDRESS: |
350 Hanover Avenue, Oakland, CA
Cross Street: Lakeshore Avenue Map Code: 649J4 |
| MOTIVATION: |
Seller exchanged into an Oakland office building. |
| PRICE: |
$2,250,000 |
VALUE
INDICATORS: |
GRM: 9.75
Cap Rate: 6.2
Price per unit: $118,400
Price per square foot: $99 |
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DESCRIPTION: One of the best buildings in Oakland. Just a block off Lakeshore Avenue in Oakland's China Hill District.
The property features a huge 3-br/2-ba rooftop penthouse, approx. 2,300 sq. ft. It has a large family room, huge living room and district views of Lake Merritt. The penthouse is currently vacant.
The other units consist of nine 2-br/2-ba apartments that are up to 1,200 sq. ft. and nine very, very large 1-br/1-ba apartments. Other features and amenities include central corridors, parking for all units a marble-tiled entry lobby and an elevator. There are a number of long-term tenants with very low rents. |
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PHOTO GALLERY: Click the images to see larger versions. |
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For a further description and history of the buildings and the district, please download the 350 Hanover Avenue Statement in PDF format (440k). (The Adobe® Acrobat® reader is required to view and print PDF files. Please click at right to obtain your free copy.)
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