273 Macarthur Blvd, Oakland, CA 94610

Property Description

273 MacArthur Blvd & 2125 10th Avenue Portfolio, a 38-unit multifamily portfolio in Oakland, CA. Set 1.3 miles apart on the north and east sides of Lake Merritt, the properties each sit within a mile of the lake's shoreline. MacArthur Terrace, at 273 MacArthur Boulevard in Adams Point, is 0.3 miles from the Grand Avenue dining corridor and 0.7 miles from Kaiser Permanente's Oakland Medical Center, boasting a Walk Score of 81. Across the lake in the Clinton neighborhood, 2125 10th Avenue carries a Walk Score of 80 and sits 0.7 miles from Highland Hospital. Constructed in 1959 and 1963, the portfolio totals 26,331 square feet and is weighted toward Two-Bedroom floor plans, with 23 of its 38 units configured as Two-Bedroom, One-Bathroom residences. Across the 24 occupied, non-manager units, in-place rents average $1,806 per month against projected market rents of $2,300, a gap of $494 per unit monthly, or 21.47% below market. Twelve additional units are currently vacant, giving a new owner concurrent paths to income growth: immediate lease-up of vacant units, and loss-to-lease capture on unit turnovers.