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THE PALOMAA T O A K L A N D H I L L S
O F F E R I N G S U M M A R Y
– Adaptive Reuse Multifamily Building –
– 59 Units On Over Two Acres –
– Mediterranean-Style Architecture –
HISTORICAL RENOVATION
LOW DENSITY ADAPTIVE
RE-USE HOUSING
mediterranean-style
luxury units
oakland california
880
580
980
LAKE CHABOTREGIONAL PARK
REDWOODREGIONAL
PARK
JOAQUINMILLER PARK
KNOWLANDPARK
SIBLEYVOLCANIC
LAKESIDEPARK
Grove Shafter Fwy
Macarthur Fwy
Warren Fwy
Warren Fwy
Nimitz Fwy
Macarthur Blvd
Web
ster
St
Grand Ave
Encinal Ave
Frui
tval
e Av
e
Shattuck Ave
Bdwy.
Broa
dway
International Blvd
Tele
grap
h Av
eTe
legr
aph
Ave
7th St
35th St
17th St
Otis Dr
Central Ave
29th
Ave
E 14th St
Park
St
High St
High St
Linco
ln Ave
E 12th St
73rd Ave
San Pablo Ave
Doolittle Dr
Hege
nber
ger R
d
98th Ave
Mountain Blvd
Moraga Ave
Benedict Dr
Shep
herd Canyon R
d
Pinehurst Rd
Broa
dway
Ter
Snake R d
Lake Chabot Rd
Golf Links
Rd
Joaquin Miller Rd
Keller Ave
Redwood Rd
Skylin e Blvd
Skyline Blvd
Park
St
Otis Dr
2nd St
5th St
Atlantic Ave
Central Ave
Harb
or
Bay
Pkw
y
Isla
nd D
r
Macarthur B lvd
Piedmon
t Ave
Mandana Blvd
Oakland Ave
Gran
d Av
e
Broadway Ter
Moraga Ave
Park Blvd
Park Blvd
E 12th St
Lakes
hore A
ve
Oak S
t
14th St
E 8th St
Macarthur Blvd
Harr
ison S
t
7th St
23rd
Ave
International Blvd
14th Ave
Foothill Blvd
Constitution Wy.
Lincoln Ave
Fern
side B
lvd
104th Ave
Estudillo Ave
Dutton Ave
Bancroft Ave
Seminary
Ave Foothill Blvd
Pera
lta S
t
Brus
h St
International Dr
7th St
Mar
ket S
t
W Grand Ave
Golf Links Rd
Semina
ry Ave
Fo n t ain
e St
A liso Ave
Macarthur Blvd 35th Ave
105th Ave
85th Ave
San Leandro St
San Leandro St
Foothill Blvd
Cooli
dge A
ve
35th Ave
Alcatraz Ave
Stanford Ave
Adel
ine
StM
arke
t St
Coll. Ave
Tele
grap
h Av
e
82nd Ave
Bancroft Ave
Powell St
Coll. Ave
51st St
Harri
son S
t
7th St
Moraga Way
Mor
aga
Rd
St Marys Rd
Ca
nyon Rd
Pinehurst Rd
OaklandOakland
SanSanLeandroLeandro
AlamedaAlameda
PiedmontPiedmont Valle VistaValle Vista
EastportEastport
Bay FarmBay FarmIslandIsland
CanyonCanyon
Redwood Heights
Montclair
Dimond
LaurelDistrict
Oakland Inner Harbor
Airport Channel
Alameda Harbor
Tidal Canal
Lions Creek
SanFrancisco Bay
LakeMerritt
P R O P E R T Y S U M M A R Y
Property Address 4690 Tompkins Avenue Oakland, CA 94619
Parcel Size 2.34 AC
NRSF 50,733 SF
Year Built 1928 | 2020
Buildings 9
Units 40 Luxury Units 41,409 NRSF
8 Units 55+ Deed Restricted 6,109 NRSF
11 Co-Living Units 3,215 NRSF_______________________59 Units Total
Purchase Price Unpriced - Call For Offers
IN
VE
ST
ME
NT
OV
ER
VI
EW
• No rent control for 15 years, then Calif. statewide control (CPI=5%)
• Currently not covered by Oakland Rent Control
• 40 luxury units on one acre with all units having direct access from the exterior
• All units have washers, dryers and outdoor spaces with larger than average units
• Suburban style within 10 minutes of Downtown Oakland
• Large unit sizes range from 595 square feet to 1,934 square feet
MILLS ACT: PERMANENT IN-PLACE PROPERTY TAX SAVINGS
2020 ADAPTIVE REUSE M U LT I FA M I LY P R OJ E CT TOTALING 59 UNITS ON TWO ACRES, WITH MEDITERRANEAN–STYLE ARCHITECTURE
AA• Contract in place with the City of Oakland in perpetuity
• Alternative tax assessment allows for significantly lower property taxes
• Estimated property tax is $147,986 as opposed to $477,529 (69% savings)
• Permanent and transferable, including future individual condo owners
• The property has 40 luxury units that can be sold as condos. The units average 1,035 square feet with an average rental rate of $3,425 per unit ($3.31/sf)
• The asset has eight 55+ deed-restricted units averaging 764 square feet with an average rental rate of $2,844 per unit ($3.72/sf)
• The investment has 11 co-living units averaging 292 square feet with an average rental rate of $1,209 per unit ($4.14/sf)
• Designed by Wythe, Blaine, and Olsen, the same architects as The Rose on Bond, with Mediterranean-Style
NO RENT CONTROL ON MAIN BUILDING WITH RECENTLY ACQUIRED CERTIFICATE OF OCCUPANCY
LOWER DENSITY HOUSING ASSISTS IN COVID-19 SOCIAL DISTANCING
MAIN BUILDING LUXURY UNITS
THE PALOMAA T O A K L A N D H I L L S
MILLS COLLEGE
DOWNTOWN OAKLAND
580
SAN FRANCISCOoakland
E X C L U S I V E L Y L I S T E D B Y
J O E O W E N SFirst Vice President Investments
[email protected]: 510.379.1245
Cell: 925.808.9098 License: CA 01707768
C I N D Y A B U Y A G H IAssociate
Direct: 510.379.1244 [email protected]
B R O D I E V O G L E RAssociate
Direct: 510.379.1280 [email protected]
S T E P H E N P . J A C K S O NFirst Vice President Investments
[email protected]: 510.379.1226Cell: 415.920.3795
License: CA 01725067