Mixed-Use Building in Alameda
For Sale
$2,100,000
1203 Benton St, Alameda, CA 94501
Mixed-use building with commercial units and residential apartments in Alameda.
Property Size6,568 SF
Price / SF$319.73
Days on Market641
Property Features for 1203 Benton St
General Information
Standard status
Active
Size
6,568 SF
Property subtype
Commercial
Amenities
Hardwood Flooring
Laminate Flooring
Level
Linoleum Flooring
Regular
Tile Flooring
Vinyl Flooring
Building Details
Year Built
1920
Listing Agency:
GREEN BRIDGE PROPERTIES
(510) 910-5204
Listed By:
VINCENT TORE SAN NICOLAS · License #01230063
Source:
Corcoran
Added: Nov 6, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:01AM
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 GREEN BRIDGE PROPERTIES
Investment Insights
Based on property information with market context.
This classic mixed-use building is centrally located in the heart of Alameda, specifically in the historic Morton St station area. The property features a combination of commercial and residential spaces, comprising 3 commercial units and 5 residential apartments. Its location borders the desirable Gold Coast neighborhood. The commercial spaces are occupied by The Benton, a local bar occupying 2 units, and Elegant Nails. The residential component includes two studio apartments, two 1-bedroom apartments, and a spacious upper 2-bedroom, 1-bath apartment. Local shops, Franklin Park, and public transportation options are all located within a short distance of the property. The building has a total size of 6568 square feet.
Key Highlights
- Mixed‑use building with 3 commercial units and 5 residential apartments.
- Prime location in the heart of Alameda, near the historic Morton St station.
- Borders the desirable Gold Coast neighborhood.
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
$133,002
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
6.33%
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%
$2,660,040
$2.7M
Cap Rate 7%
$1,900,029
$1.9M
Cap Rate 9%
$1,477,800
$1.5M
Market Conditions
NOI Build-Up for 6,568 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
$236.4K $36.00/SF
− Vacancy
−$23.6K −$3.60/SF
EGI
$212.8K $32.40/SF
− OpEx
−$79.8K −$12.15/SF
NOI
$133.0K $20.25/SF
Area
Alameda County, CA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,660,040
Cap Rate 7%
$1,900,029
Cap Rate 9%
$1,477,800
Alternative Uses
Best Use
Retail
$29.94M
$26.20M – $34.93M
NOI $2,096,023 @ 7.0% cap · market cap 99.81%
Second Best
Mixed Use
$1.90M
$1.66M – $2.22M
NOI $133,002 @ 7.0% cap · market cap 6.33%
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
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 94501, CA
64,116
Population
27,117
Households
2.4
Avg Household Size
41
Median Age
58%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
8,015
Density / Sq Mi
$119,500
Median Household Income
$75,514
Median Earnings
$2,362
Median Rent
$1,213,100
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?
Mixed-use property - Mixed-use building with commercial units and residential apartments in Alameda.
Where is this mixed-use property located?
The property is located at 1203 Benton St Alameda, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Mixed‑use building with 3 commercial units and 5 residential apartments.; Prime location in the heart of Alameda, near the historic Morton St station.; Borders the desirable Gold Coast neighborhood.
