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Active Under Contract

2417 Ivy Dr

2417 Ivy Dr, Oakland, CA 94606

$1,400,000
TRANSPARENT PRICING! Welcome to 2417 Ivy Drive, a classic 1940s five-unit building with a ton of charm and period details located in Oakland's Ivy Hill close to Lake Merritt. This three-story well-maintained building consists of five large residential units (830 average SF per unit) over a laundry room and basement area approved (but expired) for a sixth unit expansion. All five units feature hardwood floors and are tenant-occupied, and in addition to the approved sixth unit within the building's envelope a feasibility study states that two ADUs can potentially be built in the large backyard to extend this property to eight units total. All units are 2BD/1BA with living rooms and separate dining areas. Gross monthly rent is $10,611. LOW price per unit ($280,000/unit) and square foot ($337/SF) with accompanying 18% upside in rents (current cap rate 5.14%). Units are separately metered for PG&E. The location can't be beat - no car is necessary here with a walk score of 86. 1.5 miles to Lake Merritt BART; a little over a half mile to Lucky supermarket and beautiful Lake Merritt; and easy access to all the popular bars, restaurants and venues of Downtown, Uptown and the Grand Lake Ave/Lakeshore Ave district.

4,152 Sq.Ft. LIVING AREA

6,406 Sq.Ft. lot

Josh Silverman

Josh Silverman

Features & Amenities

Interior

  • Laundry room Common Area, In Basement, Laundry Room, Laundry Equip - Leased, Washer/Dryer Stacked Incl
  • Flooring Hardwood Flrs Throughout, Tile, Vinyl
  • APPLIANCES Free-Standing Range, Refrigerator, Dryer, Washer, Gas Water Heater

Area & Lot

  • Status Active Under Contract
  • Living Area4,152 Sq.Ft.
  • Lot Area6,406 Sq.Ft.
  • MLS® ID41062486
  • TypeCommercial
  • YEAR BUILT1941
  • NeighborhoodOakland
  • View DescriptionDowntown

Exterior

  • water SourcePublic
  • utilitiesAll Public Utilities, Internet Available, Natural Gas Connected, Individual Electric Meter, Individual Gas Meter
  • roofTar/Gravel
  • lot featuresSloped Down
  • parkingAttached, Enclosed, Garage, Parking Lot
  • HEAT TYPEElectric, Floor Furnace, Natural Gas, See Remarks
  • AIR CONDITIONINGOther
  • sewerPublic Sewer
  • other exterior FeaturesGarden

Financial

  • Sales Price$1,400,000
  • Zoning RU-2
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