Remodeled Duplex with Expansion
For Sale
$1,187,500
1331 87th Avenue, Oakland, CA 94621
Two renovated units feature a backyard and side driveway on an extra-large lot.
Property Size2,647 SF
Price / SF$448.62
Days on Market279
Property Features for 1331 87th Avenue
General Information
Standard status
Active
Size
2,647 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,556
Building Details
Year Built
1920
Listing Agency:
BRG Realty
(408) 558-3600
Listed By:
Mark Caloca · License #02146982
(669) 238-8878
Source:
Exitrealty
Added: Dec 1, 2025
Changed: Sep 2
Last Checked: Sep 5 at 7:03AM
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 BRG Realty
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two extensively renovated units with refreshed interiors, new appliances, a new roof, and a new exterior. The improvements provide a substantially updated configuration for a buyer seeking a residential income property in Oakland. The property is located at 1331 87th Avenue, Oakland, CA 94621.
An estimated 2,100± square feet of expansion potential is associated with the lot, which also includes a spacious backyard and side driveway. The site may offer the possibility of adding an ADU and a Junior ADU, subject to confirmation by the City of Oakland Planning Department. Development feasibility, approvals, and applicable requirements should be independently verified.
An estimated 2,100± square feet of expansion potential is associated with the lot, which also includes a spacious backyard and side driveway. The site may offer the possibility of adding an ADU and a Junior ADU, subject to confirmation by the City of Oakland Planning Department. Development feasibility, approvals, and applicable requirements should be independently verified.
Key Highlights
- Duplex with 2 extensively renovated units
- New roof, exterior, interior finishes, and appliances
- Estimated 2,100± sq. ft. of expansion potential
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
$60,663
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
5.11%
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%
$1,213,260
$1.2M
Cap Rate 7%
$866,614
$866.6K
Cap Rate 9%
$674,033
$674.0K
Market Conditions
NOI Build-Up for 2,647 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
$90.5K $34.20/SF
− Vacancy
−$3.9K −$1.46/SF
EGI
$86.7K $32.74/SF
− OpEx
−$26.0K −$9.82/SF
NOI
$60.7K $22.92/SF
Area
Oakland, CA
Vacancy
4.27%
Lease Rate
$34.20 /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%
$1,213,260
Cap Rate 7%
$866,614
Cap Rate 9%
$674,033
Alternative Uses
Best Use
Multifamily LT 5
$866.6K
$758.3K – $1.01M
NOI $60,663 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$798.5K
$698.7K – $931.5K
NOI $55,892 @ 7.0% cap · market cap 4.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
Explore this area
Business Placement
Demographics for 94621, CA
35,816
Population
11,078
Households
3.2
Avg Household Size
32
Median Age
13%
College-Educated
67%
High-School Grad
8.5 sq mi
ZIP Area
4,214
Density / Sq Mi
$53,106
Median Household Income
$35,199
Median Earnings
$1,527
Median Rent
$537,600
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?
Duplex - Two renovated units feature a backyard and side driveway on an extra-large lot.
Where is this duplex located?
The property is located at 1331 87th Avenue Oakland, CA.
What is the asking price?
The asking price for this property is $1,187,500.
What are key features of this property?
This property features: Duplex with 2 extensively renovated units; New roof, exterior, interior finishes, and appliances; Estimated 2,100± sq. ft. of expansion potential
