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329 Lester Avenue, Oakland // $2,248,000
12-Unit Residential Income Property
329 Lester Avenue is a multiunit income property located in Cleveland Heights, Oakland - a quiet and desirable neighborhood area along the eastern side of Lake Merritt.
Originally built in 1958, this fine investment property is comprised of a two-story building with twelve-units, a three-car garage, a laundry room facility, and a storage/ maintenance room. An additional five uncovered parking spaces are located at the rear of the parcel and one in the front. Currently, eleven units are tenanted month-to-month, and one is vacant. A seismic retrofit was completed in August of 2021, and a new roof was installed in 2018. The property has been owned and well-maintained by the same family for the past twenty-one years.
329 Lester Avenue is located in the peaceful residential neighborhood area of Cleveland Heights with a high walk score of 89. It is in close proximity to Lakeside Park, Juan Bautista de Anza National Historic Trail, the Oakland Museum of California, colleges and universities, restaurants and coffee shops.
- 12 Unit Residential Income Property
- Cleveland Heights Neighborhood
- 11 One-Bedroom One-Bath Units, 1 Two-Bedroom 1-Bath Unit
- 11 Units Tenanted Month/Month, 1 Vacant Unit
- Onsite Parking: 3 Garage Spaces; 6 Uncovered Spaces
- Laundry Room Facility
- Seismic Retrofit Completed 08/2021
- New Roof 2018
- Separately Metered PG&E & Water
- Scheduled Annual Income: $173,780*
- GRM: 13 | CAP: 4.6%
- Building Square Footage (as per tax records): 6,528
- Lot Square Footage (as per tax records): 7,800
- Year Built: 1958
- Parcel No. 021-0227-028
ANNUAL OPERATING INCOME
|Price Per Sq Ft:||$344|
|Price Per Unit (average):||$187,000|
|Scheduled Annual Income 12 Units*||$173,160|
|Total Scheduled Annual Income*:||$173,780|
|Estimated Annual Expenses:||$70,643|
|Net Operating Income*:||$103,137|
ESTIMATED ANNUAL EXPENSES
|Property Tax At List Price:||$36,944|
|Water (Laundry Room & Unit 12):||$2,225|
|PG&E Common Meter:||$463|
|Maintenance and Repairs:||$3,742|
|Total Estimated Annual Expenses:||$70,643|
SCHEDULED RENT ROLL 2021
12 Residential Apartments
|Unit No.||Location||Unit Type||Current Rent||Move-In Date||Deposit||Last Raised|
|1||Lower Level||1 BR, 1 BA, 1 Parking||$1,500||April 15, 2021||$1,000||04/01/2021|
|2||Lower Level||1 BR, 1 BA||$1,500||May 1, 2021||$1,000||05/01/2021|
|3||Lower Level||1 BR, 1 BA||$800||August 28, 2009||$750||08/28/2009|
|4||Lower Level||1 BD, 1 BA, 1 Parking||$1,500||April 15, 2021||$1,000||04/01/2021|
|5||Lower Level||1 BR, 1 BA, 1 Parking||$850||
March 1, 2012
|6||Lower Level||1 BR, 1 BA, 1 Parking||$1,500||March 12, 2021||$1,000||03/12/2021|
|7||Upper Level||1 BR, 1 BA, 1 Parking||$850||January 23, 2005||$1,050||01/23/2005|
|8||Upper Level||1 BR, 1 BA||$1,400||October 1, 2016||$1,200||10/01/2016|
|9||Upper Level||1 BR, 1 BA, 1 Parking||$1,500||March 27, 2021||$1,000||03/27/2021|
|10||Upper Level||1 BR, 1 BA, 1 Parking||$530||December 1, 1979||$200||09/01/1999|
|11||Upper Level||1 BR, 1 BA, 1 Parking||$1,500*||Vacant||-||-|
|12||Upper Level||2 BD, 1 BA, 1 Parking||$1,000||
August 1, 2008
|Total Scheduled Monthly Income 12 Units*||$14,430|
|Total Scheduled Annual Income 12 Units*||$173,160|
*Pro Forma Rent / Gross Income
Property specialist and listing agent, Angelo Cosentino, is at the ready to help you find the right fit for your lifestyle and needs. Call (415) 298-9171 from 7 am to 7 pm, any day of the week.
For more than two decades Angelo has been assisting home sellers and home buyers in one of the world's most desirable and affluent metropolitan areas, the San Francisco Bay Area. As a native San Franciscan and a Marin resident, Angelo offers deep area knowledge of San Francisco neighborhoods and Marin towns - spanning either side of the Golden Gate Bridge.
Angelo and his team specialize in listing properties and offer premium luxury marketing at a competitive rate. Marketing includes start-to-finish property preparation, staging, property analysis and pricing, high-quality photography, a dedicated property website, premium print brochures, quality street signage, and local and international marketing exposure. He and his team help buyers find, evaluate, and compete for properties.
Angelo is a progressive, tech-savvy real estate agent professional dedicated to providing an exceptionally personalized, full-service approach where client results matter. He is a top ranking agent with a proven track record. He gives back to the community by mentoring new agents, participating in charitable endeavors, and supporting local schools.
One of Oakland’s best neighborhoods, Cleveland Heights is located on the East side of beautiful Lake Merritt. This quiet residential area offers easy access to transportation, the Grand Lake theatre, great restaurants, shops and one of the best farmer's markets in the East Bay.
Lake Merritt is a popular destination. With warm sunny weather and close proximity to everything in the Bay Area, Cleveland Heights is a desirable and convenient location.