Home | Alameda County | Oakland | 94606 | 333 Lester Ave
MLS: ML82064252 | Status: | Price: $2,340,000
Beds/Baths: – / –
Property Type: Residential Income
| Beds | Baths | Sq Ft | Sq Ft Lot | Yr Built |
|---|---|---|---|---|
| – | – | 8,453 | 9,900 | 1958 |
333 Lester Avenue, a 12-unit value-add multifamily investment opportunity located in Oakland's desirable Lakeshore/Grand Lake submarket, just blocks from Lake Merritt. Built in 1958, the property spans 8,453 square feet on a 0.23-acre lot and offers a diverse, in-demand unit mix of seven 1-bedroom, four 2-bedroom, and one 3-bedroom unit. Offered at $2,498,000 ($208,167 per unit / $296 per square foot), the property is currently 92% occupied, generating $254,255 in Effective Gross Income and $146,196 in Net Operating Income, reflecting a 5.85% current cap rate. Upon stabilization and lease-up to market rents (averaging $2,437 per unit), the property is projected to generate $341,841 in Effective Gross Income and $229,403 in NOI, reflecting a 9.18% pro forma cap rate. Individually metered gas and electric service helps minimize owner-paid utility expenses, while the diverse unit mix appeals to a broad renter base seeking more space near the lake without leaving the urban core. Situated near Lakeside Park, Trader Joe's, Peet's Coffee, and the Grand Lake/Lakeshore retail corridor, the property benefits from strong walkability and consistent renter demand.
| Field | Value |
|---|---|
| MLS # | ML82064252 |
| MLS Source | MLSListings, Inc. |
| Feature | Details |
|---|---|
| Cooling | None |
| Heating | Gas |
| Feature | Details |
|---|---|
| Roof | Rolled/Hot Mop |
| Foundation | Concrete Perimeter |
| Feature | Details |
|---|---|
| Garage/Parking | Attached Garage, Garage: 7 Car(s) |
| Elementary District | Oakland Unified |
| High School District | Oakland Unified |
| Sewer | Public Sewer |
| Water | Public |
| Zoning | RM |
Eymon Binesh
Marcus & Millichap
License #: 02060059
Phone: (650) 546-1030
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 11 | 12 |
| Type | Sq Ft | Beds | Baths | Min Rent | Max Rent | Units Like This |
|---|---|---|---|---|---|---|
| 1 | – | 1 | 1/0 | $1,152 | $2,195 | 7 |
| 2 | – | 2 | 1/0 | $1,514 | $2,595 | 4 |
| 3 | – | 3 | 2/0 | $1,425 | $3,495 | 1 |
School data provided by GreatSchools.org
| School | Type | Grades | Distance | Rating |
|---|---|---|---|---|
| Cleveland Elementary School | public | K-5 | 0.39 mi | 6 |
| Dewey Academy | public | 9-12 | 0.56 mi | 3 |
| Neighborhood Centers Adult Education | public | UG | 0.57 mi | N/A |
| La Escuelita Elementary School | public | K-5 | 0.58 mi | 2 |
| Franklin Elementary School | public | K-5 | 0.61 mi | 7 |
| MetWest High | public | 9-12 | 0.63 mi | 4 |
| Metwest High School | public | 9-12 | 0.63 mi | N/A |
| Bella Vista Elementary School | public | K-5 | 0.73 mi | 4 |
| Gateway To College at Laney College School | public | 9-12 | 0.79 mi | 7 |
| Oakland High School | public | 9-12 | 0.80 mi | 4 |
| Lincoln Elementary School | public | K-5 | 0.94 mi | 9 |
| Westlake Middle School | public | 6-8 | 1.07 mi | 2 |
| Roosevelt Middle School | public | 6-8 | 1.11 mi | 3 |
| Edna Brewer Middle School | public | 6-8 | 1.18 mi | 8 |
| Street Academy (Alternative) | public | 9-12 | 1.35 mi | 2 |
| Garfield Elementary School | public | K-5 | 1.36 mi | 3 |
| Crocker Highlands Elementary School | public | K-5 | 1.38 mi | 9 |
| Wildwood Elementary School | public | K-5 | 1.47 mi | 9 |
| Beach Elementary School | public | K-5 | 1.53 mi | 8 |
| Manzanita Community | public | K-5 | 1.55 mi | 1 |
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This listing information is up-to-date as of October 10, 2026. For the most current information, please contact Eymon Binesh, (650) 546-1030.