Four-Unit Multifamily
New
For Sale
$849,000
2120 E 22Nd St, Oakland, CA 94606
Residential Income, Oakland, CA
Property Size2,860 SF
Lot Size0.12 Acres
Price / SF$296.85
Days on Market5
Property Features for 2120 E 22Nd St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Off Street
Exterior features
Entry Gate
Fencing
Gate
Lot features
Rectangular Lot
Standard status
Active
APN
22296123
Size
2,860 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
security-gated entry
private side yard
Building Details
Year built
1962
Flooring type
Laminate, Linoleum, Tile
Building materials
Stucco
Listing Agency:
Redfin
(877) 973-3346
Listed By:
Tom Hendershot · License #01736866
(510) 828-4650
Added: Sep 29
Last Checked: Oct 3 at 1:06AM
MLS# 41149760
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 tenant-occupied, two-story multifamily building in Oakland contains four units, each with two bedrooms and one bathroom. The property totals 2,860 square feet on a 0.1205-acre lot and was built in 1962. Updated kitchens feature quartz countertops, hardwood cabinetry, and tile backsplashes; luxury vinyl plank flooring is also installed. Gated entry is provided at the front and rear, with a private side yard and off-street parking for four vehicles.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a two‑story building
- 2,860 square feet on a 0.1205‑acre lot
- Renovated kitchens include quartz counters, hardwood cabinetry, and subway tile backsplashes
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
$61,479
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
7.24%
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%
$1,229,580
$1.2M
Cap Rate 7%
$878,271
$878.3K
Cap Rate 9%
$683,100
$683.1K
Market Conditions
NOI Build-Up for 2,860 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
$92.7K $32.40/SF
− Vacancy
−$4.8K −$1.69/SF
EGI
$87.8K $30.71/SF
− OpEx
−$26.3K −$9.21/SF
NOI
$61.5K $21.50/SF
Area
ZIP 94606
Vacancy
5.22%
Lease Rate
$32.40 /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%
$1,229,580
Cap Rate 7%
$878,271
Cap Rate 9%
$683,100
Alternative Uses
Best Use
Multifamily LT 5
$878.3K
$768.5K – $1.02M
NOI $61,479 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$802.7K
$702.4K – $936.5K
NOI $56,189 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,198 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,429
Businesses Nearby
Explore this area
Business Placement
Demographics for 94606, CA
40,768
Population
17,457
Households
2.3
Avg Household Size
37
Median Age
40%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
17,725
Density / Sq Mi
$70,769
Median Household Income
$47,558
Median Earnings
$1,775
Median Rent
$747,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom homes occupy two floors, with gated access and rear parking.
Where is this quadplex located?
The property is located at 2120 E 22Nd St Oakland, CA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a two‑story building; 2,860 square feet on a 0.1205‑acre lot; Renovated kitchens include quartz counters, hardwood cabinetry, and subway tile backsplashes
