Fully Occupied
For Sale
$839,000
1723 21St Ave, Oakland, CA 94606
Residential Income, Oakland, CA
Property Size2,870 SF
Lot Size0.13 Acres
Price / SF$292.33
Days on Market12
Property Features for 1723 21St Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Open, Off Street
Exterior features
Back Yard
Appliances
Gas Water Heater
Subdivision
San Antonio
Lot features
Corner Lot, Sloped Up, Back Yard
Directions
Foothill Blvd. to E 21st St.
Standard status
Active
APN
202098
Size
2,870 SF
Lot size
0.13 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Wall Furnace
Water source
Public
Building Details
Year built
1943
Number of units
3
Flooring type
Hardwood, Vinyl, Carpet
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
KW Advisors East Bay · Keller Williams Realty
(510) 775-1079
Listed By:
Justin Paek
(510) 409-0735
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 22 at 11:06AM
MLS# 41147997
Copyright © 2026 Bay East. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,870-square-foot triplex, built in 1943, contains two three-bedroom, one-bath units and one one-bedroom, one-bath unit. The property is fully occupied, with maintained interiors featuring hardwood, carpet, and vinyl flooring. A corner-lot layout includes a shared interior yard and detached garage space, while off-street open parking provides additional convenience.
Each unit has separate metering, including individual water meters. The property is served by public water and public sewer, with natural-gas wall furnaces, wood siding, and a composition roof. Located in Oakland’s San Antonio neighborhood, it is near Lake Merritt and Downtown Oakland, with nearby BART service and access to I-880.
Each unit has separate metering, including individual water meters. The property is served by public water and public sewer, with natural-gas wall furnaces, wood siding, and a composition roof. Located in Oakland’s San Antonio neighborhood, it is near Lake Merritt and Downtown Oakland, with nearby BART service and access to I-880.
Key Highlights
- Fully occupied triplex with 2,870 square feet
- Unit mix includes two 3‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 0.134‑acre corner lot with shared interior yard
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
$61,694
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
7.35%
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%
$1,233,880
$1.2M
Cap Rate 7%
$881,343
$881.3K
Cap Rate 9%
$685,489
$685.5K
Market Conditions
NOI Build-Up for 2,870 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
$93.0K $32.40/SF
− Vacancy
−$4.9K −$1.69/SF
EGI
$88.1K $30.71/SF
− OpEx
−$26.4K −$9.21/SF
NOI
$61.7K $21.50/SF
Area
ZIP 94606
Vacancy
5.22%
Lease Rate
$32.40 /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%
$1,233,880
Cap Rate 7%
$881,343
Cap Rate 9%
$685,489
Alternative Uses
Best Use
Multifamily LT 5
$881.3K
$771.2K – $1.03M
NOI $61,694 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$805.5K
$704.8K – $939.8K
NOI $56,386 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.31M
$1.14M – $1.53M
NOI $91,517 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,391
Businesses Nearby
Explore this area
Business Placement
Demographics for 94606, CA
40,768
Population
17,457
Households
2.3
Avg Household Size
37
Median Age
40%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
17,725
Density / Sq Mi
$70,769
Median Household Income
$47,558
Median Earnings
$1,775
Median Rent
$747,600
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with a detached garage, shared yard, and separately metered utilities.
Where is this triplex located?
The property is located at 1723 21St Ave Oakland, CA.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Fully occupied triplex with 2,870 square feet; Unit mix includes two 3‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 0.134‑acre corner lot with shared interior yard
