Five-Unit Residential Income
For Sale
$999,000
1914 51st Avenue, Oakland, CA 94601
Four units are currently occupied and one renovated unit is vacant, backed by recent roof, plumbing, windows, and water heater upgrades.
Property Size4,303 SF
Price / SF$232.16
Days on Market56
Property Features for 1914 51st Avenue
General Information
Standard status
Active
Size
4,303 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Building Details
Year Built
1924
Listing Agency:
COLDWELL BANKER REALTY
(408) 355-1500
Listed By:
JOE VELASCO
Source:
Corcoran
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 10 at 3:02AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This five-unit residential income property is offered on one parcel with four units currently occupied and one fully renovated unit vacant and ready for immediate occupancy or lease-up. Over the past six years, ownership has invested approximately $200,000 in capital improvements and renovations. The main building has a newer roof (about one year old), along with extensive stucco repairs. Interior and mechanical updates include newer copper plumbing, four newer water heaters, and mostly newer dual-pane windows throughout the property, plus remodeled unit improvements over time such as wall, ceiling, and sheetrock enhancements.
The property is located at 1914 51st Avenue in Oakland, California. It includes two garages scheduled to be delivered vacant at close of escrow, which can offer flexibility for owner use, tenant amenities, or potential additional income opportunities.
With a current occupancy position supported by in-place tenants and a move-in-ready, renovated unit available now, the property may fit investors seeking a stable multifamily asset and owner-users who want residential income while retaining the option to use one of the garages or adjust unit mix as needs change. The scope of recent upgrades also provides a meaningful foundation for ongoing operations and continued maintenance planning.
The property is located at 1914 51st Avenue in Oakland, California. It includes two garages scheduled to be delivered vacant at close of escrow, which can offer flexibility for owner use, tenant amenities, or potential additional income opportunities.
With a current occupancy position supported by in-place tenants and a move-in-ready, renovated unit available now, the property may fit investors seeking a stable multifamily asset and owner-users who want residential income while retaining the option to use one of the garages or adjust unit mix as needs change. The scope of recent upgrades also provides a meaningful foundation for ongoing operations and continued maintenance planning.
Key Highlights
- Five residential units on one parcel; four units currently occupied and one fully renovated unit vacant and ready for immediate occupancy or lease‑up
- Approximately $200,000 in capital improvements and renovations made over the past six years
- Newer roof on the main building (about one year old) plus extensive stucco repairs
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
$91,619
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
9.17%
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%
$1,832,380
$1.8M
Cap Rate 7%
$1,308,843
$1.3M
Cap Rate 9%
$1,017,989
$1.0M
Market Conditions
NOI Build-Up for 4,303 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
$173.0K $40.20/SF
− Vacancy
−$6.4K −$1.49/SF
EGI
$166.6K $38.71/SF
− OpEx
−$75.0K −$17.42/SF
NOI
$91.6K $21.29/SF
Area
ZIP 94601
Vacancy
3.70%
Lease Rate
$40.20 /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%
$1,832,380
Cap Rate 7%
$1,308,843
Cap Rate 9%
$1,017,989
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,619 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.05M
NOI $122,776 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 94601, CA
54,166
Population
17,454
Households
3.1
Avg Household Size
35
Median Age
24%
College-Educated
70%
High-School Grad
3.2 sq mi
ZIP Area
16,927
Density / Sq Mi
$66,651
Median Household Income
$37,765
Median Earnings
$1,651
Median Rent
$703,100
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?
Apartment building - Four units are currently occupied and one renovated unit is vacant, backed by recent roof, plumbing, windows, and water heater upgrades.
Where is this apartment building located?
The property is located at 1914 51st Avenue Oakland, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five residential units on one parcel; four units currently occupied and one fully renovated unit vacant and ready for immediate occupancy or lease‑up; Approximately $200,000 in capital improvements and renovations made over the past six years; Newer roof on the main building (about one year old) plus extensive stucco repairs
