Oakland Multifamily Near Lake
1009 Madison St, Oakland, CA 94607
For Sale
$2,250,000
Eight-unit Italianate building near Lake Merritt with upside potential.
Property Size6,028 SF
Price / SF$373.26
Days on Market337
Property Features for 1009 Madison St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Amenities
Dryer
Washer
Assigned Spaces
Carpet - Partial Flooring
Community Facility
Composition Roof
Laminate Flooring
Level
Other
Regular
Rolled Composition Roof
Tile Flooring
Wall Furnace Heating
Building Details
Year Built
Listing Agency:
WESTERN MANAGEMENT PROPERTIES, INC
(510) 451-7197
Listed By:
BRUCE CHAMBERS · License CA #00776842
(510) 451-7317
Source:
Corcoran
Added: Dec 13, 2025
Changed: Aug 8
Last Checked: Apr 5 at 8:26PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,282
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,545,640
$2.5M
Cap Rate 7%
$1,818,314
$1.8M
Cap Rate 9%
$1,414,244
$1.4M
Market Conditions
NOI Build-Up for 6,028 SF
Gross rent
$242.3K $40.20/SF
− Vacancy
−$10.9K −$1.81/SF
EGI
$231.4K $38.39/SF
− OpEx
−$104.1K −$17.28/SF
NOI
$127.3K $21.12/SF
Area
Oakland, CA
Vacancy
4.50%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,545,640
Cap Rate 7%
$1,818,314
Cap Rate 9%
$1,414,244
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
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
NOI $138,148 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
7,428
Businesses Nearby
Explore this area
Business Placement
Demographics for 94607, CA
31,067
Population
14,362
Households
2.2
Avg Household Size
38
Median Age
47%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
5,266
Density / Sq Mi
$87,937
Median Household Income
$67,107
Median Earnings
$1,875
Median Rent
$744,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Oakland, CA
Properties on Market for Apartment buildings in Oakland
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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.
