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Multifamily

Culver Arms Apartments

333 Wayne Ave, Oakland, CA 94606

Listing Price: $3,488,000

Cap Rate
4.22%
Number of Units
5
Occupancy
100.0%
Price/Unit
$697,600
Price/Gross SF
$427.61
Gross SF
8,157

Investment Overview

This trophy offering of the Culver Arms Apartments commands a prestigious location with frontage on the shore of Lake Merritt near downtown Oakland. The building is being placed on the market for the first time in twenty-four years, and features unique architecture, fantastic attention to detail, and no expense spared in the meticulous construction and design. The oversized units each feature a large patio that looks directly onto Lake Merritt with amazing sunset and City of Oakland scenery. The owners recorded a condo map on the property, such that the potential for individual sellout represents significant upside for a new buyer. The highlight of 333 Wayne is the huge top floor owner’s unit (Unit E to be delivered vacant) which presents the perfect opportunity for an owner user. The floor plan of the owner's unit features a spacious dinning room with an open design and natural light, three-bedrooms/three baths with oversized walk-in closets, a high-end kitchen with stainless steel, wood countertops and cabinetry, copper hood, and striking interior improvements. Attached to the unit, and accessible through one of the bedroom closets, is a door to the bonus two-bedroom/one-and-a-half-bath (with deck facing East) housekeeper/nanny quarters which is at once convenient and tastefully separated from the main unit. The remaining four units consist of two, two-bedroom/two-bath apartments on the middle level (Units A & B), and two, one-bedroom/one-bath apartments on the bottom level (Units C & D). Each of these units features a balcony with unrestricted views, and generous well-thought-out floorplans. Units A, E, and the bonus unit feature in-unit laundry machines, and a common laundry room exists for use by tenants in Units B, C & D. The property features one common gas meter, and a state-of-the art electric and hot water solar system which minimizes the utility expenses for an owner. All units are separately metered for electricity with radiant heating via European radiators and unit E features radiant floor heating (where there is stone flooring). The property has a large enclosed four car garage for units A, B, C & D with storage. A fifth private garage, with a 240-volt electric charging station, leads to an elevator that services the top floor unit E and bonus unit with private direct access. Units E, A, and C are accessed from the North side of the property while units B, D, and rear exit of E are accessed through a gated entrance to the South side of the property. The garages are accessed from Wayne Avenue, while the picturesque landscaping on Lakeshore features mature palm trees and lush vegetation creating an oasis ambience for tenants.

Investment Highlights

  • Unique one-of a kind property with high-end architecture, great attention to detail, and condo-map.
  • Oversized, top floor owner's Unit E, with impressive open floorplan and design.
  • High-end solar electric and hot water system, minimizing expenses.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Financing By

Multifamily

Culver Arms Apartments

Listing Price: $3,488,000

Cap Rate
4.22%
Number of Units
5
Occupancy
100.0%
Price/Unit
$697,600
Price/Gross SF
$427.61
Gross SF
8,157

Investment Highlights

  • Unique one-of a kind property with high-end architecture, great attention to detail, and condo-map.
  • Oversized, top floor owner's Unit E, with impressive open floorplan and design.
  • High-end solar electric and hot water system, minimizing expenses.

Investment Overview

This trophy offering of the Culver Arms Apartments commands a prestigious location with frontage on the shore of Lake Merritt near downtown Oakland. The building is being placed on the market for the first time in twenty-four years, and features unique architecture, fantastic attention to detail, and no expense spared in the meticulous construction and design. The oversized units each feature a large patio that looks directly onto Lake Merritt with amazing sunset and City of Oakland scenery. The owners recorded a condo map on the property, such that the potential for individual sellout represents significant upside for a new buyer. The highlight of 333 Wayne is the huge top floor owner’s unit (Unit E to be delivered vacant) which presents the perfect opportunity for an owner user. The floor plan of the owner's unit features a spacious dinning room with an open design and natural light, three-bedrooms/three baths with oversized walk-in closets, a high-end kitchen with stainless steel, wood countertops and cabinetry, copper hood, and striking interior improvements. Attached to the unit, and accessible through one of the bedroom closets, is a door to the bonus two-bedroom/one-and-a-half-bath (with deck facing East) housekeeper/nanny quarters which is at once convenient and tastefully separated from the main unit. The remaining four units consist of two, two-bedroom/two-bath apartments on the middle level (Units A & B), and two, one-bedroom/one-bath apartments on the bottom level (Units C & D). Each of these units features a balcony with unrestricted views, and generous well-thought-out floorplans. Units A, E, and the bonus unit feature in-unit laundry machines, and a common laundry room exists for use by tenants in Units B, C & D. The property features one common gas meter, and a state-of-the art electric and hot water solar system which minimizes the utility expenses for an owner. All units are separately metered for electricity with radiant heating via European radiators and unit E features radiant floor heating (where there is stone flooring). The property has a large enclosed four car garage for units A, B, C & D with storage. A fifth private garage, with a 240-volt electric charging station, leads to an elevator that services the top floor unit E and bonus unit with private direct access. Units E, A, and C are accessed from the North side of the property while units B, D, and rear exit of E are accessed through a gated entrance to the South side of the property. The garages are accessed from Wayne Avenue, while the picturesque landscaping on Lakeshore features mature palm trees and lush vegetation creating an oasis ambience for tenants.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Financing By

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