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    Oakland Triplex Near Pill Hill Title is generated by Realmo AI

    2832 Summit St, Oakland, CA 94609

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    For Sale
    $1,470,000

    MULTI_FAMILY - Oakland, CA

    Property size:
    3,656 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $402/SF
    Added:
    May 12, 2026
    Days on Market:
    24
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 2832 Summit St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    CC2
    Bedrooms
    11
    Rooms
    Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 8, Bedroom 10, Bedroom 2, Bedroom 9, Bedroom 5, Bedroom 11, Bedroom 4, Bedroom 3
    Parking features
    Covered, Parking Lot
    Exterior features
    Yard Space
    Fencing
    Partial, Fenced
    Appliances
    Dryer, Washer, Gas Water Heater
    Standard status
    Active
    APN
    968717
    Size
    3,656 SF
    Lot size
    0.09 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Water source
    Public

    Building Details

    Year built
    1945
    Flooring type
    Vinyl, Tile
    Building materials
    Stucco

    We can help!

    Listing Contact
    Joey Wang

    Listing agent Joey Wang

    Listing office Keller Williams Realty 201 N Civic Drive, Suite 130, Walnut Creek, CA

    Listing date May 12, 2026

    MLS# 41134372 Listing URL

    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.

    HighLights

    • Stabilized Oakland triplex with 2,968 SF and 11 bedrooms across 3 units
    • Unit mix: renovated 4BR/2BA delivered vacant, plus remodeled 4BR/2.5BA and 3BR/1BA
    • Stabilized NOI of $92,858 with a 6.32% cap rate (priced at $1,470,000)
    • 6 parking spaces, in‑unit washer/dryer, and 4 electric meters
    • Renovation and compliance work include sewer lateral compliance, dual‑pane windows, exterior paint, and a roof under 5 years old
    • CC‑2 zoning (subject to verification for ADU or density exploration)

    Overview

    This stabilized Oakland triplex is located in the Pill Hill neighborhood, within walking distance of Kaiser Permanente, MacArthur BART, and Lake Merritt. The property features a 2,968 square foot building with 11 bedrooms across three units. The units are configured as follows: a fully renovated 4-bedroom, 2-bathroom flagship unit (delivered vacant), a remodeled 4-bedroom, 2.5-bathroom unit, and a 3-bedroom, 1-bathroom unit. The property has a stabilized NOI of $92,858 and a 6.32% cap rate. Rents are already at market value. Over $63,000 has been invested since 2021, including sewer lateral compliance, dual-pane windows, two unit remodels, exterior paint, and a roof that is under five years old. The property includes six parking spaces, in-unit laundry, and four electric meters. The zoning is CC-2, which allows for ADU or density exploration, subject to verification. The property is currently priced at $1,470,000 ($490K/door). The property is a triplex and has a lot size of 0.091 acres. The building size is 3,656 square feet. The property is located at 2832 Summit St, Oakland, CA 94609.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $125.0k $34.20
    − Vacancy −$5.3k −$1.46
    EGI $119.7k $32.74
    − OpEx −$35.9k −$9.82
    NOI $83.8k $22.92
    3,656 SF · lease $34.20/SF/yr · vacancy 4.27% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.20M
    $1.05M – $1.40M (±1% cap)
    NOI $83,787 @ 7.0% cap · market cap 5.70%
    Second Best
    Apartment 5plus
    $1.10M
    $965.0K – $1.29M (±1% cap)
    NOI $77,197 @ 7.0% cap · market cap 5.25%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oakland
    County
    Alameda
    State
    California
    Longitude
    -122.264548
    Latitude
    37.817239

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    FAQs

    What type of property is this?
    Triplex - Stabilized triplex near Kaiser, BART, and Lake Merritt.
    Where is this triplex located?
    The property is located at 2832 Summit St Oakland, CA.
    What is the asking price?
    The asking price for this property is $1,470,000.
    What are key features of this property?
    This property features: Stabilized Oakland triplex with 2,968 SF and 11 bedrooms across 3 units; Unit mix: renovated 4BR/2BA delivered vacant, plus remodeled 4BR/2.5BA and 3BR/1BA; Stabilized NOI of $92,858 with a 6.32% cap rate (priced at $1,470,000)
    (510) 592-5554
    We can help!
    Listing Contact
    Joey Wang
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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