1501 First Ave., Oakland, California 94606, Oakland, 94606 - bed, bath
ACTIVE$1,080,000
1501 First Ave., Oakland, California 94606
0Bed
0Bath
Sqft
2,806Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Lake Merritt Location: Perfectly positioned directly across from iconic Lake Merritt, offering desirable views and access to a vibrant urban environment, enhancing tenant demand and property value.
Top Cons:
Varying Unit Renovation Levels: One unit (1505) is explicitly noted as 'not updated' beyond a new stove, indicating inconsistent renovation levels across the fourplex and potential for future investment to standardize quality.
Compared to the nearby listings
Price:$1.08M vs avg $905.0K (+$175,000)76%
Size: sqft vs avg sqft50%
Price/sqft:$0 vs avg $050%
More Insights
Built in 1924 (101 years old).
Condition: The property, built in 1924, benefits from significant recent capital improvements including a new roof, sewer lateral, and updated plumbing, which are excellent for its age. However, the interior condition varies considerably across the four units. While one unit features a 'fully remodeled kitchen and bathroom' and others are 'updated' with refinished floors and new paint, one unit is explicitly 'not updated' beyond a new stove. Images confirm this inconsistency, showing some modern kitchens/baths alongside others with dated appliances, flooring (e.g., terracotta tile), and older cabinetry. This mixed state, where some units are move-in ready and others require substantial cosmetic updates, places the overall property in the 'Fair' category, as it is aged but maintained, with major components functional but showing signs of being outdated in parts.
Year Built
1924
Close
-
List price
$1.08M
Original List price
$1.08M
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
41115716
Home ConditionFair
Features
Excellent View:
View-
About this home
Perfectly positioned across from iconic Lake Merritt, this classic fourplex blends timeless 1920s charm with thoughtful modern upgrades. Each light-filled unit enjoys lake views, hardwood floors, formal dining room with built-in china cabinets, and spacious walk-in closet. The property has been beautifully maintained with a new roof, new sewer lateral, and updated plumbing. Each junior one-bedroom offers its own appeal: 1501 – Updated, freshly painted, new wall heater 1503 – Updated, refinished hardwood floors, new fixtures 1505 – New stove (not updated) 1507 – Fully remodeled kitchen and bathroom, refinished floors, new paint Two units are currently vacant, both have been renovated—ideal for an owner-occupant or to capture immediate market rents. With its unbeatable Lake Merritt location, vintage character, and key system improvements, this property is a rare opportunity for investors seeking both charm and long-term value.
Condition Rating
Fair
The property, built in 1924, benefits from significant recent capital improvements including a new roof, sewer lateral, and updated plumbing, which are excellent for its age. However, the interior condition varies considerably across the four units. While one unit features a 'fully remodeled kitchen and bathroom' and others are 'updated' with refinished floors and new paint, one unit is explicitly 'not updated' beyond a new stove. Images confirm this inconsistency, showing some modern kitchens/baths alongside others with dated appliances, flooring (e.g., terracotta tile), and older cabinetry. This mixed state, where some units are move-in ready and others require substantial cosmetic updates, places the overall property in the 'Fair' category, as it is aged but maintained, with major components functional but showing signs of being outdated in parts.
Pros & Cons
Pros
Prime Lake Merritt Location: Perfectly positioned directly across from iconic Lake Merritt, offering desirable views and access to a vibrant urban environment, enhancing tenant demand and property value.
Significant Capital Improvements: Recent major upgrades including a new roof, new sewer lateral, and updated plumbing mitigate deferred maintenance and reduce immediate capital expenditure for a new owner.
Immediate Income & Flexibility: Two renovated units are currently vacant, providing immediate opportunity for an owner-occupant or to capture market rents without tenant turnover challenges.
Classic Charm with Modern Appeal: The property blends timeless 1920s architectural character with thoughtful modern updates within several units, appealing to a broad tenant base.
Desirable Unit Amenities: Each unit features sought-after amenities such as lake views, hardwood floors, formal dining rooms with built-in china cabinets, and spacious walk-in closets.
Cons
Varying Unit Renovation Levels: One unit (1505) is explicitly noted as 'not updated' beyond a new stove, indicating inconsistent renovation levels across the fourplex and potential for future investment to standardize quality.
Junior One-Bedroom Configuration: All units are 'junior one-bedroom,' which may limit the potential tenant pool or rental income ceiling compared to properties offering full one-bedroom or larger configurations.
Historic Building Maintenance: Despite recent system upgrades, the 1924 construction year suggests potential for ongoing maintenance needs or future capital expenditures for components not explicitly mentioned as updated (e.g., electrical, windows, common area finishes).