296 Lester Ave, Oakland, CA 94606
- $1,895,000
- 6,080
- SqFt
- List Price
- $1,895,000
- Status
- PENDING
- MLS#
- 41151543
- Year Built
- 1959
- Property Type
- 5 Or More Units
- Living Area
- 6,080
- Lot Size
- 6,000
- Acres
- 0.14
- County
- Alameda
- Subdivision
- Lake Merritt
Property Description
Eight 2BR/1BA units near Lake Merritt offering a 6.23% current cap rate and 8.20% at market rents. Average scheduled rent of $2,186 trails the $2,600 market rent by 18.9%. Six of eight units are renovated, and one vacant unit is scheduled at market. Oakland rents rose 13.0% year over year as of July 2026 (Apartment List), second-fastest among the 100 largest U.S. cities, as San Francisco's AI-driven rent surge pushes renters east. Current NOI $118,092; NOI at market rents $155,330.
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Additional Information
- Exterior
- Frame, Siding - Stucco
- Flooring
- Vinyl
- Lot Description
- Other
- Parking Features
- Covered
- Roof
- Flat
- View
- Lake, City
- Water Sewer
- Public
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Listing courtesy of Joseph Owens from Marcus & Millichap. 925-808-9098
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