Property Overview:
2883 Brookdale Avenue is a Victorian-style multifamily property in Oakland, CA (Patten neighborhood, ZIP 94602), built in 1915. The property features a total of 8 units (4 conforming, 4 non-conforming) with a combined living area of approximately 3,001 sq. ft. on a 8,232 sq. ft. lot. The unit mix includes studios, 1-bed, 2-bed, and 3-bed apartments. Seller financing is available.
Investment Highlights:
- Current CAP Rate: 7.92%
- Gross Rent Multiplier (GRM): 7.42
- Immediate cash flow from both conforming and non-conforming units
- Value-add opportunity: Potential for reconfiguration or legalization of non-conforming units for increased upside
- Strong rental demand due to location and amenities
- Seller financing provides flexible purchase options
Property Features:
- 8 total units:
- Conforming: 2 studios, 1 two-bed/one-bath, 1 three-bed/one-bath
- Non-conforming: 1 one-bed/one-bath, 3 two-bed/one-bath
- Complete interior renovations in 2015; further upgrades in 2023 (new paint, flooring, bathrooms, kitchens, appliances, heaters)
- Dual pane windows throughout
- Fresh exterior paint (June 2023)
- Four 80-gallon gas water heaters
- Large storage space for owner/tenants
- On-site laundry room
- Ample off-street parking (rear lot) plus street parking
Location Benefits:
- Prime Fruitvale/Patten neighborhood in Oakland
- 20 minutes to Downtown San Francisco, 10 minutes to Downtown Oakland
- Easy access to BART (Fruitvale Station nearby)
- Surrounded by K-12 schools and local parks
- Strong rental market and desirable tenant amenities
Summary:
This is a rare opportunity to acquire a fully renovated, income-producing multifamily property with immediate cash flow and long-term growth potential. The unique unit mix and non-conforming units offer flexibility for future value-add strategies. Seller financing available—don’t miss out on this promising investment in a thriving Oakland market!