Turnkey 4-Unit Multifamily
For Sale
$1,599,000
1405 Central Avenue, Alameda, CA 94501
Turnkey four-unit residence with shared garden and one assigned parking space per unit in Alameda.
Property Size3,247 SF
Price / SF$492.45
Days on Market56
Property Features for 1405 Central Avenue
General Information
Standard status
Active
Size
3,247 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$20,000
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
Realty One Group Infinity
(408) 807-3409
Listed By:
Pierre Malak · License #01374262
(408) 807-3409
Source:
Exitrealty
Added: Jun 19
Changed: Aug 7
Last Checked: Aug 13 at 7:05AM
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 Realty One Group Infinity
Investment Insights
Based on property information with market context.
This turnkey four-unit multifamily property offers a total of 3,247 square feet of living space. The building includes a shared garden area at the back and provides one assigned parking space for each unit, supporting day-to-day convenience for residents.
Located on Central Avenue in Alameda, the property is described as being within a well-established community close to retail and restaurants. Residents can walk to Franklin Park, with additional commute options noted near Highway 880, bus lines, and the ferry.
The tenant experience is further supported by the property’s proximity to established neighborhood amenities and commute routes. Buyers and operators may also take into account that the property is part of the Alameda Unified School District. Bike Score 84 and Walk Score 81 are provided in the remarks, reinforcing walkable access to nearby conveniences and transit options.
Located on Central Avenue in Alameda, the property is described as being within a well-established community close to retail and restaurants. Residents can walk to Franklin Park, with additional commute options noted near Highway 880, bus lines, and the ferry.
The tenant experience is further supported by the property’s proximity to established neighborhood amenities and commute routes. Buyers and operators may also take into account that the property is part of the Alameda Unified School District. Bike Score 84 and Walk Score 81 are provided in the remarks, reinforcing walkable access to nearby conveniences and transit options.
Key Highlights
- Turnkey 4‑unit property with 3,247 SF of living space
- Year built: 1905
- Shared garden area at the back of the building plus one assigned parking space per unit
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
$108,986
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
6.82%
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%
$2,179,720
$2.2M
Cap Rate 7%
$1,556,943
$1.6M
Cap Rate 9%
$1,210,956
$1.2M
Market Conditions
NOI Build-Up for 3,247 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
$165.6K $51.00/SF
− Vacancy
−$9.9K −$3.05/SF
EGI
$155.7K $47.95/SF
− OpEx
−$46.7K −$14.39/SF
NOI
$109.0K $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%
$2,179,720
Cap Rate 7%
$1,556,943
Cap Rate 9%
$1,210,956
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $108,986 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$671.9K
$588.0K – $783.9K
NOI $47,036 @ 7.0% cap · market cap 2.94%
Theoretical Best
Retail
$14.80M
$12.95M – $17.27M
NOI $1,036,204 @ 7.0% cap · market cap 64.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
822
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?
Quadplex - Turnkey four-unit residence with shared garden and one assigned parking space per unit in Alameda.
Where is this quadplex located?
The property is located at 1405 Central Avenue Alameda, CA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Turnkey 4‑unit property with 3,247 SF of living space; Year built: 1905; Shared garden area at the back of the building plus one assigned parking space per unit
