267 Lester Ave

Situated in Oakland’s Cleveland Heights neighborhood half a block from the renowned Lake Merritt, 267 Lester Avenue is a well maintained, pride of ownership multifamily building consisting of twenty-eight (28) apartment units. The property was built in 1966 and has been operated by current ownership for many decades. The building features 28 secure parking spaces, an on-site laundry room and nineteen (19) units have private balconies. The unit mix features (16) 1-bed/1-bath, (5) 2-bed/1-bath, (3) 2-bed/1.5-bath, (3) 2-bed/2-bath units and (1) 3-bed/2-bath penthouse unit. The large penthouse is approximately 1,700 square feet and occupies the entire fourth floor. Each unit is independently metered for gas and electricity.
Investors have an exceptional opportunity to acquire this well-positioned asset, as it offers significant upside upon unit turnover by renovating the unit interiors with high specification finishes consistent with the preferences of high income residents. Recent capital improvements include new dual pane windows, exterior paint job, electrical upgrades, new secuirty system, etc. The property is also exempt from the city of Oakland's mandatory soft story retrofit program. The property is half a block from Lake Merritt, and features a Walk Score of 92 and a Bike Score of 87, providing residents convenience as most daily errands are easily accomplished with or without a car.
Oakland has consistently had one of the nation's highest rent growth rates and lowest vacancy rates, making this investment a promising long-term venture. Strategically located just steps away from Oakland's renowned Lake Merritt, 267 Lester Avenue provides tenants with easy access to an array of lake activities, as well as a vibrant selection of nearby restaurants, cafes, parks, and shopping options. Its convenient proximity to both downtown Oakland and the Grand Lake neighborhood further enhances its appeal. Additionally, the property bene?ts from its convenient location, situated 1.1 miles from Lake Merritt BART station and offering swift access to the 580 and 880 freeways, enabling tenants to easily commute to San Francisco and other neighboring cities.