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1248 E 15th St
For Sale $825,000 ($258.46 per Sq Ft)
$825,000 ($258.46 per Sq Ft)
- 6 Bedrooms
- 4.00 Bathrooms
- 3,192 Sq Ft
- 6,000 Sq Ft
Description
Welcome to an exceptional investment opportunity at 1240-1248 E 15th St, a wellmaintained 4-unit building located near the highly desirable Lake Merritt area ofEast Oakland. With a rare combination of strong cash flow and fantastic upsidepotential this property is a true gem in today's market.Boasting a solid cap rate and occupied by vetted tenants, this asset deliversimmediate stability and consistent rental income. The property is thoughtfullydesigned with an open lot offering valuable off-street parkinga coveted featurethat ensures tenant satisfaction and convenience. Recently landscaped toperfection, the property presents an inviting and well-kept exterior that sets thetone for the entire building.Given the strong demand in the area and the potential for market rent growth, theproperty offers significant upside. Currently fully leased, any future vacancy wouldpresent an opportunity to increase rental income by adjusting rents to prevailingmarket rates, thereby enhancing the overall return on investment.Located just minutes from the iconic Lake Merritt, residents enjoy easy access tovibrant city amenities, parks, and convenient transit options. This is an area withstrong demand for quality housing, and the opportunity for rent growth issubstantial. Whether you're looking for a turn-key investment or a property withexcellent potential to add value, 1240-1248 E 15th St checks all the boxes.Don't miss out on this rare opportunity to acquire a high-performing property in aprime location with future upside and a track record of strong tenancy. This is amust-see for savvy investors looking to grow their portfolio and capitalize on EastOakland's potential.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $825,000 |
| Property Type | Fourplex (4-units) |
| Usable Sqft | 3,192 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1944 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 0200170009 |
| MLS # | 24473677 |
| Property ID | 321128075 |
| Lot Sqft | 6,000 |
| Zoning | Unknown |
| Total Units | 4 |
| Days on Market | 33 |
| Original List Price | $825,000 |
| Date Updated | December 19, 2024 |
| Date Created | November 20, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,260 | $2,520 |
| Unit #2 | 2 | 1.00 | $1,800 | $3,600 |
| Gross Income (Yr) | $ 73,758 |
| Operating Expenses | $ 23,014 |
| Net Income (Yr) | $ 50,744 |
| Cap Rate | 6.15% |
Listing Provided By
Daniel Withers an agent of . Lic #01325901
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