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Listed by Joseph Owens, DRE #01707768 • Marcus & Millichap
$ 1,895,000
Est. payment /mo
Pending
296 Lester Ave Oakland, CA 94606
2 Beds
1 Bath
6,080 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Pending
Purchase Type For Sale
Square Footage 6,080 sqft
Price per Sqft $311
MLS Listing ID EB41151543
Bedrooms 2
Year Built 1959
Lot Size 6,000 Sqft
Property Sub-Type Five or More Units
Source Bridge MLS
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.
Location
State CA
County Alameda
Area Oakland Zip Code 94606
Interior
Heating Forced Air
Cooling None
Flooring Vinyl
Exterior
Exterior Feature Wood Frame
Garage Spaces 6.0
View Lake
Building
Lot Description Other
Others
Tax ID 21-227-33-3
Special Listing Condition Not Applicable
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