Bought with OUT OF AREA NON MEMBER • Bay East AOR
$3,500,000
$4,995,000
29.9%For more information regarding the value of a property, please contact us for a free consultation.
18,682 SqFt
SOLD DATE : 06/13/2023
Key Details
Sold Price $3,500,000
Property Type Commercial
Sub Type Lowrise (1-3 Flrs)
Listing Status Sold
Purchase Type For Sale
Square Footage 18,682 sqft
Price per Sqft $187
MLS Listing ID 41018132
Sold Date 06/13/23
HOA Y/N No
Originating Board BAY EAST
Year Built 1935
Lot Size 0.397 Acres
Property Sub-Type Lowrise (1-3 Flrs)
Property Description
4.81% CAP RATE | 11.61 GRM -Walk Score 98 (Walker's Paradise) -Bike Score 92 (Biker's Paradise) -Transit Score 99 (Great Transit) Built in the 1930's, 501 and 521 W Macarthur Blvd are two adjacent parcels located in the Temescal neighborhood, on one of Oakland's most iconic corners – Telegraph and MacArthur. The property is home to 1 large commercial space occupied by “Lucky Florist”, which has been in business for almost 90 years on this notable corner. The parcels also consist of 26 apartments, 1 commercial unit + billboard. The apartments featuring (25) large studios, (1) one bedroom / one-bath unit and a sizable parking lot. 12 of these apartments will be delivered vacant, giving new owners a clear path to boosting rents and fulfilling a vision for the property. The asset is also located in a high impact zone and allows 1 unit per 275 SF of land – totaling 49 potential units – making it a prime. The location is undeniable, and the potential for creating a timeless landmark is clear
Location
State CA
County Alameda
Interior
Heating None
Cooling None
Flooring None
Fireplace No
Building
Lot Description No Lot
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