Michael Young
This listing was posted on Intero (via TourFactory).
$8,500,000
FOR SALE: 346 Hanover Ave
Price:
$8,500,000
BR/BA:
3 BR
Location:
346 Hanover Ave, Oakland, CA
Description:
Invest in a vibrant, turnkey multifamily property ideally positioned near Lake Merritt and Oakland's cultural hub. The ASIA Group Commercial proudly presents 346 Hanover Ave, a meticulously maintained 22-unit apartment building offering an exceptional opportunity for investors seeking stable returns and long-term value. Nestled in the Peralta Heights neighborhood, just two blocks from iconic Lake Merritt, this five-story building boasts unparalleled convenience and a dynamic atmosphere. Unbeatable Location: Residents enjoy immediate access to Lake Merritt's stunning waterfront, the diverse shops and restaurants along 18th Street, and renowned cultural institutions like the Oakland Museum of California, Fox Theater, and Paramount Theatre. The location is approximately 1 mile from Lake Merritt BART. The building sits a short drive from both the 580 and 880 freeways and has easy access to public transportation. Turnkey Investment with Reliable Income: This fully occupied building features a healthy mix of 15 one-bedroom, 6 two-bedroom, and 1 spacious three-bedroom units, generating consistent and predictable income. All rents are current, and the property boasts a stable 100% occupancy rate, providing immediate peace of mind for investors. Significant Recent Upgrades: Major capital improvements throughout common areas and lobby significantly enhance the property's value and appeal: updated exterior faade and recently painted exterior in 2017, and new roof in 2019. Building is exempt from Oakland's soft story retrofit program. Select unit interiors showcase contemporary finishes and desirable amenities; there are 7 units that have turned since 2015, which were substantially updated with new floors, fully updated bathrooms and kitchens including new cabinets and countertops. Two units, 202 & 306, have in-unit laundry. Financing Flexibility: An assumable loan with a remarkably low 2.77% interest rate offers significant cost savings for qualified buyers. Additionally, capital expenditure passthroughs are fully complete, ensuring transparency and predictability for future expenses. Convenience and Professional Management: Residents appreciate the on-site laundry facility for added convenience. Experienced property management ensures smooth operations, tenant satisfaction, and efficient rent collection. Don't miss this chance to own a piece of Oakland's thriving rental market! Contact The ASIA Group Commercial today to schedule a tour and explore the remarkable potential of 346 Hanover Ave.
Property Type:
Single-Family Houses
Sq feet:
27,127 sq. ft.
Year:
1965
Amenities:
Gated
For sale by:
Agent/Broker
Agent Name:
Michael Young
Posted:
February 20 on TourFactory
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More About this Listing: FOR SALE: 346 Hanover Ave
FOR SALE: 346 Hanover Ave is a Three Bedroom Single-Family Homes for Sale at 346 Hanover Ave in Oakland CA. Find other listings like FOR SALE: 346 Hanover Ave and listings near 346 Hanover Ave by searching Oodle Classifieds for Three Bedroom Single-Family Homes for Sale in Oakland CA.
FOR SALE: 346 Hanover Ave is a Three Bedroom Single-Family Homes for Sale at 346 Hanover Ave in Oakland CA. Find other listings like FOR SALE: 346 Hanover Ave and listings near 346 Hanover Ave by searching Oodle Classifieds for Three Bedroom Single-Family Homes for Sale in Oakland CA.