410 Merritt Avenue | 11 Value Add Units in Oakland, CA

Highlights:

• Premier Location in Cleveland Heights - Located in one of Oakland’s most sought-after neighborhoods, the property offers residents walkable access to Lake Merritt, Lakeshore Avenue, and Grand Avenue — premier lifestyle and retail corridors in the East Bay.
• Flexible Layouts with Density Upside - All 1- and 2-bedroom units include dedicated dining nooks that can be easily converted into additional bedrooms — an efficient, cost-effective way to boost rent potential and unit functionality.
• Concrete Podium Construction - Exempt from Oakland’s mandatory soft story retrofit program, the asset’s concrete podium construction reduces seismic risk and mitigates future capital expenditure requirements.
• Seven Units Delivered Vacant - With seven of eleven units delivered vacant, investors can immediately implement a renovation and lease-up strategy to unlock market rents and drive cash flow without tenant disruption.
• Attractive Stabilized Return Profile - Upon renovation and lease-up, the property is projected to achieve an 8.83% stabilized cap rate — a compelling yield in a high-barrier-to-entry urban submarket.
• Highly Walkable, Transit-Rich Location - Boasting a 91 Walk Score, the property offers seamless access to AC Transit, major freeway connections, and BART, ensuring regional connectivity for tenants and long-term rental demand.

Description:

The Cushman & Wakefield Northern California Multifamily Capital Markets Group is pleased to offer for sale 410 Merritt Avenue, an 11-unit multifamily investment opportunity in Oakland’s highly desirable Cleveland Heights neighborhood. With seven units delivered vacant, the offering provides investors with the ability to immediately implement a renovation program and capture significant upside through repositioning. The property is ideally suited for a value-add strategy, combining strong in-place fundamentals with meaningful near-term potential to drive rental income growth.

The unit mix is both spacious and efficient, featuring three 2-bedroom units averaging 945 square feet, seven 1-bedroom units averaging 711 square feet, and one 320-square-foot studio. Each 1- and 2-bedroom unit includes a dining nook that can be converted into an additional bedroom through a cost-effective process, creating the opportunity to increase density and further enhance revenue. The property also features 8 single-car garages with room to park an additional vehicle in front of each garage. Upon stabilization, the property is projected to achieve an attractive 8.83% cap rate, highlighting the compelling investment returns available to an active operator.

The building was constructed with a concrete podium that exempts it from Oakland’s mandatory soft story retrofit program, reducing exposure to costly seismic upgrades. Beyond its physical attributes, the property enjoys a highly walkable location with a 91 Walk Score, providing residents with convenient access to AC Transit, major freeway on-ramps, and nearby BART stations for seamless regional connectivity.

Just steps from Lakeshore Avenue and Grand Avenue, two of Oakland’s most vibrant commercial corridors, the property is surrounded by a diverse mix of dining, retail, and entertainment amenities. This dynamic location, paired with the property’s strong fundamentals and substantial repositioning potential, makes this offer an exceptional opportunity for investors seeking long-term growth and cash flow in one of Oakland’s most sought-after rental submarkets.

Disclosure package & marketing flyer available upon request. Property tours are available by appointment.

Offers are due Thursday, September 18th at 3:00pm.