Incredible opportunity for the right buyer or investor! Situated on an 11,778 lot with an additional large area of leased waterfront land on the San Leandro Bay, this current multi-family residence provides unparalleled potential in a highly desirable Alameda location. The primary home was built in 1929 (per tax records) and is currently divided into two separate dwellings: a lower level 2BR, 1BA, living room and large kitchen, and an upper level with 3 BR, 2BA, living + dining rooms, and an eat-in kitchen. The home has great potential to investigate further development opportunities but requires TLC. A detached garage behind the house is large enough for 3 vehicles (641 SF). A separate 989-SF waterfront cottage is part of a long term tidelands lease which provides an incredible waterfront location. Buyer/Investor to investigate potential development possibilities given the size, location and accessibility of the lot. This property provides an extremely rare residential purchase opportunity in one of Alameda's most sought-after neighborhoods.