Assumeable loan currently at a 2.77% interest rate. Invest in a vibrant, turnkey multifamily property ideally positioned near Lake Merritt and Oakland's cultural hub. The ASIA Group Commercial proudly presents 346 Hanover Ave, a meticulously maintained 22-unit apartment building offering an exceptional opportunity for investors seeking stable returns and long-term value. Nestled in the Peralta Heights neighborhood, just two blocks from iconic Lake Merritt, this five-story building boasts unparalleled convenience and a dynamic atmosphere. Offered at 3.69% cap rate, five story building with parking on the ground level (gated) and four stories above. 15 one bedroom, 6 two bedroom, 1 three bedroom; on-site laundry. 100% occupied, all rents current. Built in 1965, extensive renovations completed in 2017. Capital expenditure passthroughs fully complete. Experienced property management in place.
Property Details
Property Features
Property Information:
Year Built: 1965
Stories: 0
Living Area: 27,127 SqFt
Listing Office:
Office Name: Intero Real Estate
Office Phone: (510) 651-6500
Listing Agent: Michael H Young
Interior Features
Interior Information:
Interior: Formal Entry
Bedroom and Bathroom Information:
Total Bedroom Count: 30
Exterior Features
Exterior Information:
Private Pool: No
Lot Features
Lot Information:
Lot: Landscaped
Lot Size: 0.26 Acres
School Info
Assigned Schools Information:
Oakland High School, Public District Grades 9-12
Edna Brewer Middle School, Public District Grades 6-8
Cleveland Elementary School, Public District Grades KG-5
Price Information
Listing Price Info
Price Summary:
List Price: $8,500,000
Price Per SqFt: $313/SqFt
Tax Information:
Annual Amount: $62,654
Tax Year: 2021
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
7
/10
Cleveland Elementary School
745 Cleveland St
Distance between this listing and this school0.37 miles
Public District Grades KG-5
Middle School
7
/10
Edna Brewer Middle School
3748 13th Ave
Distance between this listing and this school1.16 miles
Public District Grades 6-8
High School
4
/10
Oakland High School
1023 Macarthur Blvd
Distance between this listing and this school0.75 miles
Public District Grades 9-12
Assigned Schools
7
/10
Cleveland Elementary School
745 Cleveland St
Distance between this listing and this school0.37 miles
Public District Grades KG-5
Nearby Schools
3
/10
La Escuelita Elementary School
1100 3rd Ave
Distance between this listing and this school0.60 miles
Public District Grades KG-5
6
/10
Franklin Elementary School
915 Foothill Blvd
Distance between this listing and this school0.63 miles
Public District Grades KG-5
Assigned Schools
7
/10
Edna Brewer Middle School
3748 13th Ave
Distance between this listing and this school1.16 miles
Public District Grades 6-8
Nearby Schools
9
/10
American Indian Public Charter School II
171 12th St
Distance between this listing and this school0.84 miles
Public Charter Grades KG-8
3
/10
Westlake Middle School
2629 Harrison St
Distance between this listing and this school1.01 miles
Public District Grades 6-8
Assigned Schools
4
/10
Oakland High School
1023 Macarthur Blvd
Distance between this listing and this school0.75 miles
Public District Grades 9-12
Nearby Schools
2
/10
Envision Academy For Arts & Technology
1515 Webster St
Distance between this listing and this school0.99 miles
Public Charter Grades 9-12
7
/10
Oakland Charter High School
345 12th St
Distance between this listing and this school1.04 miles
The neighbors living near this home have an average income of $61,736. Typical income of Oakland, CA residents is between $35k-100k annually. Most families are single, no kids. Residents of this area typically have post secondary degree education.
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This home is located at 346 Hanover Ave in Oakland, CA and zip code 94606 in the Cleveland Heights neighborhood. This 27,127 square foot home, which was built in 1965, sits on a 0.26 acre lot. Features: 30 bedrooms. It has been listed on Rocket Homes since March 12, 2024 and is currently priced at $8,500,000.
While more than 126 listings in Oakland, CA in March 2024 were sold above asking price, there were more than 20 listings sold at asking price, and more than 40 were sold below. The inventory of homes for sale in Oakland, CA between February 2024 and March 2024 increased by 22.2%. The median list price of listings available in March 2024 was $866,006, while the average time on the real estate market was 30 days.
From Rocket Homes Real Estate and based on county public records data.
Listings on this page identified as belonging to another listing firm are based upon data obtained from the SFAR MLS, which data is copyrighted by the San Francisco Association of REALTORS©, but is not warranted. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing Broker has attempted to offer accurate data, but buyers are advised to confirm all data provided. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. 
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