Description
Lake Merritt 5-unit apartment complex consisting of one 3bd/2bth unit, four 1bd/1bth units, and one extra 2bd/2bth unit that the owner has submitted for planning approval. The property was built in 1960, offers approximately 4,490 square feet of rental space, and sits on a 4,070 square foot lot. The 3bd/2bth unit is massive and is on the top floor with beautiful views. The 3bd/2bth unit will be delivered vacant at closing and offers approximately 1,500 square feet of living area making it perfect for an owner-occupant or investor seeking high market rent. The property offers onsite laundry, dedicated garages for each unit, and a rooftop with beautiful views. Maintenance is low and the property is separately metered for PG&E providing for low annual expenses. Several units are below market in rent, offering the next investor the opportunity to raise rents over time and achieve greater cash flow. The property is easy to manage, with no deferred maintenance, and the current owner recently spent approximately $200,000 to seismic retrofit the building and make other interior and exterior upgrades.
Location
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Listing Agent: David Howarth Courtesy of: The Pinza Group, Inc The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 21st March, 2023 10:10 AM (UTC)
