Updated Quadplex with
For Sale
$2,248,000
3851 Vineyard Ave, Pleasanton, CA 94566
Residential Income, Pleasanton, CA
Property Size4,350 SF
Lot Size0.20 Acres
Price / SF$516.78
Days on Market48
Property Features for 3851 Vineyard Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 2, Bathroom 7, Bedroom 5, Bathroom 8, Bedroom 7, Bathroom 1, Bathroom 4, Bedroom 9, Bathroom 6, Bedroom 3, Bedroom 8, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 5, Bedroom 4
Parking features
Guest
Interior features
Updated Baths, Updated Kitchen
Fencing
Fenced
Appliances
Dryer, Washer
Subdivision
Downtown
Lot features
Premium Lot, Rectangular Lot
Directions
1st Street to Vineyard Ave
Standard status
Active
APN
948520
Size
4,350 SF
Lot size
0.20 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1945
Number of units
4
Flooring type
Engineered, Carpet, Tile
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Investment Real Estate
(925) 963-0569
Listed By:
Mike Carey · License #01055545
(925) 846-0506
Added: Jul 31
Changed: Sep 13
Last Checked: Sep 16 at 6:06PM
MLS# 41143527
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.
This 4-unit property comprises two buildings totaling 4,350 square feet on a 0.1994-acre private, fenced and walled site. The front structure contains three residences, while the rear building includes one residence above five individual single-car garages. The unit mix includes two 3-bedroom, 2-bath units, one 2-bedroom, 1-bath unit, and one 1-bedroom, 1-bath unit.
Interior improvements include updated kitchens and baths, granite and quartz countertops, new cabinetry, LVP flooring, stainless steel appliances, and quartz tub and shower surrounds. Each residence has a full-size washer, dryer, and refrigerator. The property also provides nine off-street parking spaces, including one reserved space per unit and one guest space. Public water and sewer, forced-air heating, central air, engineered flooring, carpet, tile, wood siding, and a composition roof are among the recorded property features. The site is within walking distance of downtown Pleasanton.
Interior improvements include updated kitchens and baths, granite and quartz countertops, new cabinetry, LVP flooring, stainless steel appliances, and quartz tub and shower surrounds. Each residence has a full-size washer, dryer, and refrigerator. The property also provides nine off-street parking spaces, including one reserved space per unit and one guest space. Public water and sewer, forced-air heating, central air, engineered flooring, carpet, tile, wood siding, and a composition roof are among the recorded property features. The site is within walking distance of downtown Pleasanton.
Key Highlights
- 4‑unit quadplex in two buildings totaling 4,350 square feet
- 0.1994‑acre private site with fencing and walls
- Unit mix: two 3BR/2BA, one 2BR/1BA, and one 1BR/1BA residence
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
$146,008
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
6.50%
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%
$2,920,160
$2.9M
Cap Rate 7%
$2,085,829
$2.1M
Cap Rate 9%
$1,622,311
$1.6M
Market Conditions
NOI Build-Up for 4,350 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
$221.9K $51.00/SF
− Vacancy
−$13.3K −$3.05/SF
EGI
$208.6K $47.95/SF
− OpEx
−$62.6K −$14.39/SF
NOI
$146.0K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$2,920,160
Cap Rate 7%
$2,085,829
Cap Rate 9%
$1,622,311
Alternative Uses
Best Use
Multifamily LT 5
$2.09M
$1.83M – $2.43M
NOI $146,008 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$900.2K
$787.7K – $1.05M
NOI $63,014 @ 7.0% cap · market cap 2.80%
Theoretical Best
Retail
$19.83M
$17.35M – $23.14M
NOI $1,388,200 @ 7.0% cap · market cap 61.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,124
Businesses Nearby
Explore this area
Business Placement
Demographics for 94566, CA
45,055
Population
16,698
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
95%
High-School Grad
20.3 sq mi
ZIP Area
2,219
Density / Sq Mi
$187,721
Median Household Income
$104,642
Median Earnings
$2,639
Median Rent
$1,592,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four distinct floor plans occupy two buildings on a fenced site near downtown Pleasanton.
Where is this quadplex located?
The property is located at 3851 Vineyard Ave Pleasanton, CA.
What is the asking price?
The asking price for this property is $2,248,000.
What are key features of this property?
This property features: 4‑unit quadplex in two buildings totaling 4,350 square feet; 0.1994‑acre private site with fencing and walls; Unit mix: two 3BR/2BA, one 2BR/1BA, and one 1BR/1BA residence
