Description

This building is 53,000 square feet and sits on a 91,000 square foot lot. This very nostalgic 3 story property is located at 6638-6646 MacArthur Blvd in Oakland California. The 81-unit apartment complex near Mills College is on 2 separate parcels and features 55 one-bedroom apartments, 23 two-bedroom apartments, 2 three bedroom apartments and 1 four-bedroom apt. Approximately 126 parking spaces, manager’s office, 3 laundry rooms, automatic auto security gate and surveillance cameras. The apartments have a master water meter, individual gas and electric meters. The construction of the building is stucco over wood. There remains 34% upside in the existing rents for new ownership to take advantage of. Most of the apartments have been remodeled in the last 4 years. The property was built in 1958 and 1966 in a contemporary style. The parking lot has been recently resurfaced, and all of the windows have been replaced. All buildings have a brand new GAF roof with a lifetime warranty against any roof leaks or repairs. With 34% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market.