Value-Add SRO & Retail | Downtown Oakland | 2327-2329 San Pablo Ave
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Value-Add SRO & Retail | Downtown Oakland 2327-2329 San Pablo Ave
23 Apartment Units Online Auction Sale Oakland, CA 94612
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Investment Highlights
- This vacant collection of 22 SRO residential units and a ground-floor commercial space in Downtown Oakland is ideal for an investor or nonprofit.
- Easily accessible to the 880, 580, and 980 Freeways, as well as Uptown, Lake Merritt, and the attractions of Broadway and Telegraph.
- Numerous recent upgrades to the exterior and interior, including new paint, roof coating, doors, LED lighting, heaters, and dual-pane windows.
- Resilient multifamily submarket, with 70% of the more than 254,000 residents within 3 miles renting their homes.
Executive Summary
Vanguard is proud to exclusively represent the sale of 2327-2329 San Pablo Avenue, a 23-unit building comprising 22 single-room occupancy residential units and one ground-floor commercial suite. This three-story, 7,140-square-foot asset was built in 1895 and has been expertly maintained. Delivered vacant, this rare opportunity is prime for investment or use by an owner or a nonprofit group.
Numerous recent renovations make this a truly turnkey investment with limited going-in expenses for a new owner. Exterior upgrades include new paint, new dual-pane windows, new roof coating, and significant structural stabilization in rear and ground-floor retail units. The interiors boast seven remodeled bathrooms, new copper piping with pressure relief valves, new doors with keyless lock hardware, LED lighting, new heaters, and CAT6 and coaxial data lines to all units. The fire safety system was also enhanced, and the building is fully sprinklered to increase safety and reduce insurance costs.
2327-2329 San Pablo Avenue enjoys exceptional placement that draws tenants and customers with a highly visible location near the region’s busiest commuter arteries. The West Oakland location offers access to public transportation, the 980, 580, and 880 Freeways, and the Bay Area Transit System (BART). It has a WalkScore of 94 and easy access to Uptown, Lake Merritt, and the attractions of Broadway and Telegraph Avenue. These popular hubs are home to dozens of local shops, top-rated restaurants, and vibrant nightlife. Placed within a designated Opportunity Zone, the offer provides astute investors with additional investment or redevelopment opportunities.
The surrounding Downtown Oakland sub-market has emerged as a resilient and coveted residential hub in recent years. The area provides a significant draw for those seeking an urban alternative to pricey Bay Area counterparts like San Francisco and San Jose. Within 3 miles of the property, approximately 70% of the more than 254,000 residents currently rent their homes. Absorption for 2024 is expected to total around 800 units, approximately double that of 2023. With vacancy rates reducing and the construction pipeline slowing, there is a positive outlook for rent growth in the coming years.
Invest in the future of Oakland’s downtown core with the value-add residential and commercial units at 2327-2329 San Pablo Avenue.
Numerous recent renovations make this a truly turnkey investment with limited going-in expenses for a new owner. Exterior upgrades include new paint, new dual-pane windows, new roof coating, and significant structural stabilization in rear and ground-floor retail units. The interiors boast seven remodeled bathrooms, new copper piping with pressure relief valves, new doors with keyless lock hardware, LED lighting, new heaters, and CAT6 and coaxial data lines to all units. The fire safety system was also enhanced, and the building is fully sprinklered to increase safety and reduce insurance costs.
2327-2329 San Pablo Avenue enjoys exceptional placement that draws tenants and customers with a highly visible location near the region’s busiest commuter arteries. The West Oakland location offers access to public transportation, the 980, 580, and 880 Freeways, and the Bay Area Transit System (BART). It has a WalkScore of 94 and easy access to Uptown, Lake Merritt, and the attractions of Broadway and Telegraph Avenue. These popular hubs are home to dozens of local shops, top-rated restaurants, and vibrant nightlife. Placed within a designated Opportunity Zone, the offer provides astute investors with additional investment or redevelopment opportunities.
The surrounding Downtown Oakland sub-market has emerged as a resilient and coveted residential hub in recent years. The area provides a significant draw for those seeking an urban alternative to pricey Bay Area counterparts like San Francisco and San Jose. Within 3 miles of the property, approximately 70% of the more than 254,000 residents currently rent their homes. Absorption for 2024 is expected to total around 800 units, approximately double that of 2023. With vacancy rates reducing and the construction pipeline slowing, there is a positive outlook for rent growth in the coming years.
Invest in the future of Oakland’s downtown core with the value-add residential and commercial units at 2327-2329 San Pablo Avenue.
Data Room Click Here to Access
- Market Information
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per Unit
East Bay - CA USA
Market Cap Rate
East Bay - CA USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 23 | - | 175 - 1,800 |
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Walk Score ®
Walker's Paradise (94)
Transit Score ®
Excellent Transit (76)
Bike Score ®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 003-0021-006-00 | Total Assessment | $752,962 |
| Land Assessment | $418,312 | Annual Taxes | ($1) |
| Improvements Assessment | $334,650 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
003-0021-006-00
Land Assessment
$418,312
Improvements Assessment
$334,650
Total Assessment
$752,962
Annual Taxes
($1)
Tax Year
2024
zoning
| Zoning Code | C-35, Oakland |
| C-35, Oakland |
Sale Advisor
Sale Advisor
Alex Kolovyansky, Director of Investment Sales
(415) 875-7450
Contact
Alexander Kolovyansky is the Director of Investment sales at Vanguard Properties and one of San Francisco’s top brokers. A member of Vanguard Properties’ 21 Club, Alexander has been investing and brokering Real Estate for over 20 years. He works with an array of different clients from first time owners to the seasoned investor/developer working on $50 million dollar projects. His clients come from a broad range of industries from finance to high tech and around the world from Hong Kong to Moscow. He has represented and advised clients on the following: Land sale, acquisition, and development, San Francisco planning/entitlement process, Department of Real Estate (DRE) paperwork / Condominium formation (CC&R’s), Tenancy in Common, architectural design, unit finishes, and marketing/pricing strategy for new development sales, commercial sales, leasing, and acquisition of apartment, retail, warehouse, and office buildings with a strong understanding of zoning & San Francisco market dynamics. Originally from Brooklyn, New York, Alexander, earned his degree in Economics from Princeton University where he was a two time Track & Field All-American.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X Jessica Figueroa RE Brkr 01937601. Ten-X Auction Surety Bond 106465786
-
Alex Kolovyansky -
Vanguard Properties
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Value-Add SRO & Retail | Downtown Oakland | 2327-2329 San Pablo Ave
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