166 Athol Ave

Situated in Oakland’s Cleveland Heights neighborhood and half a block from Oakland’s renowned Lake Merritt, 166 Athol Avenue is a
meticulously maintained, pride of ownership multifamily building consisting of twenty eight apartment units. The property was built in 1965 and has been operated by the current ownership for over four decades. The building features 28 secure parking spaces, an on-site laundry room and 12 units have private balconies. The unit mix features (14) 1-bed/1-bath, (10) 2-bed/2-bath, (3) 2-bed/1-bath, and (1) 3-bed/2 bathroom penthouse. The penthouse occupies the entire fourth floor, and is approximately 1,100 square feet. Each unit is independently metered for gas and electricity.
Investors have an exceptional opportunity to acquire this well-positioned asset, as it offers significant upside upon unit by renovating the unit interior with high specification finishes consistent with the preferences of high income residents. Recent capital improvements include new dual pane eindows, exterior paint job, electrical upgrades, new secuirty system, Etc. The property is also exempt from the city of Oakland's mandatory soft story retrofit program. The property is half a block from Lake Merritt, and features a Walk Score of 92 and a Bike Score of 87, providing residents convenience as most daily errands are easily accomplished with or without a car.
Oakland has consistently had one of the nation's highest rent growth rates and lowest vacancy rates, making this investment a promising longterm venture. Strategically located steps away from Oakland's renowned Lake Merritt, 160 Athol Avenue provides tenants with easy access to an array of lake activities, as well as a vibrant selection of nearby restaurants, cafes, parks, and shopping options. Its convenient proximity to both downtown Oakland and the Grand Lake neighborhood further enhances its appeal. Additionally, the property benefits from its convenient location, situated a mere 0.5 miles from Lake Merritt BART station and offering swift access to the 580 and 880 freeways, enabling tenants to easily commute to San Francisco and other neighboring cities.