450-456 Lee St

450 & 456 Lee Street, an 18-unit apartment community situated on a 0.26-acre parcel in Oakland, California.‚ã Comprising two residential buildings, the property offers a strategic location in the highly desirable Adams Point neighborhood.‚ã Offered at $3,600,000, the asset presents a significant value-add opportunity.‚ã With in-place rents currently reflecting a 24% loss-to-lease, 450 & 456 Lee Street offers investors a 5.91% in-place cap rate.‚ã The property benefits from a desirable unit mix consisting of spacious 1-Bedroom and 2-Bedroom units.‚ãThe Subject Property, originally constructed in 1922 and 1925, features a desirable unit mix comprising (18) spacious residential units.‚ã The current composition includes (15) 1-Bedroom / 1-Bathroom units measuring an estimated 750 square feet and (3) 2-Bedroom / 1-Bathroom units measuring an estimated 850 square feet.‚ã Amenities include gated parking, on-site laundry facility, and controlled access.‚ã

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