Three-Unit Craftsman
For Sale
$1,000,000
1223 Pease Ct, Alameda, CA 94501
Two buildings provide three residences with private outdoor areas, individual utility metering, and on-site covered parking.
Property Size2,638 SF
Lot Size0.25 Acres
Price / SF$379.08
Days on Market34
Property Features for 1223 Pease Ct
General Information
Standard status
Active
Size
2,638 SF
Lot size
0.25 Acres
Property subtype
Multi Family Home
Additional Details
Utilities to Site
Yes
Building Details
Building Size
2,638 SF
Year Built
1946
Buildings
2
Tenancy
Multi
Listing Agency:
Panavista Realty
(510) 523-0707
Listed By:
Ramesh Ramchandani · License #00870283
(510) 523-0707
Source:
Brucebaldwin
Added: Jul 30
Changed: Aug 31
Last Checked: Aug 2 at 5:11AM
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 Panavista Realty
Investment Insights
Based on property information with market context.
This triplex combines a detached two-bedroom cottage with a Craftsman duplex. The street-level cottage contains one bedroom and one bathroom across approximately 732 square feet. The duplex includes a single-story two-bedroom, one-bath unit of approximately 731 square feet and a two-story three-bedroom, one-and-a-half-bath unit measuring approximately 1,210 square feet. The residences have stucco and wood-siding exteriors, separate backyard areas, and laundry hookups.
The property provides approximately 2,638 square feet of living space on an approximately 10,760-square-foot lot at 1223 Pease Ct and 1228 & 1230 Pease Ct. Parking consists of one driveway serving the cottage and three uncovered carports. Each residence has its own gas water heater, and occupants pay their own gas, electricity, water, sewer, and garbage services. Built in 1946, the property is near Park Street, the Alameda Theatre, South Shore Shopping Center, east-end schools, and local and Transbay AC Transit bus service.
The property provides approximately 2,638 square feet of living space on an approximately 10,760-square-foot lot at 1223 Pease Ct and 1228 & 1230 Pease Ct. Parking consists of one driveway serving the cottage and three uncovered carports. Each residence has its own gas water heater, and occupants pay their own gas, electricity, water, sewer, and garbage services. Built in 1946, the property is near Park Street, the Alameda Theatre, South Shore Shopping Center, east-end schools, and local and Transbay AC Transit bus service.
Key Highlights
- Three residences totaling approximately 2,638 square feet on an approximately 10,760 square foot lot
- Unit mix includes two 2‑bedroom units and one 3‑bedroom unit
- Detached 2‑bedroom, 1‑bath cottage with approximately 732 square feet
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
$88,545
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
8.85%
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%
$1,770,900
$1.8M
Cap Rate 7%
$1,264,929
$1.3M
Cap Rate 9%
$983,833
$983.8K
Market Conditions
NOI Build-Up for 2,638 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
$134.5K $51.00/SF
− Vacancy
−$8.0K −$3.05/SF
EGI
$126.5K $47.95/SF
− OpEx
−$37.9K −$14.39/SF
NOI
$88.5K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,770,900
Cap Rate 7%
$1,264,929
Cap Rate 9%
$983,833
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.48M
NOI $88,545 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$545.9K
$477.7K – $636.9K
NOI $38,214 @ 7.0% cap · market cap 3.82%
Theoretical Best
Retail
$12.03M
$10.52M – $14.03M
NOI $841,856 @ 7.0% cap · market cap 84.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,320
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?
Triplex - Two buildings provide three residences with private outdoor areas, individual utility metering, and on-site covered parking.
Where is this triplex located?
The property is located at 1223 Pease Ct Alameda, CA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Three residences totaling approximately 2,638 square feet on an approximately 10,760 square foot lot; Unit mix includes two 2‑bedroom units and one 3‑bedroom unit; Detached 2‑bedroom, 1‑bath cottage with approximately 732 square feet
