All Forum Posts by: Mar Liu

Hey all,

My family recently inherited a 4-unit property from our grandparents located in Oakland. We uncovered that our grandparents never increased rent over the 30+ years that they had this property. 2 of the 4 units did turn over recently, so those are now at market rate. However, there are 2 tenants who are living in units that are significantly below market rate. 

Neither of these tenants have leases anymore and are essentially month to month. Also, for one of the units, we are currently unsure whether the original tenant is still occupying the unit. Her son moved in and we aren't sure whether he lives there alone now or alongside his mother.

We'd ideally like to sell off this multi-family property, but at the current rental rates for these 2 units, it doesn't make a ton of financial sense for a buyer. Would love advice on what we can we do to get both apartments back to market rate / what options we have with this property. Any other things / angles we should be thinking about?