Two-Unit Duplex with Private
For Sale
$1,249,900
1024 Elsinore Ave, Oakland, CA 94602
Well-maintained two-unit property with individual garage parking and flexible occupancy options.
Property Size2,127 SF
Price / SF$587.64
Days on Market172
Property Features for 1024 Elsinore Ave
General Information
Standard status
Active
Size
2,127 SF
Property subtype
Multi Family
Building Details
Year Built
1919
Listing Agency:
Corcoran Icon Properties
(510) 428-0900
Listed By:
Nicholas Brown · License #02248460
(650) 787-3381
Source:
Exitrealty
Added: Mar 16
Changed: Sep 2
Last Checked: Sep 2 at 5:51PM
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 Corcoran Icon Properties
Investment Insights
Based on property information with market context.
This 2,127-square-foot duplex, built in 1919, contains two separate residences with a practical layout for rental or owner-occupant use. The lower unit has 2 bedrooms and 1 bathroom and will be delivered vacant. It also includes a private deck. The upper residence provides 3 bedrooms and 2 bathrooms and may become available as well. Each unit has its own parking space in the garage.
Located in Oakland’s Glenview neighborhood at 1024 Elsinore Ave, the property combines established residential character with a two-unit configuration. The existing setup supports continued income-producing use, while the vacant lower residence offers immediate flexibility for an owner-user or new tenancy. Both units have been maintained by the current owner and are described as being in very good overall condition.
Located in Oakland’s Glenview neighborhood at 1024 Elsinore Ave, the property combines established residential character with a two-unit configuration. The existing setup supports continued income-producing use, while the vacant lower residence offers immediate flexibility for an owner-user or new tenancy. Both units have been maintained by the current owner and are described as being in very good overall condition.
Key Highlights
- 2,127 SF duplex on a residential Oakland property
- Two units: lower residence has 2 bedrooms and 1 bathroom; upper residence has 3 bedrooms and 2 bathrooms
- Lower unit delivered vacant with private deck
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
$48,746
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
3.90%
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%
$974,920
$974.9K
Cap Rate 7%
$696,371
$696.4K
Cap Rate 9%
$541,622
$541.6K
Market Conditions
NOI Build-Up for 2,127 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
$72.7K $34.20/SF
− Vacancy
−$3.1K −$1.46/SF
EGI
$69.6K $32.74/SF
− OpEx
−$20.9K −$9.82/SF
NOI
$48.7K $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%
$974,920
Cap Rate 7%
$696,371
Cap Rate 9%
$541,622
Alternative Uses
Best Use
Multifamily LT 5
$696.4K
$609.3K – $812.4K
NOI $48,746 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$641.6K
$561.4K – $748.5K
NOI $44,912 @ 7.0% cap · market cap 3.59%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Explore this area
Business Placement
Demographics for 94602, CA
29,702
Population
13,072
Households
2.3
Avg Household Size
42
Median Age
58%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
8,251
Density / Sq Mi
$124,744
Median Household Income
$65,401
Median Earnings
$1,924
Median Rent
$1,111,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-unit property with individual garage parking and flexible occupancy options.
Where is this duplex located?
The property is located at 1024 Elsinore Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: 2,127 SF duplex on a residential Oakland property; Two units: lower residence has 2 bedrooms and 1 bathroom; upper residence has 3 bedrooms and 2 bathrooms; Lower unit delivered vacant with private deck
