$2,400,000

DEVELOPMENT OPPORTUNITY -- THREE CONTIGUOUS OAKLAND PARCELS totaling approximately 0.32 acres, currently zoned RM-3/S-13, with significant redevelopment potential and potentially much greater residential density under Oakland's affordable/senior-housing programs and applicable California housing laws. These continuous properties create a Large Footprint big enough to potentially build a substantial high-density affordable/senior housing development. Oakland is currently behind in construction of State-Mandated housing, so there may be additional benefits. These Adjoining Properties Cover All of 8th Street between Lisbon Ave and Portwood Ave. WHAT'S INTERESTING: What makes these parcels interesting is the 14,118-square-foot development assemblage - not the existing buildings. All three parcels are RM-3 with Oakland's S-13 Affordable Housing Combining Zone. S-13 is significant because qualifying affordable-housing projects have No Maximum Residential Density, and the program provides additional development flexibility and Streamlined Ministerial Review for qualifying projects. Preliminary analysis suggests this could support a substantial multifamily project. So I'd look at the property primarily as a development opportunity, with the existing buildings providing additional value in the interim. WHY S-13 ZONING IS IMPORTANT: Oakland describes it as an optional affordable-housing program that Eliminates Maximum Residential Density and Allows Additional Height and Other Development Flexibility. A 100% affordable project that complies with S-13 can receive By Right Residential Approval -- plus Oakland specifically identifies S-13 projects as Eligible for its Streamlined Review Process. The S-13 zoning Removes the Density Cap, so the site warrants a serious multifamily test fit. Preliminary analysis suggests that 100–125-plus units should be investigated, but I wouldn't put a hard unit count on it until an architect tests the envelope. Although more valuable together, the owner will consider selling them individually. The properties are: 815 Portwood Ave, Oakland - 7,206 SF Warehouse on a 7,408 SF Lot. 2784 E. 8th St, Oakland - 678 SF House on a 2,698 Lot. 812 Lisbon Ave, Oakland - Duplex and Warehouse on a 4,012 SF Lot.