Stabilized 18-Unit with Hidden Upside: Cell Tower Income, Basement Storage, and Room to Grow

The file

I represented the buyer on this 18-unit building in Oakland’s Maxwell Park, a supply-constrained pocket where buildings rarely trade. It came fully stabilized at a 6.14% cap: mostly updated studios, on-site laundry, and a T-Mobile cell-tower lease adding income most buyers never think to underwrite. I underwrote deeper. A unit-turn program, tighter expenses, and renting the underused basement as tenant storage gave the deal several ways to grow NOI without major capital. Strong cash flow on day one, and levers for the years after.