612 Mariposa Ave
- ~ 40% in Potential Rental Upside
- Well below Replacement Cost at $284K/Unit and $281/SF in exclusive Montclair Neighborhood
- Average Home Value in the Neighborhood of $1.5 Million
- $206,581 Average Household Income in Area
- First Time on the Market in Over 3 Decades
- Attractive Basis – True Value Add Opportunity
- 15-minute walk to Piedmont Ave, Premier Retail Corridor
- Walk Score – 90+
- Rarely Available Montclair District
- Desirable Location Adjacent to the City of Piedmont
Property Description
NOW TOURING | CALL FOR OFFERS Nov 1st 612 Mariposa Avenue is a 50-unit apartment community adjacent to the city of Piedmont. Originally constructed in 1966, the property is comprised of (7) Studio units, (29) 1-Bedroom / 1-Bathroom units, (12) 2-Bedroom / 1-Bedroom units, and (2) 3-Bedroom / 2-Bathroom penthouse units that have a combined average size of ~858 square feet. The property is well positioned to take advantage of an improving market and offers significant upside with built in downside protection. Location is attractive for individuals working from home due to large format units and proximity to Piedmont Avenue, the premier retail corridor in the area. The property also maintains appeal to in-office or hybrid workers with ease of access to the rest of the East Bay and taking BART from the MacArthur BART station (1.2 miles) or driving via I-80 (under 15 minutes) into San Francisco. Property boasts a Walk Score of 85 – most errands can be accomplishable on foot. San Francisco, Berkeley, Marin, and the greater Bay Area are all easily accessible by both freeway and public transportation. 612 Mariposa Avenue residents enjoy world-class entertainment, shopping, and all the benefits of living within one of the most dynamic regions in the country.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Apartments |
| Price: | $14,200,000 |
| No. of Units: | 50 |
| Cap Rate: | 4.45% |
| GRM /GIM: | 12.00 |
| Year Built: | 1966 |
| Lot Size: | 50,510.00 Sq ft |
| No. of Stories: | 3 |
| APN: | 10-830-26-1 |
| Zoning Code: | RM-4 |
| Opportunity Zone: | No |
| Price per unit: | $284,000 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
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