Renovated Multifamily Property For
For Sale
$1,650,000
185 Belleview Dr, San Leandro, CA 94577
Two renovated five-unit buildings available separately or together.
Property Size4,613 SF
Price / SF$357.68
Days on Market157
Property Features for 185 Belleview Dr
General Information
Standard status
Active
Size
4,613 SF
Property subtype
Commercial
Amenities
Attached Garage
Corner
Enclosed
Gas Heating
Laundry Area - In Unit
Wall Furnace Heating
Building Details
Year Built
1943
Listing Agency:
MARCUS & MILLICHAP
(510) 379-1200
Listed By:
JOSEPH OWENS
Source:
Corcoran
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:25AM
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.
The property at 185 Belleview Drive is available for purchase either individually or as part of a combined offering with the property at 350 Lafayette. The building contains five units and is part of a grouping of two separate five-unit buildings totaling ten units. Constructed in 1943, the property underwent a complete renovation in 2016, with the building being stripped to the studs and fully remodeled. The units feature modern finishes, including quartz countertops, stainless steel appliances, updated kitchens and bathrooms, and in-unit washer/dryers. Garage parking is available, with two garages per property for select tenants. The building also received a new roof as part of the renovation, contributing to long-term durability and reduced maintenance costs. The property size is 4613 square feet.
Key Highlights
- Fully renovated in 2016, this property was stripped to the studs and completely remodeled.
- Option to purchase with adjacent 5‑unit building for a combined 10‑unit property.
- Modern finishes including quartz countertops, stainless steel appliances, and updated kitchens and bathrooms.
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
$66,824
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
4.05%
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%
$1,336,480
$1.3M
Cap Rate 7%
$954,629
$954.6K
Cap Rate 9%
$742,489
$742.5K
Market Conditions
NOI Build-Up for 4,613 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
$129.0K $27.96/SF
− Vacancy
−$7.5K −$1.62/SF
EGI
$121.5K $26.34/SF
− OpEx
−$54.7K −$11.85/SF
NOI
$66.8K $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%
$1,336,480
Cap Rate 7%
$954,629
Cap Rate 9%
$742,489
Alternative Uses
Best Use
Apartment 5plus
$954.6K
$835.3K – $1.11M
NOI $66,824 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$21.03M
$18.40M – $24.54M
NOI $1,472,131 @ 7.0% cap · market cap 89.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,044
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 - Two renovated five-unit buildings available separately or together.
Where is this apartment building located?
The property is located at 185 Belleview Dr San Leandro, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fully renovated in 2016, this property was stripped to the studs and completely remodeled.; Option to purchase with adjacent 5‑unit building for a combined 10‑unit property.; Modern finishes including quartz countertops, stainless steel appliances, and updated kitchens and bathrooms.
