Investment Overview

Marcus and Millichap are pleased to present 407 Vernon Street, a rare opportunity to acquire a value-add 15-unit multifamily asset in the heart of Oakland, California. Situated in the desirable Adams Point neighborhood, just minutes from Lake Merritt, Uptown, and major transit corridors, this property offers an ideal mix of stable cash flow and upside potential for investors seeking returns in a high-demand rental market. Currently operating at a 6.00% capitalization rate based on in-place income, this asset provides immediate yield and the opportunity to increase performance through a proven renovation strategy. Of the 15 units, 10 have already been thoughtfully renovated, showcasing modern interiors that attract premium rents. The remaining 5 unrenovated units offer the next owner a clear path to significantly increase net operating income and elevate the property’s overall market position. 407 Vernon Street is comprised of twelve (12) one-bedroom, one-bath units and three (3) two-bedroom, one-bath units. This favorable unit mix caters to a wide range of tenants, from working professionals to small families, making it a resilient and flexible investment. Renovated units feature updated flooring, modernized kitchens and bathrooms, and enhanced lighting, driving strong tenant demand and rent growth. With continued renovations, the property has a projected stabilized CAP rate of approximately 7.25%, making it an attractive option in a constrained Bay Area multifamily market where such returns are increasingly rare. Additionally, the renovated units have demonstrated the market's willingness to absorb higher rents, validating the value-add thesis and reducing repositioning risk. This offering represents a compelling combination of location, in-place cash flow, and upside potential. 407 Vernon Street is ideally suited for investors looking to capitalize on Oakland’s ongoing urban revitalization and rental growth, while executing a straightforward renovation plan with demonstrated results.