902 Carmel Ave, Albany, California 94706, Albany, 94706 - 0 bed, 0 bath
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902 Carmel Ave
Albany, California 94706
ACTIVE
CONDITION: FAIR
0Beds
0Baths
2,091Sq Ft
3,300Lot Size
Property Price
LIST PRICE$1,300,000
EST. MARKET VALUE
$1,531,774
15% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $1,300,000—positioned well below the $1,531,774 Fair Market Value by 15%. This valuation gap offers $231,774 in Instant Equity for buyers ready to execute the approved residential conversion. Featuring a Condition Rating of 4, the home includes recent high-value upgrades like a new roof and electrical panel. Located in a premier district with 9/10 rated schools, this is an ideal acquisition for Value-Add Investors or Owner-Occupants seeking significant long-term appreciation.
Estimated Market Value
$1,531,774+$231,774 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Albany.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 902 Carmel Ave Subject 0 bd · 0 ba · 2,091 sqft · $733 | $1,300,000* List Price | 0 | 0 | 2,091 | $733 | - |
A 1059 Talbot Ave Sold 3 bd · 3 ba · 1,981 sqft · $757 · 0.4 mi | $1,500,000 | 3 | 3 | 1,981 | $757 | 0.4 mi |
B 910 Pierce St Sold 3 bd · 2 ba · 1,285 sqft · $720 · 0.9 mi | $925,000 | 3 | 2 | 1,285 | $720 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
The property features high-quality recent updates (2025-2026) including a new roof, new electrical panel, and refinished floors. However, as a residential listing, it is currently non-functional because the full kitchen was removed for commercial use. It requires significant updates to return to residential status, including a full kitchen installation and fire sprinklers.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Middle School: Albany Middle School (9/10). High School: Albany High School (9/10).
- Premier School District
The property is situated in a highly desirable Albany neighborhood with access to top-tier schools, including Albany High and Albany Middle School, both of which carry elite 9/10 ratings.
- Extensive Recent Capital Improvements
Significant high-value upgrades have been completed recently, including a new roof (2025), a new main electrical panel (2026), and refinished hardwood floors, reducing immediate maintenance concerns.
CONSRISKS & DEFICIENCIES
- Lack of Residential Essentials
The property currently functions as a commercial office and lacks a full kitchen, requiring a substantial interior build-out and reconfiguration to be habitable as a single-family residence.
- Financing and Compliance Hurdles
The transaction is limited to cash, hard money, or commercial financing, and the conversion process mandates costly specialized requirements such as the installation of ceiling sprinklers.
About 902 Carmel Ave
902 Carmel is a lovely split-level McGregor house built in 1924. The property was originally constructed as a 5-bedroom dwelling. It was later converted from residential to commercial use as Mountain Travel, a travel agency that also had the adjoining property, which faces Solano Ave. Its most recent commercial use was as 8 separate therapy offices. It has a full bathroom on the second floor and a half bathroom on the ground floor. The current owners have recently made the following updates and improvements to the property: New roof, 2025 Refinished and installed hardwood floors, 2025 Upgraded wifi (Sonic) for commercial use, 2026 New main electrical panel, 2026 Remodeled full bathroom, 2026 The property has an office kitchenette, but the full kitchen was removed during the conversion to commercial. The owners have approval from Albany’s planning department to reinstall a full kitchen, add a bathroom, and convert the property from commercial to residential use. Completing this process to receive the building permit will involve installing sprinklers in the ceilings and taking out the driveway curb cut (as the garage had been converted to an office). The owners opted to retain the property’s commercial character. The property is available for sale ($1.3M) or for lease (triple net, $8k/month). Conventional residential financing would work for this transaction. Commercial, cash, or hard money only.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1923
- Lot Size
- 3,300 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Albany Unified Schools
Thousand Oaks Elementary School
Grades K-5 • 0.5 mi
5/10
Jefferson Elementary School
Grades K-5 • 0.8 mi
7/10
Albany Middle School
Grades 6-8 • 0.6 mi
9/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 2.7 |
| Baths | 0.0 | 1.9 |
| Square foot | 2,091 | 1,432.375 |
| Lot Size | 3,300 | 4,018.5 |
| Price | $1.30M | $1.44M |
| Price per sq ft | $622 | $950 |
| Built year | 1923 | 1933 |
| HOA | $0 | $0 |
| Days on market | 3 | 39 |
Pricing History
Listed for Sale
Oct 21, 2026
$1,300,000
Initial Listing
Sold
Jun 10, 2024
$139,000
Public Record
Sold
Jun 10, 2024
$1,112,000
Public Record