2051 23rd Ave, Oakland, California 94606, Oakland, 94606 - 0 bed, 0 bath
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Oakland, California 94606
This legal fourplex presents a High-Potential Investment Opportunity with a List Price of $695,000—positioned well below the $715,282 Fair Market Value by 2%. This valuation gap offers $20,282 in Instant Equity. Currently configured as a five-unit Residential Income asset, the property features a Condition Rating of 4, requiring modernization to maximize rental yields. With proximity to Fruitvale BART and major transit corridors, this is an ideal acquisition for Buy-and-Hold Investors or Value-Add Developers seeking to capitalize on high tenant demand.
Property is moderate renovation needed.
Built in 1927, this multi-unit property shows a mix of cosmetic updates likely performed 15-25 years ago. While kitchens are functional with some granite counters and LVP flooring, the overall aesthetic is dated, and the age of the structure suggests original systems may need attention. It remains move-in ready for tenants but requires modernization to meet current market standards.
Elementary School: Crocker Highlands Elementary School (9/10).
While legally a fourplex, the property is currently configured as five units, providing an immediate opportunity for increased cash flow and a higher potential cap rate.
The property boasts excellent proximity to Lake Merritt, Downtown Oakland, and major transit hubs including I-580, I-880, and the Fruitvale BART station, ensuring high tenant demand.
The conversion of the top floor into two separate units (A & B) may not be permitted, potentially leading to financing challenges or future city code enforcement issues.
Built in 1927, the property likely requires significant capital improvements and ongoing maintenance to address nearly a century of wear and tear on major systems.
Legal fourplex. Top floor unit has been split into two units (A & B). Makes a total of 5 units. Close Proximity to Lake Merritt, Downtown Oakland, I-580, I-880 and Fruitvale BART Station.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.5 mi
Grades K-5 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 2.0 |
| Square foot | 2,668 | 2,547 |
| Lot Size | 3,564 | 4,475 |
| Price | $695.0K | $860.2K |
| Price per sq ft | $260 | $344 |
| Built year | 1927 | 1920 |
| HOA | $0 | $0 |
| Days on market | 15 | 56 |
Jul 7, 2026
$695,000
Initial Listing
Dec 17, 1999
$210,000
Public Record