301 Lenox Ave

Oakland CA 94610

21231 sq. ft.

11950 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

301 Lenox Ave is a trophy 32-unit, value-add apartment community centrally located in Oakland's coveted Adams Point neighborhood. The property is being offered at an attractive basis of $188,594/unit & $284/SF with an in-place Cap Rate of 6.11%.Built in 1962, this 21,231 SF structure is situated on a 11,950 SF soft corner lot at the intersection of Lenox Ave & Van Buren Ave. The building is comprised of 32 sizable 1-bed, 1-bath units including 2 penthouse level units each of which feature their own private rooftop deck. Community amenities & features include: a secured gated entry, a passenger elevator, a large interior courtyard, a secured parking garage with 26 parking spaces & storages units, a separate single-car garage, 2 on-site, coin-operated laundry facilities & a community rooftop deck with pristine views of Lake Merritt & the Downtown Oakland skyline. The property has undergone significant capital improvements including: a new roof (2020), new dual pane windows throughout (2020), sewer lateral replacement/compliance (2019), a roof mounted solar photovoltaic system (2015). The property is also exempt from the City of Oakland's mandatory soft story retrofit ordinance. The property is surrounded by Oakland's most popular retail districts and is steps from Whole Foods.