Apartment Building with Renovated
For Sale
$5,695,000
955 Karol Way, San Leandro, CA 94577
Multifamily property with updated building systems, resident laundry, garages, and extensive on-site parking.
Property Size15,268 SF
Lot Size0.85 Acres
Days on Market32
Property Features for 955 Karol Way
General Information
Standard status
Active
Size
15,268 SF
Lot size
0.85 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
16 x 2BR/1BA, 3 x 2BR/1.5BA
Multifamily Units
19
Amenities
on-site laundry
Building Details
Building Size
15,268 SF
Year Built
1961
Units
19
Listed By:
Kent Mitchell · License #CalDRE #01784628
(510) 919-4919
Source:
Nainorcal
Added: Aug 5
Changed: Sep 3
Last Checked: Sep 5 at 4:56AM
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 Kent Mitchell
Investment Insights
Based on property information with market context.
955 Karol Way is a 19-unit apartment property on a 37,200 square foot lot in San Leandro. The unit mix consists of sixteen 2-bedroom/1-bathroom apartments and three 2-bedroom/1.5-bathroom townhome units, with 16 units renovated. Property improvements include a new TPO roof, copper plumbing, updated electrical, seismic upgrades, and vinyl dual-pane windows. On-site amenities include laundry facilities, more than 30 parking spaces, and three garages.
The property is located less than one mile from Downtown San Leandro and the San Leandro BART Station. Interstate 580, Interstate 880, and State Route 185 provide regional access, including connections toward Downtown Oakland, San Francisco, and Silicon Valley. Restaurants and retail are also located nearby, including Fieldwork Brewing Company, Paradiso Restaurant, and Zocalo Coffeehouse.
The property is located less than one mile from Downtown San Leandro and the San Leandro BART Station. Interstate 580, Interstate 880, and State Route 185 provide regional access, including connections toward Downtown Oakland, San Francisco, and Silicon Valley. Restaurants and retail are also located nearby, including Fieldwork Brewing Company, Paradiso Restaurant, and Zocalo Coffeehouse.
Key Highlights
- 19‑unit apartment property on a 37,200 square foot lot
- Unit mix includes sixteen 2‑bedroom/1‑bathroom units and three 2‑bedroom/1.5‑bathroom townhome units
- 16 units have been renovated
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
$221,173
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
3.88%
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%
$4,423,460
$4.4M
Cap Rate 7%
$3,159,614
$3.2M
Cap Rate 9%
$2,457,478
$2.5M
Market Conditions
NOI Build-Up for 15,268 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
$426.9K $27.96/SF
− Vacancy
−$24.8K −$1.62/SF
EGI
$402.1K $26.34/SF
− OpEx
−$181.0K −$11.85/SF
NOI
$221.2K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
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%
$4,423,460
Cap Rate 7%
$3,159,614
Cap Rate 9%
$2,457,478
Alternative Uses
Best Use
Apartment 5plus
$3.16M
$2.76M – $3.69M
NOI $221,173 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$69.61M
$60.91M – $81.21M
NOI $4,872,423 @ 7.0% cap · market cap 85.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,072
Businesses Nearby
Explore this area
Business Placement
Demographics for 94577, CA
48,868
Population
17,681
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
6,033
Density / Sq Mi
$110,989
Median Household Income
$56,382
Median Earnings
$2,199
Median Rent
$824,900
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?
Apartment building - Multifamily property with updated building systems, resident laundry, garages, and extensive on-site parking.
Where is this apartment building located?
The property is located at 955 Karol Way San Leandro, CA.
What is the asking price?
The asking price for this property is $5,695,000.
What are key features of this property?
This property features: 19‑unit apartment property on a 37,200 square foot lot; Unit mix includes sixteen 2‑bedroom/1‑bathroom units and three 2‑bedroom/1.5‑bathroom townhome units; 16 units have been renovated
