Sold

58 Vernon Street

Oakland CA, 94610

$2,995,000


$230.38 per sqft

Sold

13,000 sqft

Commercial

Built in 2020

The Faraday plan approved 9 unit building is a rare portfolio opportunity to acquire a newly constructed asset in a prime Oakland neighborhood close to major employers, transportation corridors, shopping, dining and entertainment. The essentials are all here - electrical, plumbing, security systems, and more. Two stunning penthouse units are move-in ready. Additional units are your blank canvas! See photos and website for more info. Oakland is California's 8th most populous city. The investment appeal includes the city's historically low housing inventory and its high concentration of tech,healthcare,green energy,& fin-tech companies. Workers drawn here by major employers like Kaiser Permanente, Renew Financial, Pandora music streaming, and Clorox. Other regional giants include Bayer, Blue Shield, Pixar Animation Studios, Tesla, Workday, 10x Genomics, UC Berkeley and three National Laboratories (Berkeley, Livermore and Sandia). The Faraday is the first new construction of its kind in Oakland's Adams Point neighborhood since 1972. Nationwide, multifamily construction for sale is at historic lows. Construction costs and approval times make it unlikely that new construction will flood the Bay Area market or the high demand for housing will be met anytime soon.

41038611

MLS ID

September 9, 2023

Listed

May 25, 2024

Updated

Map

58 Vernon Street
Oakland CA, 94610

Interior Features

Interior Features

Other, Updated Baths, Updated Kitchen


Appliances

Dishwasher, Disposal, Refrigerator


Floor Description

Hardwood Flrs Throughout


Fireplace

No


Cooling

Yes


Cooling Description

Ceiling Fan(s)


Heating

Yes


Heating Description

Radiant

Exterior/Building Features

Lot Size

0.17 Acres


Lot Features

Regular

Other Property Details

Area Name

Oakland


Garage

Yes


Parking

Enclosed, Security Garage, Space Per Unit - 1, Mechanical Lift


View

No


County

Alameda


Pool

No


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

4/24/2024

Sold

$2,995,000

3/15/2024

Pending

Listed by Linnette Edwards with Abio Properties
Listing Contact: 925-580-8801 

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