August 13, 2019- The Pinza Group, the leading East Bay Multifamily Sales Brokerage and 2018’s Top Multifamily Sales Brokerage in the East Bay according to CoStar, has announced the sale of an eight unit multifamily property located at 6868 Foothill Blvd in Oakland, CA. Steven Pinza, Esq. represented the Buyer and Seller in the transaction which sold for $1,275,000. The sale equated to a 6.75% current cap rate, and below an 11 gross rent multiplier.
6868 Foothill presented a rare opportunity for a new or experienced investor to purchase eight 2bd/1bth units of nearly 700 square feet with nearly 100% rental upside upon turnover. The property has secure perimeter fencing, onsite laundry, four private car garages, and large storage areas that can be rented in the future. There is also a private, tranquil garden area that tenants enjoy. The property is located in a convenient commuter location very close to interstate 580 and 880, and only two blocks to the Oakland Coliseum Bart Station. Further, the property has an 83 walkscore, making the property perfect for completing errands on foot.
Middle East Oakland sits as a collection of neighborhoods west of Interstate 580, including Havenscourt, Lockwood Gardens, Maxwell Park, Melrose, Millsmont, Oakmore, Ridgemont, and Seminary. The area features a variety of residential homes that have developed over 100 years. Mills College rests centrally to Middle East Oakland, with some students living within the area. Many residents choose Middle East Oakland for easy commuting access into downtown Oakland, Oracle Arena, and the Oakland International Airport. Middle East Oakland lies six miles southeast to downtown Oakland and 15 miles east of San Francisco.