Four-Unit Apartment
For Sale
$899,000
7448 Lockwood St, Oakland, CA 94621
Residential Income, Oakland, CA
Property Size3,560 SF
Lot Size0.23 Acres
Price / SF$252.53
Days on Market473
Property Features for 7448 Lockwood St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 6, Bedroom 8, Bedroom 4, Bathroom 5, Bathroom 6, Bathroom 1, Bedroom 3, Bedroom 7, Bedroom 5, Bathroom 2, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 3, Bedroom 1
Appliances
Gas Water Heater
Subdivision
Oakland
Lot features
Rectangular Lot
Directions
Off 73rd, turn onto Lockwood..
Standard status
Active
Size
3,560 SF
Lot size
0.23 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Natural Gas
Water source
Public
Amenities
laundry room
Building Details
Year built
1957
Number of units
4
Flooring type
Carpet, Laminate, Tile, Linoleum
Building materials
Stucco
Roof type
Flat
Listing Agency:
Keller Williams Tri-Valley · Keller Williams Realty
(925) 397-4200
Listed By:
Jason Pugao · License #01908325
(510) 472-6916
Added: May 14, 2025
Changed: Aug 24
Last Checked: Aug 29 at 7:06PM
MLS# 41097428
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 fourplex contains four two-bedroom, one-bath units within a 3,560-square-foot building. Each residence provides approximately 885 square feet, with carpet, laminate, tile, and linoleum flooring across the property. Wall furnaces fueled by natural gas provide heating, while a flat roof, stucco construction, public water, and public sewer complete the primary building profile.
All units are separately metered for gas, electricity, and water. A detached laundry room is located on the property and provides an additional income source. The parcel encompasses 0.2296 acres, or approximately 10,000 square feet, in East Oakland. The property is near Highways 580 and 880 and minutes from Eastmont Town Center, providing access to regional routes and nearby retail services.
All units are separately metered for gas, electricity, and water. A detached laundry room is located on the property and provides an additional income source. The parcel encompasses 0.2296 acres, or approximately 10,000 square feet, in East Oakland. The property is near Highways 580 and 880 and minutes from Eastmont Town Center, providing access to regional routes and nearby retail services.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- 3,560 square feet across the fourplex
- Each unit is approximately 885 square feet
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
$81,587
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
9.08%
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%
$1,631,740
$1.6M
Cap Rate 7%
$1,165,529
$1.2M
Cap Rate 9%
$906,522
$906.5K
Market Conditions
NOI Build-Up for 3,560 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
$121.8K $34.20/SF
− Vacancy
−$5.2K −$1.46/SF
EGI
$116.6K $32.74/SF
− OpEx
−$35.0K −$9.82/SF
NOI
$81.6K $22.92/SF
Area
Oakland, CA
Vacancy
4.27%
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%
$1,631,740
Cap Rate 7%
$1,165,529
Cap Rate 9%
$906,522
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,587 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$1.07M
$939.6K – $1.25M
NOI $75,170 @ 7.0% cap · market cap 8.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Explore this area
Business Placement
Demographics for 94621, CA
35,816
Population
11,078
Households
3.2
Avg Household Size
32
Median Age
13%
College-Educated
67%
High-School Grad
8.5 sq mi
ZIP Area
4,214
Density / Sq Mi
$53,106
Median Household Income
$35,199
Median Earnings
$1,527
Median Rent
$537,600
Median Home Value
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 - Income-producing fourplex with separately metered utilities and a detached laundry room.
Where is this quadplex located?
The property is located at 7448 Lockwood St Oakland, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; 3,560 square feet across the fourplex; Each unit is approximately 885 square feet
