1248 East 15th Street

Oakland, CA 94606

$825,000
Price
6
Beds
4
Baths
3,192 Sq. Ft.
$258 / Sq. Ft.
3,192
Sq. Ft.
$258
per Sq. Ft.

Description

Welcome to an exceptional investment opportunity at 1240-1248 E 15th St, a wellmaintained 4-unit building located near the highly desirable Lake Merritt area ofEast Oakland. With a rare combination of strong cash flow and fantastic upsidepotential this property is a true gem in today's market. Boasting a solid cap rate and occupied by vetted tenants, this asset deliversimmediate stability and consistent rental income. The property is thoughtfullydesigned with an open lot offering valuable off-street...Welcome to an exceptional investment opportunity at 1240-1248 E 15th St, a wellmaintained 4-unit building located near the highly desirable Lake Merritt area ofEast Oakland. With a rare combination of strong cash flow and fantastic upsidepotential this property is a true gem in today's market. Boasting a solid cap rate and occupied by vetted tenants, this asset deliversimmediate stability and consistent rental income. The property is thoughtfullydesigned with an open lot offering valuable off-street parkinga coveted featurethat ensures tenant satisfaction and convenience. Recently landscaped toperfection, the property presents an inviting and well-kept exterior that sets thetone for the entire building. Given the strong demand in the area and the potential for market rent growth, theproperty offers significant upside. Currently fully leased, any future vacancy wouldpresent an opportunity to increase rental income by adjusting rents to prevailingmarket rates, thereby enhancing the overall return on investment. Located just minutes from the iconic Lake Merritt, residents enjoy easy access tovibrant city amenities, parks, and convenient transit options. This is an area withstrong demand for quality housing, and the opportunity for rent growth issubstantial. Whether you're looking for a turn-key investment or a property withexcellent potential to add value, 1240-1248 E 15th St checks all the boxes. Don't miss out on this rare opportunity to acquire a high-performing property in aprime location with future upside and a track record of strong tenancy. This is amust-see for savvy investors looking to grow their portfolio and capitalize on EastOakland's potential.
  1. Listed by Daniel Withers • DRE #01325901 • Brokerage DRE #01469842 • Matthews Real Estate Investment Services

Property Details for 1248 East 15th Street

Parcel Number
0200170009
Total Units
4.0
Living Area
3192
Source Living Area
Other
Area
San Francisco (SFO)
Vacancy Rate
-5%
Lot Size Area
6000
Source Lot Size Area
Other
LISTING UPDATED: 12/19/2024 04:49 PM

Property Details for 1248 East 15th Street

StatusActive
MLS #24-473677
Days on Compass31
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1944
Lot Size0.14 AC / 6,000 SF
CountyAlameda County

Building Information for 1248 East 15th Street

Stories2Residences-Year Built1944Building Size-Lot Size0.14 AC / 6,000 SF

Property Information for 1248 East 15th Street

Community / Development
Community / Development
  • Number Of Units: 4
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Other
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: Other
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $73,758
  • Net Operating Income: $50,744.00
  • Gross Income: $77,640
  • Cap Rate: 6.15%
  • Gross Rent Multiplier: $11.23
  • Total Annual Expense: 23014
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1377
  • Lot Size Square Feet: 6000
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 4
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 12-19-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,260.00
  • Unit Actual Rent: $2,520.00
  • Unit Projected Rent: $2,520.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $3,600.00
  • Unit Projected Rent: $3,600.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $391,644.00
  • Assessed Improvement Percent: 67.94
  • Assessed Land Value: $184,829.00
  • Assessed Land Percent: 32.06
  • Assessed Total Value: $576,473.00

Property History for 1248 East 15th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1248 East 15th Street

Taxable ValueLand$184,829Additions$391,644Total$576,473
Tax Record2024$11,180 ($932 / month)
Home Facts
Total Finished SqFt3,192 SqFtAbove Grade Finished SqFt3,192 SqFtStories2Lot Size6,000 SqFtStyleQuadraplexYear Built1944CountyALAMEDAAPN20-170-9

Schools near 1248 East 15th Street

This home is within Oakland Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 8
Rating
School
Distance
Franklin Elementary School
PublicK to 5

Roosevelt Middle School
Public6 to 8

Oakland High School
Public9 to 12

Aspire Eres Academy
CharterK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

1248 East 15th Street is a multi-family home for sale in Oakland, CA 94606. This property was listed for sale on November 20, 2024 by Matthews Real Estate Investment Services, it's currently listed at $825,000. This listing's school district is Oakland Unified School District. Nearby schools include Franklin Elementary School, Roosevelt Middle School and Oakland High School. 1248 East 15th Street is a 6-bed, 4-bath, 3,192 sqft multi-family home built in 1944.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Matthews Real Estate Investment Services, Daniel Withers, DRE #01325901

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.