Multi-Family Residence with Studio
339 Hanover Ave Oakland, CA 94606
For Sale
$1,495,000
Three multi-bedroom units plus a bonus studio cottage, with off-street parking and basement laundry and storage.
Property Size4,190 SF
Lot Size0.17 Acres
Price / SF$356.80
Days on Market67
Property Features for 339 Hanover Ave
General Information
- Standard status
- Active
- Size
- 4,190 SF
- Lot size
- 0.17 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1910
Listing Agency:
(510) 610-3601
Listed By:
Jennie A. Flanigan · License #01402540
(510) 610-3601
Source:
Elliman
Added: May 18
Changed: Jul 20
Last Checked: Jul 23 at 10:15AM
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 Jennie A. Flanigan
Investment Insights
Based on property information with market context.
This multi-family residence features three multi-bedroom units and a bonus studio cottage. The property also includes off-street parking, basement laundry and storage, and decks alongside a large, level yard.
Located in Cleveland Heights, the home is described as being just a block from Lake Merritt and Lakeside parks. It’s positioned near multi-cultural dining options and Trader Joe’s, with access to amenities along Grand and Lakeshore Avenues.
The listing reports gross income over $138,000 per year, with a projected cap rate of 6%. It notes close proximity to AC Transit, Lake Merritt BART, and major freeways to San Francisco and the greater East Bay.
Located in Cleveland Heights, the home is described as being just a block from Lake Merritt and Lakeside parks. It’s positioned near multi-cultural dining options and Trader Joe’s, with access to amenities along Grand and Lakeshore Avenues.
The listing reports gross income over $138,000 per year, with a projected cap rate of 6%. It notes close proximity to AC Transit, Lake Merritt BART, and major freeways to San Francisco and the greater East Bay.
Key Highlights
- Multi‑family built in 1910 with ~4,190 SF of living space on a 7,250 SF lot
- 3 multi‑bedroom units plus a bonus studio cottage
- Gross income over $138,000/yr and currently projected 6% cap rate
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $135.8k | $32.40 |
| − Vacancy | −$7.1k | −$1.69 |
| EGI | $128.7k | $30.71 |
| − OpEx | −$38.6k | −$9.21 |
| NOI | $90.1k | $21.50 |
4,190 SF · lease $32.40/SF/yr · vacancy 5.22% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.50M
NOI $90,069 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,319 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,608 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Three multi-bedroom units plus a bonus studio cottage, with off-street parking and basement laundry and storage.
Where is this quadplex located?
The property is located at 339 Hanover Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Multi‑family built in 1910 with ~4,190 SF of living space on a 7,250 SF lot; 3 multi‑bedroom units plus a bonus studio cottage; Gross income over $138,000/yr and currently projected 6% cap rate
