119 3rd St, Oakland, CA 94607

Marcus & Millichap is proud to present to the marketplace the opportunity to purchase the fee simple interest in 119 Third Street. It is a one-story Industrial Office Warehouse building well-located in the historic district of Jack London Square in Oakland, California. Not only it is located in Opportunity Zone, but also Cannabis Permitted Zone. Built in 1958 and renovated in 1969, the 15,000 SF Warehouse is currently occupied by the owner and will be delivered unoccupied at Close of Escrow.

The building is constructed of reinforced concrete block and has a partially rounded cap sheet roof for excellent drainage. The rounded cap sheet roof is approximately 10-year-old. The seven large skylights also provide excellent natural light during daylight hours. The building was designed to fit the flagged shaped parcel with two 18 FT grade level roll-up dock doors and a one-man door on the third street. On the 2nd Street, access to the building is a 6-space gated parking lot and a secured glass retail entry way with a roll up security door that is lowered for night security.

119 3rd Street is well located in Jack London Square District, Oakland with efficient driving distance to Jack London Square Amtrak Station (1 minute), Lake Merritt Bart Station (2 minutes), Jack London Square District (3 minutes), San Francisco Bay Ferry Service (4 minutes), 12th Street Bart Station (5 minutes), Downtown Berkeley (10 minutes), San Francisco FiDi (16 minutes). 119 3rd Street is also located within the Opportunity Green Zone that provides tax benefits to investors, such as capital-gains tax deferral and reduction in basis for long-term investments, etc. For more information, please visit the City of Oakland webpage. Jack London Square District is currently undergoing development boom. For example, Oakland Assembly, a 40,000-square-foot, two-level food hall at 55 Harrison Street which is scheduled to open in 2020 summer; A 35,000-seat stadium, Oakland Ballpark, is proposed to be built on the waterfront north of the JackLondon Square, and is planned to finish by 2023.

In addition, if the Downtown Specific Plan - proposed by the City of Oakland - is implemented as it is currently proposed, the subject property will be designated as a High Intensity Mix-Use Pedestrian Corridor. The “Pedestrian Corridor” encourages a walk-able urban area of interconnected, tree-lined, mixed-use city center streets-capes with high intensity housing choices and non-residential ground floors. If the implementations take place, the subject property will have a 175’ Maximum Height limit, 12.0 Floor Area Ratio, and 110 SF Maximum Density*. The building is also subject to Zoning Incentive Program to achieve maximum FAR, height and/or density. For more information, please visit Downtown Specific Plan from City of Oakland website, page 213 & 217.
*110 SF Max Density = 1 unit per 110 SF parcel size