1523 Lincoln Ave, Alameda, California 94501, Alameda, 94501 - 0 bed, 0 bath
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Alameda, California 94501
This 3-unit Victorian is a Strong Value Opportunity, listed at $1,148,000—positioned well below the $1,257,870 Fair Market Value by 8%. This valuation gap provides $109,870 in Instant Equity. Featuring a Good Condition Rating with modernized infrastructure and separate utility metering, this property offers immediate cash flow. Proximity to top-rated schools like Alameda High and central transit links enhances long-term demand. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-yield, income-producing asset with ADU potential.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1523 Lincoln Ave Subject | $1,148,000* List Price | 0 | 0 | 2,244 | $561 | - |
A 1848 Walnut St. Sold | $1,102,500 | 4 | 2 | 1,665 | $662 | 0.9 mi |
B 1017 Lincoln Ave Sold | $1,312,500 | 5 | 2 | 2,006 | $654 | 0.4 mi |
C 1712 Paru St Pending | $1,295,000 List Price | 5 | 3 | 1,980 | $654 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Despite the 1892 build date, the property is well-maintained with significant updates. The listing and images confirm modern electrical and plumbing systems, updated kitchens, and contemporary flooring (LVP/hardwood). The addition of a newer detached rear house and the move-in ready condition of the units align with the 'Good' criteria for a 5-15 year renovation cycle.
Elementary School: Donald D. Lum Elementary School (9/10). High School: Alameda High School (9/10).
This three-unit property features separate meters for all utilities and is fully occupied, offering immediate cash flow with the added potential to build a fourth unit (ADU) for increased ROI.
Despite its 1892 Victorian origin, the property has been significantly updated with modern electrical, plumbing, and kitchens, reducing the immediate need for capital expenditures.
The 1892 Victorian structure requires ongoing specialized maintenance for its wood siding and period details, which can be more costly than modern building materials.
With three existing units and a garage on a 4,370 sqft lot, the property has limited outdoor space, and adding a fourth unit may further constrain the available footprint and privacy.
Beautiful 3-units | 2 House on 1 Lot | 1892 Victorian in excellent location. The front house is a 2 units two-story building with painted wood siding with crown moldings, a wide driveway plus garage and basement storage space. The third unit in the back is the newer detached single family house with modern design and features. Walking up the front stair leads you to balcony entrance of units A. Walking down the right hallway leads to unit B on the ground floor, and units C in the back of the lot. All 3 units have hardwood / LVP floors and tiles. Many units have large windows, updated kitchen, modern electrical and plumbings, and private yard space. Parking space available in driveway and the garage. Possible building of a 4th units as an ADU, subject to city permitting. Separated meters for electricity, gas, and water, and washer/dryer across Units A, B, and C. Simply an incredible income property opportunity. The location is centralize on Alameda and well connected with bus to popular Webster st and Park St, and Bart stations. All units are currently rented.
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades K-5 • 0.6 mi
Grades 4-5 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 2% |
| Baths | 0.0 | 2.0 | 2% |
| Square foot | 2,244 | 1,825 | 61% |
| Lot Size | 4,370 | 4,640 | 44% |
| Price | $1.15M | $1.42M | 28% |
| Price per sq ft | $512 | $761 | 15% |
| Built year | 1892 | 1918 | 11% |
| HOA | $0 | $0 | 50% |
| Days on market | 11 | 114 | 2% |
May 26, 2026
$1,148,000
Initial Listing