512 Central Ave, Alameda, California 94501, Alameda, - bed, bath
ACTIVE$2,290,000
512 Central Ave, Alameda, California 94501
0Bed
0Bath
Sqft
4,154Lot
Year Built
1956
Close
-
List price
$2.29M
Original List price
$2.29M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
41092687
Home ConditionGood
Features
Excellent View: Bay, City Lights
Deck
ViewBay,City Lights
About this home
Rare Waterfront Income Property! This exceptional multi-unit building offers 4 spacious units (two 2BD/2BA, two 1BD/1BA) plus a legal 690 SqFt bay-facing ADU rented for $1283/mo. Two 2BD units have balconies with stunning water views. All units feature updated interiors. Prime location, near Webster St shops, restaurants, freeway access, and top-rated schools. A prime investment opportunity in a highly desirable Alameda neighborhood.
Price History
Date
Event
Price
04/09/25
Listing
$2,290,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (14 Listings) | |
|---|---|---|---|
| Beds | 0 | 0 | |
| Baths | 0 | 0 | |
| Square foot | 0 | 0 | |
| Lot Size | 4,154 | 4,644 | 40% |
| Price | $2.29M | $1.3M | 93% |
| Price per square foot | $0 | $0 | |
| Built year | 1956 | 1925 | 80% |
| HOA | |||
| Days on market | 210 | 146 | 67% |
Condition Rating
Good
Built in 1956, this multi-unit property has undergone significant interior updates across all units, as stated in the description and evidenced by the images. While some units feature updates that appear 10-20 years old (e.g., light wood cabinets, white appliances), others, particularly the ADU and one main unit, showcase more recent renovations with stainless steel appliances, painted cabinetry, and modern finishes (likely within the last 5-10 years). Bathrooms are consistently updated with clean, functional fixtures and tiling. The property is move-in ready with no immediate renovations required, and systems appear well-maintained, aligning well with the 'Good' condition criteria for properties extensively renovated within the last 5 to 15 years.
Pros & Cons
Pros
Rare Waterfront Income Property: This property is explicitly identified as a 'Rare Waterfront Income Property,' offering a highly desirable asset class with strong investment potential due to its unique location and income-generating nature.
Diversified Income Streams: Comprising four spacious units (two 2BD/2BA, two 1BD/1BA) plus a legal 690 SqFt bay-facing ADU, the property provides multiple, diversified rental income streams, enhancing its financial stability and appeal to investors.
Stunning Bay Views: Two of the 2-bedroom units feature balconies with 'stunning water views' of the Bay and city lights, significantly increasing tenant desirability and the property's overall market value.
Prime Alameda Location: Situated in a 'prime location' near Webster St shops, restaurants, freeway access, and top-rated schools, ensuring high tenant demand and potential for appreciation in a desirable Alameda neighborhood.
Updated Unit Interiors: All units boast 'updated interiors,' minimizing immediate capital expenditure for a new owner and making the units more attractive to prospective tenants, potentially commanding higher rents.
Cons
Property Age: Built in 1956, while interiors are updated, the underlying infrastructure (e.g., plumbing, electrical, roof) may be original or older, potentially leading to future maintenance or replacement costs.
Limited Lot Size: With a lot size of 4,154 sqft for a quadruplex plus an ADU, outdoor common areas or individual unit private spaces may be limited, which could be a consideration for some tenants or future development.
Multi-Unit Management Demands: As a multi-unit property with five rental units, it inherently requires more intensive property management, including tenant relations, maintenance coordination, and potential for higher vacancy turnover compared to single-family homes.