20-Unit Oakland Apartment Complex Sells for $5.7MM

Pinza Group, Oakland, East Bay, Jack London Square, BART, San Francisco

Oakland, CA- The Pinza Group, the leading East Bay Multifamily Sales Brokerage, has announced the sale of a 20 unit multifamily property located at 1523-1537 8th Ave in Oakland, CA.Steven Pinza, Esq, the President of The Pinza Group, represented procured the Buyer and represented the Seller, in the off market sale. The property sold for $5.7MM, which is higher than all sales comparables in the nearby area. The property went into contract during the Covid-19 pandemic and closed without any issues. 

Located in Oakland’s redevelopment area, 1523-1537 8th Avenue in Oakland presents a perfect opportunity for an investor to purchase twenty units spread across two APN’s. The property boasts 18 2bd/1bth units of approximately 700 square feet and two 1bd/1bth units of nearly 600 square feet.  Over the last year, the properties have undergone significant exterior renovations including, but not limited to, new roofs, exterior fencing, new dual pane windows, landscaped courtyard with mature landscaping and paver walkways, installation of laundry rooms, fresh paint, and new signage. Further, 10 of the 20 units have been completely remodeled with new kitchens, bathrooms, floors, modern fixtures and amenities and new stainless steel appliances. 

Situated in one of the sunniest and most accessible parts of the East Bay, 1523-37 8th Avenue is close to the Lake Merritt Business District and to multitude of natural recreation, shopping, and culinary delights around Lake Merritt and Jack London Square. It is in close proximity to Peralta and Laney Colleges as well. It is only a half hour away from San Francisco via Highway 580 and merely 15 minutes from Downtown Oakland via Highway 880. Both freeways and BART are easily accessible from 8th Avenue.Bordering the southeast side of Oakland’s crown jewel, Lake Merritt, the East Lake neighborhood provides a world of opportunity for recreation, dining and leisure, close to downtown in a diverse cultural setting. 

East Lake residents enjoy exceptional, year-round amenities, including large supermarkets and speciality grocery stores, outdoor spaces and outstanding restaurants nearby.Less than two miles from the heart of Downtown Oakland and approximately 13 miles from San Francisco, with easy access to buses and the Bay Area Rapid Transit system, living in East Lake can be an ideal opportunity for those looking for convenience and affordability.

About The Pinza Group

The Pinza Group, Inc was named as the 2014, 2015, 2016, 2017, 2018, and 2019 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014, 2015, 2016, and 2017. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California.  

Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. The Pinza Group is an investment real estate brokerage built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in the East Bay. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investor

West Coast Commercial Real Estate News