The Wakefield

Oakland, CA

Address:   426 17th Street, Oakland, CA

Year Built:   1924

Building SF:   56,666 SF

Purchase Price:   $29.9 million

Closing Date:   Jan 1, 2020

Projected Hold Period:   4 Years

Highlights

Eight-story LEED Gold-certified value-add office building located in vibrant downtown Oakland, CA.
  • Institutional quality building with significant upside through lease-up and mark-to-market of existing rent roll;
  • Current occupancy of 57% with in-place contract rents approx. 18% below market rate;
  • Excellent local market fundamentals, the Oakland CBD office market has recently emerged as one of the tightest markets in the nation.

Overview - Projected Project Level Returns

21.0%

Projected IRR

2.07X

Equity Multiple

4 Years

Hold Period