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24 Apartments + Parking | Pill Hill 2945 McClure St

24 Unit Apartment Building $5,200,000 ($216,667/Unit) 5.95% Cap Rate Oakland, CA 94609

Investment Highlights

  • 24 Units - 11 Units Beautifully Updated in Last 14 Months
  • Separately Metered for Electricity & Separate Heat
  • Stable Long-Term Tenants Showing an Estimated 32+% Upside with Rental Turnover
  • Secured Covered Garage with Parking for 22 Single Cars, 2 Tandem & 1- 3 Motorcycles
  • Recently Installed New Secure Mailboxes in Interior Lobby
  • Primarily Residential Neighborhood with Close Proximity to a Plethora of Medical Offices, Hospitals, Shops, Bars & Restaurant

Executive Summary

2945 McClure Street is a well maintained 24-unit apartment building with secure entry to enclosed parking, mail delivery and a laundry facility in the well-known Pill Hill neighborhood of Oakland. The Unit mix includes 1 two bedroom with balcony, 21 one bedrooms, of which 2 have balconies & 2 studios with balconies. All units have ample closet space, storage & eat in kitchens. 11 of the units have been significantly renovated with tasteful upgrades. New vinyl laminate wood flooring, new interior doors & fixtures, new cabinets, quartzite counter tops, stainless steel appliances, dishwashers , microwave ovens, garbage disposals plus freshly updated bathrooms. Covered garage has secure parking for 22 single cars including 2 single car tandem slots and/or 1-3 additional motorcycle spaces. Apartment units are all-electric, separately metered, with tenants paying their own electricity & electric heat. Owner pays for water, garbage, & gas services to provide hot water in the building. It is a secure building with common area laundry facilities and secure interior individual mailboxes, as well as secure enclosed parking. All units have their own exterior front door entrance from a secure interior building walkway.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
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 (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
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

Price $5,200,000
Price Per Unit $216,667
Sale Type Investment
Cap Rate 5.95%
No. Units 24
Property Type Multifamily
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 0.23 AC
Building Size 16,192 SF
Average Occupancy 100%
No. Stories 4
Year Built 1963
Parking Ratio 1.48/1,000 SF

Unit Amenities

  • Air Conditioning
  • Balcony
  • Heating
  • Kitchen

Site Amenities

  • Gated

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 21 - 674
2+1 1 - 905
Studios 2 - -
Walk Score ®
Walker's Paradise (95)
Bike Score ®
Very Bikeable (86)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
009-0699-005-04
Land Assessment
$1,175,644 (2024)
Improvements Assessment
$2,688,915 (2024)
Total Assessment
$3,876,861 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

zoning

Zoning Code S1
S1
  • Listing ID: 33514345

  • Date on Market: 10/14/2024

  • Last Updated:

  • Address: 2945 McClure St, Oakland, CA 94609

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