459 Wayne Ave
- Multiple Different Investment Options: Medium term furnished rentals, owner/occupy buyers, or market rate tenants, 459 Wayne Ave appeals to a lot of different strategies.
- Modernized Interiors: Each of the three 1-bedroom units and one 2-bed, 1-bath have been updated with modern touches and unit 461 is a perfect owner’s unit.
- Medium-term Furnished Rentals: current owner willing to include furniture with sale to continue this rental strategy.
- Strong Financials Metrics: Offers a Gross Rent Multiplier (GRM) of 11.64 and a cap rate of 5.53%.
- Capital Improvements: Fully remodeled interiors with updated wiring; exterior improvements include new paint, fascia, and soffit work.
- Additional amenities: 4 off-street parking spaces, 1 garage, coin-operated laundry, and a shared common space in the back.
- Value-Add Opportunity: Potential garage conversion ADU (Buyer to verify)
- Entitlements in-place: Property is entitled for the development of 20 new apartment units, offering a valuable opportunity for expansion or redevelopment.
- Prime Location: Located in Oakland's thriving rental market, providing flexibility and growth potential for investors seeking stable income or larger development projects.
Property Description
459 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 11.64 and a cap rate of 5.53%. It generates a monthly rental income of $10,535, totaling $126,420 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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,500,000 |
| No. of Units: | 4 |
| Year Built: | 1920 |
| Lot Size: | 0.12 Acres |
| Opportunity Zone: | No |
| Price per unit: | $375,000 |
| Property Website | Click Here |
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