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    Oakland Multifamily Near Lake Merritt Title is generated by Realmo AI

    1009 Madison St, Oakland, CA 94607

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    Claim this Listing
    For Sale
    $2,250,000

    Eight-unit Italianate building near Lake Merritt with upside potential.

    Type:Commercial
    Property size:
    6,028 SF
    Price / SF:
    $373/SF
    Added:
    Dec 13, 2025
    Days on Market:
    175
    Last Refresh:
    Apr 5 at 8:26 pm

    Property Features for 1009 Madison St

    General Information

    Standard status
    Active
    Size
    6,028 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1870

    We can help!

    Listing Contact
    BRUCE CHAMBERS

    Listing agent BRUCE CHAMBERS License #00776842

    Listing office WESTERN MANAGEMENT PROPERTIES, INC

    Listing date Dec 13, 2025

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of WESTERN MANAGEMENT PROPERTIES, INC

    HighLights

    • Certificate of Exemption from Oakland Rent Adjustment Ordinance offers immediate upside potential.
    • Prime location: Blocks from Lake Merritt and downtown Oakland.
    • Eight units provide substantial income potential.
    • Six off‑street parking spaces, a significant amenity in the area.
    • Major renovations completed starting in 2002 to meet California Building Codes.
    • Unique architectural details: Italianate style, grand entry, high ceilings (11‑13 feet), ornate balconies.

    Overview

    This three-story Italianate building, comprising 8 units, is located blocks from Lake Merritt and downtown Oakland. Constructed in 1870, the building exhibits features characteristic of grand Bay Area residences of the period, including a flat roof with angled, overhanging eaves and cornices decorated with brackets, 8-foot tall narrow windows on the first floor, windows with decorative hoods, quoins extending from the ground to the roof, and ornate balconies. Beginning in 2002, the building underwent major renovations to meet California Building Codes. Due to these renovations, the property has a Certificate of Exemption from the City of Oakland Rent Adjustment Ordinance. Interior features include a grand entry and high ceilings ranging from 11 to 13 feet. The property includes 6 off-street parking spaces, a garden area, and a partial basement suitable for storage or a workshop. A shared laundry room is available, along with a separate laundry area for an owner's unit. The building has a total size of 6028 square feet.

    Local Financial Insights For Apartment 5plus

    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 $242.3k $40.20
    − Vacancy −$10.9k −$1.81
    EGI $231.4k $38.39
    − OpEx −$104.1k −$17.28
    NOI $127.3k $21.12
    6,028 SF · lease $40.20/SF/yr · vacancy 4.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.82M
    $1.59M – $2.12M (±1% cap)
    NOI $127,282 @ 7.0% cap · market cap 5.66%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Multifamily LT 5
    $1.97M
    $1.73M – $2.30M (±1% cap)
    NOI $138,148 @ 7.0% cap · market cap 6.14%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Food Market Daycare Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Oakland
    County
    Alameda
    State
    California
    Longitude
    -122.266
    Latitude
    37.7991

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit Italianate building near Lake Merritt with upside potential.
    Where is this apartment building located?
    The property is located at 1009 Madison St Oakland, CA.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Certificate of Exemption from Oakland Rent Adjustment Ordinance offers immediate upside potential.; Prime location: Blocks from Lake Merritt and downtown Oakland.; Eight units provide substantial income potential.
    (510) 451-7197
    We can help!
    Listing Contact
    BRUCE CHAMBERS
    Real Estate License ID: 00776842
    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.

    More about this property
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