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Bailey Properties
296 Lester Ave, Oakland, CA 94606
- $1,895,000
Listed by Joseph Owens, (925) 808-9098 from Marcus & Millichap
(If provided) CoList: from
- List Price
- $1,895,000
- MLS#
- EB41151543
- Status
- ACTIVE
- Lot Size
- 6,000
- Listing Area
- Oakland Zip Code 94606
- Year Built
- 1959
Property Description
Eight 2BR/1BA units near Lake Merritt offering a 6.23% current cap rate and 8.20% at market rents. Average scheduled rent of $2,186 trails the $2,600 market rent by 18.9%. Six of eight units are renovated, and one vacant unit is scheduled at market. Oakland rents rose 13.0% year over year as of July 2026 (Apartment List), second-fastest among the 100 largest U.S. cities, as San Francisco's AI-driven rent surge pushes renters east. Current NOI $118,092; NOI at market rents $155,330.
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Additional Information
- Acres
- 0.14
- Cooling System
- None
- Exterior Features
- Wood Frame
- Floor Covering
- Vinyl
- Heating System
- Forced Air
- Lot Description
- Other
- Lot Size
- 6,000
- Neighborhood
- Oakland Zip Code 94606
- Numberof Units
- 8
- Unincorporated Yn
- Yes
- View
- Lake View
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The data relating to real estate for sale on this display comes in part from the Internet Data Exchange program of the MLSListingsTM MLS system. Real estate listings held by brokerage firms other than Bailey Properties are marked with the Internet Data Exchange and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from MLSListings MLS as of . 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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