Duplex with Bonus
For Sale
$585,000
1993 38Th Ave, Oakland, CA 94601
Residential Income, Oakland, CA
Property Size1,333 SF
Lot Size0.15 Acres
Price / SF$438.86
Days on Market293
Property Features for 1993 38Th Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 1
Parking features
Parking Lot, Garage
Exterior features
Back Yard
Subdivision
OAKLAND
Lot features
2 Houses / 1 Lot
Standard status
Active
APN
32209110
Size
1,333 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1923
Flooring type
Vinyl, Wood
Building materials
Stucco
Listing Agency:
Realty One Group Elite
(925) 978-1100
Listed By:
Patrick McCarran · License #01325072
(925) 899-5536
Added: Nov 13, 2025
Changed: Aug 27
Last Checked: Sep 2 at 9:06AM
MLS# 41117325
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1923 duplex property contains two residential units within 1333 square feet: a front three-bedroom, one-bath unit and a rear one-bedroom, one-bath unit. A garage conversion provides an additional bonus studio, with permits identified as unknown. The property also includes a rear community area, back yard, long driveway, garage, and parking lot. Stucco construction is complemented by wood and vinyl flooring, wall furnace heating, and wall or window unit cooling. Public water and public sewer serve the property, and the sewer lateral complies with building codes.
Located at 1993 38Th Ave in Oakland, the property offers freeway access and is near the Fruitvale BART station. Multiple markets, shops, and banks are also nearby. The parcel encompasses 0.1506 acres in Alameda County.
Located at 1993 38Th Ave in Oakland, the property offers freeway access and is near the Fruitvale BART station. Multiple markets, shops, and banks are also nearby. The parcel encompasses 0.1506 acres in Alameda County.
Key Highlights
- Front unit configured with 3 bedrooms and 1 bath
- Rear unit includes 1 bedroom and 1 bath
- Garage converted to bonus studio; permits are unknown
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,572
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$611,440
$611.4K
Cap Rate 7%
$436,743
$436.7K
Cap Rate 9%
$339,689
$339.7K
Market Conditions
NOI Build-Up for 1,333 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.6K $34.20/SF
− Vacancy
−$1.9K −$1.44/SF
EGI
$43.7K $32.76/SF
− OpEx
−$13.1K −$9.83/SF
NOI
$30.6K $22.93/SF
Area
ZIP 94601
Vacancy
4.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$611,440
Cap Rate 7%
$436,743
Cap Rate 9%
$339,689
Alternative Uses
Best Use
Multifamily LT 5
$436.7K
$382.2K – $509.5K
NOI $30,572 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$405.5K
$354.8K – $473.0K
NOI $28,382 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$543.3K
$475.4K – $633.9K
NOI $38,034 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,988
Businesses Nearby
Explore this area
Business Placement
Demographics for 94601, CA
54,166
Population
17,454
Households
3.1
Avg Household Size
35
Median Age
24%
College-Educated
70%
High-School Grad
3.2 sq mi
ZIP Area
16,927
Density / Sq Mi
$66,651
Median Household Income
$37,765
Median Earnings
$1,651
Median Rent
$703,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units with a converted garage studio, rear outdoor space, and driveway access or parking.
Where is this duplex located?
The property is located at 1993 38Th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Front unit configured with 3 bedrooms and 1 bath; Rear unit includes 1 bedroom and 1 bath; Garage converted to bonus studio; permits are unknown
