Historic Residential Building in Oakland Presents Rare Investment Opportunity – $10,500,000

OAKLAND, Calif.–Bay Apartment Advisors is proud to offer for sale The Wagner, located at 1605 Clay Street. The Wagner is a historic, pride of ownership asset, situated on a corner adjacent to Frank Ogawa Plaza in Oakland’s trendy Uptown district.

Constructed in 1910 and fully renovated in 2015, the property offers an attractive mix of 16 one bedroom / one bathroom units ranging from 463 to 675 square feet, 4 one bedroom / one bathroom units with additional den (used as a second bedroom) of 762 square feet and 2 retail spaces of 1,490 and 1,372 square feet. The Wagner totals 18,558 square feet on a 3,750 square foot parcel.

Recent improvements include brand new utility systems, new roof, seismic upgrade, facade rehabilitation, new wood double-hung windows throughout, restored original wood flooring, preservation of historic lobby and converted basement for bike parking.

Effective approximately April 2016, this property should be exempt from rent control. Additionally, this property has the potential to earn up to 20 condominium conversion credits.

Driven by San Francisco’s soaring rents, market conditions are forcing more people to search in Oakland for affordable housing that’s still relatively close to work in San Francisco while maintaining quality of life.

The Wagner provides residents a place to live comfortably just minutes from two BART stations, Oakland City Center, Chinatown, Lake Merritt, and Uptown Oakland. The commute from The Wagner to the San Francisco Financial District is approximately 20 minutes, shorter and more convenient than many notable San Francisco neighborhoods.

Businesses getting priced out of San Francisco and Silicon Valley retail spaces are also realizing the value Oakland offers. Oakland offers a combination of lower cost facilities while providing access to creatives and a highly educated population.

Uber’s recent purchase of the Uptown Station Building on 19th & Broadway to be used as their Headquarters highlights Oakland as a place where tech companies can thrive. Uber follows the lead of Internet radio pioneer Pandora, solar firm Sungevity, and several smaller tech firms that moved to Oakland this year, including 99designs, Fluid and VSCO. Uber plans to add 2,000 – 3,000 jobs in Oakland.

West Coast Commercial Real Estate News