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Unbuilt Oakland apartment building asks $1.69 million

A home in the hand is worth two in these bushes, but what about ten?

An empty, grassy lot, with a billboard at the far end. Via Daniel Winkler

Anybody who wants to bring more housing to Oakland now has the chance to put their money where their mouth is—assuming that money is in excess of $1.69 million that is.

That’s how much this bare, grassy, hill-covered lot just east of Lake Merritt is asking for in a listing that sprouted this week.

Right now there’s nothing on the property except for a billboard (sporting one of those inescapable Shen Yun ads for the time being), but realtor Daniel Winkler promises potential buyers that the current owner “has planning and zoning approval for a ten unit apartment building” on the site, and the listing includes plans from C.M. Wong architecture for the enterprising to peruse.

Winkler graces the lot with the impossible address of 0 Park Boulevard, but it’s actually right next door to 1948 Park, near Third Avenue and on the edge of Cleveland Heights.

Note that the listing also assures potential buyers and builders that “the property is exempt from rent control for 15 years”—a reference to California’s new rent cap law that goes into effect in in 2020.

This has actually been a busy year so far for this non-spot, as the same lot sold just in October for just $580,000—sans promised permits at the time.

This spot paces out to just less than 4,100 square feet, making for an offer of $353 per foot—whereas building in the Bay Area can cost up to $417 per foot all on its own.