PROPERTY OVERVIEW

Keller Williams is pleased to be retained as the exclusive broker for the 1640 6th Avenue Apartments. The subject property is a fifteen (15) unit property, with an additional unwarranted studio, in the very desirable Merritt neighborhood (aka East Lake) of Oakland. The 1640 6th Ave property is located a short distance from Lake Merritt and the Lake Merritt BART Station.

Built in 1959, 1640 6th Ave presents a two-story walk-up structure with exterior walkways and private entrances for each of the apartments. The building was entirely renovated over the summer of 2022. These upgrades included new Pex plumbing, replaced sewer and lateral, new Romex wiring, all new double paned windows, improved railings, and new landscaping. The building is built of wood frame construction with a stucco exterior. The building contains approximately 8,586 square feet of gross building area set on a 5,590 square foot lot.

The unit mix consists of two Studios (one of which is unwarranted), ten (10) one-bedroom / one-bath units averaging approx. 550 square feet, and four (4) two-bedroom / one-bath units averaging approx. 671 square feet. All but one of the units have been recently renovated and feature kitchen upgrades such as granite countertops, new cabinetry, and tiled floors. The ranges and ovens are electric. The units feature plank hardwood flooring throughout the living areas. Bathrooms contain pedestal sinks, tiled floors, wall-mounted cabinets, and bathtubs with tiled surrounds.

Heat is provided to the units via gas wall mounted furnaces. The units are separately metered for gas and electricity while water is submettered internally and charged back to the residents in the form of RUBS. Hot water to the units is supplied by the recently replaced highly efficient 100 gallon water heater. The roof is a torch down mastic construction which was replaced in approx. 2010. Brand new on-site washers and dryers provide additional income. There is gated, secured parking for each of the units. Street parking is readily available in the surrounding neighborhood.

The 1640 6th Avenue Apartments offer investors the opportunity to acquire a well-situated property, just blocks from Lake Merritt, which was entirely renovated with strong current income in a great Oakland location. The Merritt neighborhood (aka East Lake) is one of the strongest rental housing submarkets in Oakland. The property is short 5 min walk from the wonderful Lake Merritt. With a Walk Score of 92 and a Bike Score of 92 this location is a walker and biker’s paradise. Located very close to I-580 & I-880 and approx. 1 mile from Lake Merritt BART and 1.5 miles from Downtown Oakland, the property will attract commuters as well as those who work in the area. Due to the property’s excellent location, large sized units, and overall quality, the property will continue to produce strong cash flow well into the future.