Oakland, CA – The Pinza Group, the leading East Bay Multifamily Sales Brokerage, continued its dominant 2016 with the closing of The Dimond House located at 3050 Fruitvale Ave in Oakland, CA. The 19 unit building sold for $3,150,000. Steven Pinza, Esq (the 2014, 2015, & 2016 Top Sales Broker in the East Bay according to CoStar), President of The Pinza Group (the 2014, 2015, & 2016 Top Multifamily Sales Brokerage in the East Bay according to CoStar) represented the Buyer and Seller in the transaction, which Pinza sold off market.
The Dimond House consists of two buildings on a single .22 acre parcel. At the front of the property is a three story L shaped building made up of fourteen two bedroom apartment units. At the rear of the property is a two story building consisting of one and two bedroom townhouse units. The front building contains wood frame construction with stucco while the townhouse units are wood frame and wood siding construction. Both buildings have a flat, hot tar roof. There are 27 surface parking spaces assigned to various registered tenants.
The property has been stabilized and fully leased as a result of the many recent upgrades, including: newly resurfaced and painted parking lot, new exterior paint (including hand rails), major landscaping and the installation of a security gate. The roof is in good condition and has just been resealed. Some of the unit interiors have been improved with granite counters in the kitchens, new carpeting and new vanities in bathrooms. All units have secured privacy screens for the tenants convenience in warmer weather. The lease for each unit allows the Landlord to charge for parking. There is currently one tenant paying $40 for an extra parking space. A new owner can increase revenue by utilizing the rental agreement and charging for each parking space.