Two-story Mixed-use Building as Zoning Designation of Lake Merritt Station Area District Pedestrian Commerical Zone-2. It is of reinforced concrete construction and was built in approx. 1937. The subject building is located at the corner of Webster Street and 8th Street, in the heart of Chinatown. The total building area is approx. 13,705 square feet excluding the basement area. It is approx. 17,705 square feet including the partial finished basement area.
The building is 100% occupied. The ground floor is built out with five commercial spaces having frontage along Webster and 8th street, including a commercial bank, hair salon, herb shop, shoe house and office. The second floor is improved with ten residential units that consist of three studios and seven one-bedroom units. This is a rare investment opportunity for Oakland CBD area.
High-performing intersection with excellent visibility. This area is considered the heart of Oakland Chinatown area, which has high retail rental rates near downtown Oakland, and street front vacancies are reported to be historically low and that when such well-located spaces do become available there are always interested proprietors.
Mix of retail and residential tenants that include five (5) commercial spaces and ten (10) residential spaces on the second floor. The location is considered to be good for restaurants, financial institutions, food markets, retail spaces, and other commercial related uses.
According to Oakland Zoning and Estuary Policy Plan Maps, the subject property has a zoning designation of D-LM-2, Lake Merritt Station Area District Pedestrian Commercial Zone-2. According to the code, "The intent of the D-LM-2 zone is to create, maintain, and enhance areas of Lake Merritt Station Area Plan District for ground-level, pedestrian-oriented, active storefront uses. Upper story spaces are intended to be available for a wide range of office and residential activities." Full-service restaurants, general retail sales, general food sales, consumer services, financial services, residential uses, and medical services are some permitted uses.
