Courtesy of Kevin Cunningham of Red Oak Realty
The home is no longer tagged with graffiti.
- A century-old dilapidated home atop a 6,450 square-foot lot in Oakland - a city just east across the bay from San Francisco - is for sale for $1 million.
- "Fixer-uppers" selling for millions isn't new in the Bay Area, but this listing is more of a bargain since it includes city-approved plans to build five units. All the buyer has to do is purchase building permits.
- The property sits in West Oakland, near a train station that is merely one stop away from San Francisco.
- In a region with a housing shortage, and a demand for housing close to transit, the additional units would likely be welcome.
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Seeing the descriptor of 'fixer-upper,' paired with a million-dollar price tag, in not exactly uncommon in the San Francisco Bay Area's real estate market.
The demand for housing is so great, and prospective buyers' pockets are so deep, that inconsequential details like fire damage and outdated plumbing don't put off some home hunters.
But a stretch of land across the bay in West Oakland with a 960-square-foot, century-old dilapidated, yet historically relevant, Victorian home is more than a mere fixer-upper. It's more of a development project, listing agent Kevin Cunningham of Red Oak Realty told Business Insider. The listing at 1818 Adeline Street comes with city-approved architectural plans to build out the lot into five housing units total, two of which would be apart of the existing Victorian structure.
The ability to add five new housing units is a minor miracle in the San Francisco Bay Area, with its limited housing stock and growing population. San Francisco may make headlines the most often for its influx of professionals and for the city's myriad reasons for not being able to keep up with housing demand, but the effects are most certainly felt in Oakland and other Bay Area cities as well. There are many that live in Oakland and commute into San Francisco for work to avoid the city's sky-high rent.
And with the listing's location being near a BART station, the Bay Area's regional train system, it will likely attract workers looking to do just that.
If the prospective buyer pays $988,000 - working out to about $200,000 per future unit before development costs - they'll have an opportunity to develop housing units to lease out that could then provide a nice revenue stream.
All of which is to say, this isn't your run-of-the-mill, multi-million-dollar San Francisco Bay Area fixer-upper. This is more of a bargain, at least for those with the resources to pay to develop it.
"It seems pretty reasonable for whoever wants to get in and get going at it," Cunningham said.
Take a look at the West Oakland listing.