4-Units | Oakland

Cleveland Heights is one of Oakland's most desirable neighborhoods, offering a blend of urban convenience and natural beauty. Nestled between Lake Merritt and the Oakland Hills, the area boasts tree-lined streets, charming historic homes, and a strong sense of community. Residents enjoy easy access to local amenities, including cafes, restaurants, and shops, all within walking distance. The neighborhood's unique character and proximity to downtown Oakland make it a sought-after location for those who appreciate both city living and a tranquil environment. Lake Merritt, located just minutes from Cleveland Heights, is a true gem of Oakland. Often referred to as the "Jewel of Oakland," this urban lake is surrounded by lush parks, walking and biking paths, and vibrant wildlife, offering a serene escape from the hustle and bustle of city life. The lake is a hub for outdoor activities, with opportunities for kayaking, boating, and picnicking along its scenic shores. Lake Merritt's iconic Pergola and Colonnade provide a picturesque setting for community events, making it a central gathering spot for residents of all ages. Living in Cleveland Heights means enjoying the best of both worlds—proximity to Lake Merritt's natural beauty and the vibrant cultural scene of Oakland. The neighborhood's location offers easy access to public transportation, making commuting to San Francisco and other Bay Area destinations convenient. Whether you're drawn to the outdoor recreation at Lake Merritt or the rich history and charm of Cleveland Heights, this area provides an ideal setting for those looking to experience the best of Oakland living. Scores Walk Score - 88 Transit Score - 65 Bike Score - 77459 Wayne Ave is a fully remodeled 4-unit apartment building in Cleveland Heights, Oakland, presenting an outstanding investment opportunity for multiple different buyers. Each unit features modernized interiors, with three 1-bedroom units and a 2-bed, 1-bath owner’s unit that’s ideal for an owner-occupier. Previously, the property was successfully rented as medium-term rentals with furnished units. The current owner is open to including the furniture in the sale, allowing the new buyer to continue this strategy seamlessly. Financially, the property is strong, with a Gross Rent Multiplier (GRM) of 12.00 and a cap rate of 5.13%. It generates a monthly rental income of $10,995, totaling $131,940 annually. The property has been fully remodeled, including rewiring and some exterior updates, such as new paint, fascia, and soffit work. Additional amenities include 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back. Moreover, the property is entitled for the development of 20 new apartment units, offering a prime opportunity for investors looking to expand or redevelop. This potential for growth in Oakland's thriving rental market makes the property a versatile and promising investment. Whether you’re seeking a stable income-generating asset or interested in a larger development project, this property offers significant flexibility and growth potential, making it a valuable addition to any real estate portfolio.