1654
25th Avenue
Property Highlights
- Three-story building: exteriors, common areas, and infrastructure extensively refurbished
- Keyfob-secured double entry gate and door to building with marble foyer entry, and garage parking for all tenants with gated motor court
- Built-in secure package drop at the entry fence — a practical amenity that drives tenant retention
- Fully upgraded units feature large-format slate tile throughout, recessed lighting, ductless mini-split climate control, and in-unit LG stacked washer/dryer
- Kitchens finished with quartz countertops and backsplash, white lacquer cabinetry, Samsung stainless appliances, wine refrigerator, and dishwasher
- Bathrooms finished with floor-to-ceiling wood-grain tile, frameless glass shower enclosures, rain head fixtures, floating vanities, makeup vanity, and designer fixtures throughout
- 8 of 13 units unimproved — representing a substantial executable upside in the portfolio
Explore 1654 25th Avenue
Exterior
Garages
Common Areas
Laundry
Interiors
Bathroom
Summary & Financial Overview
Investment Summary
1654 25th Avenue is a thirteen-unit multifamily property in Oakland, offered at $3.4 million. The property has a reported building area of 6,428 SF on a 6,700 SF lot, with nine one-bedroom apartments, two two-bedroom apartments, and two studios. Unit 13 is identified in the rent schedule as a non-conforming unit.
Exterior, common areas, and infrastructure have been extensively renovated. Five apartments are already marked as upgraded in the rent schedule, with in-place monthly rents ranging from $1,995 to $2,795. The remaining eight apartments carry rents from $680.19 to $1,730.13, creating a defined opportunity to continue the improvement program already demonstrated within the property.
The remaining renovation budget is $60,000 per apartment, or $480,000 in total. Current scheduled income is $22,178.29 per month, compared with modeled market income of $33,435 per month. Both figures include $1,000 in monthly laundry income. The projected increase comes from upgrading the remaining apartments and achieving the scheduled rental targets over time.
At the scheduled market rents and annual operating expenses of $92,960, projected annual NOI is $308,260. Against the $3.4 million asking price plus the $480,000 renovation budget, that equates to approximately a 7.9% fully improved cap rate. The investment offers an existing base of upgraded apartments and a defined next phase: eight remaining improvements, an identified budget, and property-specific rental targets. Execution depends on unit availability, renovation completion, and leasing at the projected rents.
Rent Summary
| Unit | Status | Type | Size (SF) | Current Rents (Monthly) |
Market Rent | Cost to Upgrade | Coupon Payment ROI | Fully Improved Cap Rate |
|---|---|---|---|---|---|---|---|---|
| 1 | Rented | 2BD | 733 | $763.16 | $2,995.00 | $60,000 | 36% | |
| 2 | Rented | 1BD | 535 | $1,600.02 | $2,495.00 | $60,000 | 14% | |
| 3 | Rented | 1BD | 511 | $2,195.00 | $2,495.00 | Upgraded | ||
| 4 | Rented | 1BD | 511 | $2,195.00 | $2,495.00 | Upgraded | ||
| 5 | Rented | 1BD | 525 | $2,095.00 | $2,495.00 | Upgraded | ||
| 6 | Rented | 0BD | 525 | $1,518.69 | $2,495.00 | $60,000 | 16% | |
| 7 | Rented | 2BD | 733 | $2,795.00 | $2,995.00 | Upgraded | ||
| 8 | Rented | 1BD | 511 | $1,995.00 | $2,495.00 | Upgraded | ||
| 9 | Rented | 1BD | 511 | $680.19 | $2,495.00 | $60,000 | 29% | |
| 10 | Rented | 1BD | 525 | $1,730.13 | $2,495.00 | $60,000 | 23% | |
| 11 | Rented | 1BD | 535 | $1,032.88 | $2,495.00 | $60,000 | 23% | |
| 12 | Rented | 1BD | 400 | $1,398.10 | $1,995.00 | $60,000 | 10% | |
| 13 | Rented | NC* 0BD | 400 | $1,180.12 | $1,995.00 | $60,000 | 14% | |
| Laundry | $1,000.00 | $1,000.00 | ||||||
| Totals | $22,178.29 | $33,435.00 | $480,000 | 7.9% | ||||
*Non-Conforming Unit
Property Snapshot
Expense Summary (Annual)
| Expense Category | Annual Amount |
|---|---|
| Real Estate Tax (1.44%) | $48,960.00 |
| Yearly Special Assessment (Oakland) | $0.00 |
| Yearly Rent Adjust Board Fees & Business Tax | $1,200.00 |
| Yearly Property Management Fees | $0.00 |
| Insurance | $3,300.00 |
| Water & Sewer | $8,000.00 |
| Waste Management | $11,500.00 |
| Maintenance & Repairs | $0.00 |
| Superintendent | $5,000.00 |
| Business License & Other Fees | $4,000.00 |
| PG&E | $11,000.00 |
| Total Annual Operating Expenses | $92,960.00 |
Oakland Market
Oakland's challenges are not a secret. Any investor who has spent time in the Bay Area knows the city's reputation — and some of it is earned. What is less understood is that those same conditions created the environment in which this portfolio was built. This owner did not find premium rents in Oakland because the market handed them to him. He built the product, applied the discipline, and extracted returns that the surrounding market can not explain.
And now the market is beginning to move. In August 2026, Jeff Bezos' AI startup Project Prometheus signed a lease for 100,000 square feet in West Oakland. Tesla followed with 40,000 square feet at the same campus. Behring Capital announced plans for an AI data center in downtown Oakland, anchoring a 1.3-million-square-foot innovation campus on Broadway. These are not speculative bets. These are committed capital decisions by operators who do not make casual moves.
Across the Bay, San Francisco apartment rents rose 14% in four months. The AI workforce driving that surge needs somewhere to live that is not $5,000 a month for a one-bedroom. Oakland is 20 minutes from downtown San Francisco by BART. It always has been. What is different today is the employers are now coming to Oakland.
Oakland's Director of Economic Development put it plainly: when San Francisco booms, Oakland follows. There is always a lag. The question for an investor is not whether Oakland will benefit from the AI economy reshaping the Bay Area. The question is whether you want to be positioned before that lag closes — or after.
The Excedente Portfolio is already there. The product is built. The rents are proven. The remaining upside is documented and executable. The timing has met the preparation for a golden opportunity.
Let’s Start the Conversation
Scott Piper
Disclaimer: This Offering Memorandum has been prepared for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy. Information contained herein is subject to change and may contain errors or omissions. Prospective purchasers should conduct their own independent investigation and rely solely on their own due diligence, including verification through licensed professionals, before making any purchase decision. All financial information, including current and pro forma operating income, rent projections, expense estimates, market data, and other assumptions should be independently verified.