3000
Nicol Avenue
Property Highlights
- Two buildings: exteriors, common areas, and infrastructure extensively refurbished
- Each unit with private backyards or balconies, garages and welcoming common areas
- Keyfob-secured double entry gate and door to building with separate garage parking
- 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
- 2 of 11 units unimproved — representing an executable upside in the portfolio
Explore 3000 Nicol Avenue
Exterior
Common Areas & Outdoor Spaces
Laundry
Interiors
Amenities
Summary & Financial Overview
Investment Summary
3000 Nicol Avenue is an eleven-unit multifamily property in Oakland, offered at $4.5 million. The 10,670 SF building occupies a 26,300 SF lot and comprises nine two-bedroom apartments and two three-bedroom apartments. The investment combines an extensively improved property with a defined remaining renovation program.
Exterior, common areas, infrastructure, and 9 of 11 units extensively renovated. Unit 11 recently vacated and is being renovated now. This property shows clearly that the model works with still another $5,000 a month of expected rental increases when the last two units vacate. With $3,695 becoming the new standard when one of the upgraded units vacates.
Units 4 and 10 are the two remaining occupied apartments identified for upgrades in the supplied rent schedule. Their listed monthly rents are $1,516.80 and $1,907.12, respectively, compared with a modeled rent of $3,695 per unit after improvement. The budget is $80,000 per apartment, or $160,000 in total. Scott identifies $3,695 as the new rental standard for future turnover of upgraded units; the supplied market-rent schedule retains its existing assumptions for the other apartments.
The supplied schedule totals $32,953.92 per month, including laundry income and $3,695 in projected rent for Unit 11 while it is being renovated. Modeled market income totals $38,045 per month, a difference of $5,091.08 across the schedule. The supplied underwriting projects a 7.5% fully improved cap rate. These are projected operating figures, with the remaining income increases dependent on renovation completion, turnover, and leasing.
Nicol offers a continuation of an upgrade model already demonstrated at the property: substantial work completed, established rental performance, and two remaining occupied units with identified renovation budgets and rental targets. The buyer's opportunity is to complete that remaining program and carry forward the same standard of ownership.
Rent Summary
| Unit | Status | Type | Size (SF) | Current Rents (Monthly) |
Market Rent | Cost to Upgrade | Coupon Payment ROI | Fully Improved Cap Rate |
|---|---|---|---|---|---|---|---|---|
| 1 | Rented | 3BD | 1100 | $3,495.00 | $3,695.00 | Upgraded | ||
| 2 | Rented | 3BD | 1100 | $3,595.00 | $3,695.00 | Upgraded | ||
| 3 | Rented | 2BD | 900 | $2,770.00 | $3,095.00 | Upgraded | ||
| 4 | Rented | 2BD | 900 | $1,516.80 | $3,695.00 | $80,000 | 24% | |
| 5 | Rented | 2BD | 900 | $2,995.00 | $3,095.00 | Upgraded | ||
| 6 | Rented | 2BD | 900 | $2,995.00 | $3,095.00 | Upgraded | ||
| 7 | Rented | 2BD | 900 | $2,995.00 | $3,095.00 | Upgraded | ||
| 8 | Rented | 2BD | 900 | $2,995.00 | $3,095.00 | Upgraded | ||
| 9 | Rented | 2BD | 900 | $2,995.00 | $3,095.00 | Upgraded | ||
| 10 | Rented | 2BD | 900 | $1,907.12 | $3,695.00 | $80,000 | 18% | |
| 11 | Renovating | 2BD | 900 | $3,695.00* | $3,695.00 | In progress | ||
| Laundry | $1,000.00 | $1,000.00 | ||||||
| Totals | $32,953.92* | $38,045.00 | $160,000 | 7.5% | ||||
* Unit 11 is vacant and undergoing renovation. Its $3,695 monthly figure is projected rent and is included in the supplied $32,953.92 scheduled monthly total. That total is not fully collected current income. Market rents and the fully improved cap rate are projections.
Property Snapshot
Expense Summary (Annual)
| Expense Category | Annual Amount |
|---|---|
| Real Estate Tax (1.44%) | $64,800.00 |
| Yearly Special Assessment (Oakland) | $0.00 |
| Yearly Rent Adjust Board Fees & Business Tax | $800.00 |
| Yearly Property Management Fees | $0.00 |
| Insurance | $7,481.00 |
| Water & Sewer | $6,000.00 |
| Waste Management | $11,000.00 |
| Maintenance & Repairs | $0.00 |
| Superintendent | $5,000.00 |
| Business License & Other Fees | $4,000.00 |
| PG&E | $6,000.00 |
| Total Annual Operating Expenses | $105,081.00 |
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.