Two-Unit Duplex with Private
For Sale
$499,999
Pending
2123-2125 High St, Oakland, CA 94601
MULTI_FAMILY - Oakland, CA
Property Size1,822 SF
Lot Size0.11 Acres
Days on Market295
Property Features for 2123-2125 High St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 7, Bathroom 6, Bathroom 8, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 2, Bathroom 2, Bathroom 1
Parking features
Parking Lot, Garage
Exterior features
Back Yard, Front Yard
Fireplace
1
Appliances
Gas Water Heater
Subdivision
Laurel/Fruitvale
Lot features
Level, Sloped Up
Directions
880 or 580 to High St
Special listing conditions
Short Sale
Standard status
Pending
APN
32208214
Size
1,822 SF
Lot size
0.11 Acres
Utilities
Sewer type
Public Sewer
Heating system
Floor Furnace
Water source
Public
Building Details
Year built
1933
Number of units
2
Flooring type
Linoleum, Hardwood
Building materials
Stucco
Listing Agency:
EXP Realty of California, Inc
(888) 584-9427
Listed By:
Diane Johansen · License #1415547
(510) 376-3590
Added: Oct 20, 2025
Changed: Aug 3
Last Checked: Aug 10 at 6:06PM
MLS# 41115309
Copyright © 2026 Bay East. 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.
Two-unit duplex (2123-2125 High St) on a 0.1143-acre lot featuring two bedrooms and two bathrooms per unit and separate fenced backyards. The property is a fixer and includes stucco construction, linoleum and hardwood flooring, floor furnace heating, a gas water heater, and a fireplace. Parking is provided with a garage and parking lot. The garage has been framed for a possible third unit, though permits are unknown.
The property is located in Oakland’s Laurel District/Fruitvale area, close to I-580 and I-880, Highway 13, and BART, as well as neighborhood amenities including schools and nearby shopping, dining, parks, and hiking.
Served by public water and public sewer, this duplex presents a straightforward layout for owner-occupancy on one side and rental income on the other while exploring potential expansion options tied to the framed garage area.
The property is located in Oakland’s Laurel District/Fruitvale area, close to I-580 and I-880, Highway 13, and BART, as well as neighborhood amenities including schools and nearby shopping, dining, parks, and hiking.
Served by public water and public sewer, this duplex presents a straightforward layout for owner-occupancy on one side and rental income on the other while exploring potential expansion options tied to the framed garage area.
Key Highlights
- 0.1143‑acre lot with 1,822 SF duplex structure
- Two separate units each with a fenced backyard
- Garage framed for a possible third unit; permits 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
$41,787
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
8.36%
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%
$835,740
$835.7K
Cap Rate 7%
$596,957
$597.0K
Cap Rate 9%
$464,300
$464.3K
Market Conditions
NOI Build-Up for 1,822 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
$62.3K $34.20/SF
− Vacancy
−$2.6K −$1.44/SF
EGI
$59.7K $32.76/SF
− OpEx
−$17.9K −$9.83/SF
NOI
$41.8K $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%
$835,740
Cap Rate 7%
$596,957
Cap Rate 9%
$464,300
Alternative Uses
Best Use
Multifamily LT 5
$597.0K
$522.3K – $696.5K
NOI $41,787 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$554.2K
$484.9K – $646.6K
NOI $38,794 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$742.7K
$649.8K – $866.5K
NOI $51,987 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,395
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-unit duplex with fenced backyards, stucco exterior, and garage parking, built in 1933.
Where is this duplex located?
The property is located at 2123-2125 High St Oakland, CA.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 0.1143‑acre lot with 1,822 SF duplex structure; Two separate units each with a fenced backyard; Garage framed for a possible third unit; permits unknown
