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

The file

I represented the buyer in acquiring this 18-unit apartment building in Oakland’s Maxwell Park—a supply-constrained submarket where turnover is rare. The property was fully stabilized at a 6.14% cap rate with mostly updated studio units, on-site laundry, and a T-Mobile cell tower lease generating ancillary income most buyers wouldn’t think to underwrite.

My analysis went deeper. I identified additional upside through a unit turn program, expense optimization, and monetizing underutilized basement space for tenant storage. The acquisition gave my client strong in-place cash flow with multiple levers to grow NOI without major capital outlay.

If you’re looking for an income property that performs on day one with room to grow—I’ll help you find it and underwrite it honestly.