377-385 5th St. • Oakland, CA
Court Date for Overbidding: April 4, 2018
1300 Clay St. Second floor. Courtroom 201. Oakland.
Overbid amount. $3,100,000
Please submit your overbid and your proof of funds no later than March 23, 2018 to Braun for approval by the trustee.
Click “More Information” button above for Notice of Sale Document and review all the terms for overbidding.
Braun International Real Estate is pleased to present the opportunity to acquire 377-385 5th St., currently an industrial building and parking lot investment opportunity located in Oakland, CA.
Any party that wants to make an overbid, must make a bid which is at a minimum at least $165,000 more that the current contract price, of $3,100,000 and pay the trustee a deposit in the sum of $93,000, which is refundable if there is an overbid, and the over bidder is not selected. If the over bidder is selected as the highest offer, and does no perform, the deposit is not refundable.
If there is an overbid, there will be an auction at the hearing, wherein all over bidders can participate, and the current buyer can also bid. Bidding will be in increments of $25,000 after the overbid. The sale is as is where is, thus parties should have completed their due diligence prior to the auction, as the sale will have to close within 21 days from the date that the Court approves the sale.
This building may be developed into an 11 unit Live/Work loft development in Oakland’s vibrant Jack London Square District.
Entitlements granted in December 2015 for construction of 11 live/work lofts, 5 in the existing building and 6 new construction units on the vacant lot. 11 parking spaces are preserved in the adjacent vacant lot. Entitlements include approved tentative parcel map to merge the two lots. The cost for the surveyor to prepare final parcel map is $2,000 and the city filing fee is approximately $2,000. The condominium plans are in draft form. Building permits were approved August 2016 but have not yet been picked up from the city of Oakland.
Comparable unit sales and rentals of other lofts in the area are at an all-time high. The site consists of an existing 2-story brick structure and an adjacent vacant lot. Demolition of the interior of the existing structure has been completed.
The property is located in the Jack London Square District and features easy access to Highway 880. The location is minutes away from the BART train system, A/C Transit bus services, an Amtrak train station and the Jack London Ferry Terminal. Within a few walking minutes of Old Oakland, Uptown and Chinatown neighborhoods, this high walk score project is one of the few remaining parcels available and is ready for immediate construction.