6-Units | Fruitvale

Welcome to the vibrant Fruitvale neighborhood in Oakland, CA – an enticing investment opportunity for apartment building investors seeking a culturally rich and diverse community. Fruitvale's unique charm lies in its rich history, strong sense of community, and convenient location. As one of the city's most established neighborhoods, Fruitvale has evolved into a dynamic urban enclave, attracting both young professionals and families who appreciate its thriving arts scene, delicious culinary offerings, and excellent public transportation connections. One of the key draws for apartment building investors in Fruitvale is the neighborhood's steady population growth and strong demand for housing. With its close proximity to major employment centers in Oakland and nearby cities, including San Francisco, Fruitvale has become an appealing choice for renters looking for accessible and affordable housing options. This, combined with ongoing urban revitalization initiatives, ensures a positive outlook for the local rental market, making it an attractive investment prospect for long-term returns. Beyond its economic appeal, Fruitvale offers a diverse and inclusive environment, rich in cultural heritage and community spirit. The neighborhood's annual events, such as the Dia de los Muertos festival, showcase its vibrant Latino influence and foster a strong sense of belonging among residents. For apartment building investors seeking not only financial rewards but also a chance to contribute to a thriving and interconnected community, Fruitvale stands out as a promising destination in the Oakland real estate landscape. Walk Score - 86 Transit Score - 68 Bike Score - 76This 6-unit property presents an exciting investment opportunity for developers seeking to maximize their returns. Not only does it offer the potential to add seven more units, but it also allows you to benefit from the existing cash flow. The property consists of (6) 2-bedroom, 1-bathroom units, all of which are occupied by long-term tenants generating a substantial monthly income of $8,374 ($1,500 is parking income) and an impressive annual gross rental income of $100,485 ($18,000 is parking income). Built in 1957, the building spans approximately 5,112 sq. ft. and is situated on a sizable ±14,300 sq. ft. lot. The property's location in the "OPPORTUNITY ZONE" further adds to its appeal, as it is zoned for a total of thirteen units, and preliminary design review documents have already been submitted to the City of Oakland. Its highly accessible position near transit, BART, and freeways enhances the investment potential of this project. Moreover, investors interested in taking advantage of tax breaks for properties within the Oakland Opportunity Zone will find this property particularly attractive. Positioned in the upper Fruitvale area, it is conveniently less than 1 mile away from BART, offering transportation options like the nearby Fruitvale Station (0.9 miles away) and Oakland International (6.9 miles away). Notably, the property is separately metered for electricity and gas, while the owner covers the cost of water and garbage.