Multifamily

The Paloma at Oakland Hills

Listing Price: Request For Offer

Number of Units
59
Gross SF
55,759

Investment Overview

The Paloma at Oakland Hills is an adaptive reuse multifamily development totaling 59 units on 2.34 acres with Santa Barbara-style architecture. The property consists of 40 luxury units that have been completely rebuilt, with eight cottage units that are age restricted to 55+ as well as 11 co-living units. The property is peacefully located in the Oakland Hills with Bay views and easy access to downtown Oakland. The property has been granted Mills Act approval, qualifying the owner for a tax abatement to be applied to the entire property in perpetuity, including future individual condo owners. Paloma at Oakland Hills was granted a certificate of occupancy in 2020, which means the property is not currently covered by rent control. The luxury units as well as the cottages are low-density housing with direct access from the dedicated parking and all units have washers and dryers and large floor plans.

Investment Highlights

  • Completed adaptive-reuse multifamily development totaling 59 units on 2.34 acres, with Santa Barbara-Style architecture
  • Favorable Tax Incentives by Qualifying for the Mills Act. Applied to the Entire Property in Perpetuity, including Individual Units if Sold as Condos in the Future.
  • No rent control with recently acquired certificate of occupancy

Exclusively Listed By

Financing By

Multifamily

The Paloma at Oakland Hills

Listing Price: Request For Offer

Number of Units
59
Gross SF
55,759

Investment Highlights

  • Completed adaptive-reuse multifamily development totaling 59 units on 2.34 acres, with Santa Barbara-Style architecture
  • Favorable Tax Incentives by Qualifying for the Mills Act. Applied to the Entire Property in Perpetuity, including Individual Units if Sold as Condos in the Future.
  • No rent control with recently acquired certificate of occupancy

Investment Overview

The Paloma at Oakland Hills is an adaptive reuse multifamily development totaling 59 units on 2.34 acres with Santa Barbara-style architecture. The property consists of 40 luxury units that have been completely rebuilt, with eight cottage units that are age restricted to 55+ as well as 11 co-living units. The property is peacefully located in the Oakland Hills with Bay views and easy access to downtown Oakland. The property has been granted Mills Act approval, qualifying the owner for a tax abatement to be applied to the entire property in perpetuity, including future individual condo owners. Paloma at Oakland Hills was granted a certificate of occupancy in 2020, which means the property is not currently covered by rent control. The luxury units as well as the cottages are low-density housing with direct access from the dedicated parking and all units have washers and dryers and large floor plans.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower