333 Lester Avenue, Oakland, CA 94606

Property Description

333 Lester Avenue, a 12-unit value-add multifamily investment opportunity located in Oakland's desirable Lakeshore/Grand Lake submarket, just blocks from Lake Merritt. Built in 1958, the property spans 8,453 square feet on a 0.23-acre lot and offers a diverse, in-demand unit mix of seven 1-bedroom, four 2-bedroom, and one 3-bedroom unit. Offered at $2,498,000 ($208,167 per unit / $296 per square foot), the property is currently 92% occupied, generating $254,255 in Effective Gross Income and $146,196 in Net Operating Income, reflecting a 5.85% current cap rate. Upon stabilization and lease-up to market rents (averaging $2,437 per unit), the property is projected to generate $341,841 in Effective Gross Income and $229,403 in NOI, reflecting a 9.18% pro forma cap rate. Individually metered gas and electric service helps minimize owner-paid utility expenses, while the diverse unit mix appeals to a broad renter base seeking more space near the lake without leaving the urban core. Situated near Lakeside Park, Trader Joe's, Peet's Coffee, and the Grand Lake/Lakeshore retail corridor, the property benefits from strong walkability and consistent renter demand.