Vacant 3-Unit Income
For Sale
Contact for pricing
1046 Alcatraz Ave, Oakland, CA 94608
Three residential units include a large upper 3BD/2BA and two 1BD/1BA units, with a detached 3-car garage and outdoor space.
Property Size2,880 SF
Price / SF$381.94
Days on Market200
Property Features for 1046 Alcatraz Ave
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Amenities
tall ceilings
period detailing
outdoor space
Building Details
Year Built
1908
Buildings
2
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
KW Commercial Walnut Creek
(925) 934-2900
Listed By:
Joey Wang · License #01890931
Source:
Crexi
Added: Jan 21
Changed: Aug 8
Last Checked: Jul 22 at 6:44PM
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 KW Commercial Walnut Creek
Investment Insights
Based on property information with market context.
Located at the Berkeley–North Oakland border, this 3-unit residential income property at 1046 Alcatraz Ave offers a flexible layout suited to owner occupancy with rental income. The building features a large upper unit with 3 bedrooms and 2 bathrooms, plus two 1-bedroom, 1-bath units on the lower level.
The upper unit and one lower unit will be delivered vacant, and the property also includes outdoor space and tall ceilings with period detailing. A detached 3-car garage and two garage spaces support parking and storage needs for residents.
As noted in the remarks, Unit 1046 is vacant and can be shown via Calendly. Unit 1048-B is currently tenant-occupied and is scheduled to be vacated and delivered vacant on 1/31.
The upper unit and one lower unit will be delivered vacant, and the property also includes outdoor space and tall ceilings with period detailing. A detached 3-car garage and two garage spaces support parking and storage needs for residents.
As noted in the remarks, Unit 1046 is vacant and can be shown via Calendly. Unit 1048-B is currently tenant-occupied and is scheduled to be vacated and delivered vacant on 1/31.
Key Highlights
- 3‑unit residential property built in 1908 with 2,880 sq ft total living space on a 5,100+ sq ft lot
- Upper unit features 3BD/2BA with approximately 1,600 sq ft, plus tall ceilings and period detailing
- Two additional units: 1BD/1BA each
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
$66,003
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
6.00%
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%
$1,320,060
$1.3M
Cap Rate 7%
$942,900
$942.9K
Cap Rate 9%
$733,367
$733.4K
Market Conditions
NOI Build-Up for 2,880 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
$98.5K $34.20/SF
− Vacancy
−$4.2K −$1.46/SF
EGI
$94.3K $32.74/SF
− OpEx
−$28.3K −$9.82/SF
NOI
$66.0K $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%
$1,320,060
Cap Rate 7%
$942,900
Cap Rate 9%
$733,367
Alternative Uses
Best Use
Multifamily LT 5
$942.9K
$825.0K – $1.10M
NOI $66,003 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$868.7K
$760.1K – $1.01M
NOI $60,811 @ 7.0% cap · market cap 5.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,861
Businesses Nearby
Explore this area
Business Placement
Demographics for 94608, CA
33,073
Population
17,956
Households
1.8
Avg Household Size
36
Median Age
64%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
11,812
Density / Sq Mi
$116,306
Median Household Income
$73,845
Median Earnings
$2,561
Median Rent
$826,900
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?
Triplex - Three residential units include a large upper 3BD/2BA and two 1BD/1BA units, with a detached 3-car garage and outdoor space.
Where is this triplex located?
The property is located at 1046 Alcatraz Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 3‑unit residential property built in 1908 with 2,880 sq ft total living space on a 5,100+ sq ft lot; Upper unit features 3BD/2BA with approximately 1,600 sq ft, plus tall ceilings and period detailing; Two additional units: 1BD/1BA each
