Oakland Multifamily Investment
185 15th Street Oakland, CA 94612
185 15th Street, Oakland, CA, 94612
$3,080,000
For Sale
$3,080,000
14-unit apartment building near Lake Merritt with value-add potential.
Property Size8,259 SF
Price / SF$372.93
Days on Market100
Property Features for 185 15th Street
General Information
- Standard status
- Active
- Size
- 8,259 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1954
Listing Agency
MARCUS & MILLICHAP
(650) 391-1700
Listed by
EYMON BINESH · License #02060059
Source
Corcoran
Added: Apr 11 Checked: Jul 19 at 4:37 am
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
This 14-unit apartment community is located two blocks from Lake Merritt in Downtown Oakland. The property offers a value-add opportunity in a desirable rental market. Major capital improvements have been completed, including new dual-pane windows and a seismic retrofit per city ordinance. Several units have been renovated. Six vacant units provide an opportunity to renovate and lease at market rents. The property is positioned for income growth and long-term appreciation. The property size is 8,259 square feet.
Key Highlights
- Prime location: Two blocks from Lake Merritt in Downtown Oakland.
- Strong value‑add opportunity: Six vacant units offer immediate potential to renovate and lease.
- Major capital improvements: Includes new dual‑pane windows and a completed seismic retrofit.
Local Financial Insights For Apartment 5plus
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 | $332.0k | $40.20 |
| − Vacancy | −$14.9k | −$1.81 |
| EGI | $317.1k | $38.39 |
| − OpEx | −$142.7k | −$17.28 |
| NOI | $174.4k | $21.12 |
8,259 SF · lease $40.20/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.18M – $2.91M
NOI $174,389 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.70M
$2.37M – $3.15M
NOI $189,278 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 14-unit apartment building near Lake Merritt with value-add potential.
Where is this apartment building located?
The property is located at 185 15th Street Oakland, CA.
What is the asking price?
The asking price for this property is $3,080,000.
What are key features of this property?
This property features: Prime location: Two blocks from Lake Merritt in Downtown Oakland.; Strong value‑add opportunity: Six vacant units offer immediate potential to renovate and lease.; Major capital improvements: Includes new dual‑pane windows and a completed seismic retrofit.
