Oakland Multifamily NNN Investment
For Sale
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1228 36th Ave, Oakland, CA 94601
Newly constructed multifamily property in Oakland's Fruitvale neighborhood.
Property Size17,158 SF
Price / SF$479.37
Days on Market259
Property Features for 1228 36th Ave
General Information
Standard status
Active
Size
17,158 SF
Class
B
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
S-15 TOD (Transit Oriented Development) Commercial
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$576,000
Building Details
Year Built
2026
Buildings
1
Stories
3
Units
13
Listing Agency:
Lee & Associates - Ontario
Listed By:
Jonathan Selznick · License #CA Broker License : 01323949
(949) 734-0243
Source:
Crexi
Added: Jan 29
Changed: Oct 15
Last Checked: Oct 15 at 12:15AM
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 Lee & Associates - Ontario
Investment Insights
Based on property information with market context.
This newly constructed, three-story multifamily residential building is located at 1228 36th Avenue in Oakland, California. Constructed in 2026, the 17,158-square-foot property is mapped for 13 condominiums. It is currently leased on a 7-year absolute triple-net basis to Oasis Living, an operator specializing in supportive housing for individuals and families facing mental health challenges. The lease includes 3% annual rent escalations and a landlord termination option after year three. The property is located in Oakland’s Fruitvale neighborhood, two blocks from the Fruitvale BART station and within minutes of San Francisco and Silicon Valley employment hubs. The surrounding area includes affordable housing communities, public charter schools, and ongoing redevelopment projects. The building’s condominium mapping enhances long-term exit optionality. Oasis Living delivers community-focused housing with 24/7 support services. The location benefits from strong local demographics, including a 3-mile average household income of $153,251 and proximity to over 274,000 residents.
Key Highlights
- Newly constructed (2026) 17,158 SF multifamily building mapped for 13 condominiums, offering long‑term exit optionality.
- Absolute NNN lease with 7‑year term to Oasis Living, a supportive housing operator, providing passive income with no landlord responsibilities.
- Lease includes 3% annual rent escalations and a landlord termination option after year three, offering flexible future value strategies.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$365,327
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,306,540
$7.3M
Cap Rate 7%
$5,218,957
$5.2M
Cap Rate 9%
$4,059,189
$4.1M
Market Conditions
NOI Build-Up for 17,158 SF
Gross rent
$689.8K $40.20/SF
− Vacancy
−$25.5K −$1.49/SF
EGI
$664.2K $38.71/SF
− OpEx
−$298.9K −$17.42/SF
NOI
$365.3K $21.29/SF
Area
ZIP 94601
Vacancy
3.70%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,306,540
Cap Rate 7%
$5,218,957
Cap Rate 9%
$4,059,189
Alternative Uses
Best Use
Apartment 5plus
$5.22M
$4.57M – $6.09M
NOI $365,327 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,565 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,399
Businesses Nearby
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Business Placement
Demographics for 94601, CA
54,166
Population
17,454
Households
3.1
Avg Household Size
35
Median Age
24%
College-Educated
70%
High-School Grad
3.2 sq mi
ZIP Area
16,927
Density / Sq Mi
$66,651
Median Household Income
$37,765
Median Earnings
$1,651
Median Rent
$703,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed multifamily property in Oakland's Fruitvale neighborhood.
Where is this apartment building located?
The property is located at 1228 36th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $8,225,000.
What are key features of this property?
This property features: Newly constructed (2026) 17,158 SF multifamily building mapped for 13 condominiums, offering long‑term exit optionality.; Absolute NNN lease with 7‑year term to Oasis Living, a supportive housing operator, providing passive income with no landlord responsibilities.; Lease includes 3% annual rent escalations and a landlord termination option after year three, offering flexible future value strategies.
