Description de l'actif
Jones Lang LaSalle America’s, Inc. (“JLL”) is pleased to present the opportunity to acquire Old Mother’s Cookies Lofts (the “Property”), a 20-unit live/work loft community with one commercial unit in Oakland, CA.
The property was reportedly built in the 1920s and was the site of the original Mother’s Cookies factory. In 2009, the conversion to live/ work loft units was completed and the Certificate of Occupancy was received, making the building exempt from the Oakland Rent Control Ordinance. The 35,775 square foot, historical building consists of 20 live/work lofts and one commercial unit. The live/work loft units range from 1,018 to 2,600 square feet. In 2019, current ownership renovated 10 of the units with substantial upgrades to the kitchen and bathrooms.
The residents of OMC Lofts benefit from controlled access, and a mix of 12x15 skylights, roll-up doors (four), concrete floors (first floor), large factory windows, brick and timber construction, bike racks, 10 on-site parking spaces, and on-site washers and dryers. Units on the second floor have 20-30 foot ceilings and restored maple hardwood floors. Previous ownership completed several major capital improvements such as replacement of both sewer laterals (2016) and fire system remediation (2017).
Current Ownership has approved plans for the potential to add five accessory dwelling units to the property. Architectural plans are available for the potential value-add scenario, increasing the residential unit count to 25 units.
OMC Lofts is conveniently located near Lake Merritt, Downtown Oakland, and Highland Hospital. The property also provides convenient access to Lake Merritt BART Station (1.5 miles) and Highway 880 (1.5 miles).
OMC Lofts is being offered at $7,000,000, which equates to $333,333 per unit or $212 per square foot.
Caractéristiques de l'actif
Points clés d'investissement
- 20 live/work lofts and one commercial unit
- 2009 certificate of occupancy - exempt from Oakland rent control ordinance
- Average in-place rent is $2,763/Month or $1.73/SF
- Potential to add five ADU's in current commercial space - Plans available
- Live/work loft units range from 1,018 to 2,600 square feet; averaging 1,575 square feet
- Seismic retrofit complete and clean Phase I