$11,501,000

This very nostalgic 61-unit property is conveniently located in the Fruitvale District, situated right in the heart of Oakland’s central business district and close to Lake Merritt. Casa Magna Apartments is a gated three-story apartment complex consisting of two separate structures offering a total of 30,012 square feet of living space on a .79-acre lot. This building was substantially renovated in 2014 down to the studs and foundation. This freshly renovated expansive property is well-maintained, beautifully, and professionally landscaped. There is a large laundry room generating substantial monthly income. With 31% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. Casa Magna offers affordable living with great potential and a strong sense of community, particularly appealing to those seeking proximity to medical facilities and a diverse, established neighborhood. The mixture of units on the property has: (22) 2 bedroom / 1 bath, (21) studio units / 1 bath, (18) 1 bedroom / 1 bath. Various apartment units have a balcony or patio. There is ample covered carport parking for cars, and off-street parking. You will find multiple security features including monitoring cameras and gated entry.