Waterfront Multifamily
For Sale
$15,000,000
2051 Shoreline Drive, Alameda, CA 94501
A 1962-built multifamily building totaling 36,412 sf with expansive windows and direct Alameda shoreline exposure.
Property Size36,412 SF
Price / SF$411.95
Days on Market95
Property Features for 2051 Shoreline Drive
General Information
Standard status
Active
Size
36,412 SF
Property subtype
Multifamily
Building Details
Year Built
1962
Units
45
Listing Agency:
Newmark | Oakland
Listed By:
Will Thomas · License ##01745655
(510) 923-9155
Source:
Nmrk
Added: Jul 19
Changed: Oct 19
Last Checked: Oct 20 at 6:19PM
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 Newmark | Oakland
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Investment Insights
Based on property information with market context.
2051 Shoreline Drive is a 36,412-square-foot multifamily ownership property on a single parcel. Constructed in 1962, the building features a lasting masonry and concrete structure, generous ceiling heights, and expansive fenestration designed to bring in abundant natural light. Circulation is arranged to support resident privacy, with ground-level entry points that simplify access and daily movement through the property. The offering also includes ample storage and utility and mechanical infrastructure to support efficient operations.
The property is directly adjacent to the Alameda shoreline, providing prominent waterfront exposure and unobstructed water views from the residences. Its solid roofline and facade contribute to a consistent visual presence along Shoreline Drive, while a strategic layout supports both privacy and operational flow.
With a consistent unit mix, the property presents an opportunity for rental stabilization, supported by well-maintained systems and a stable structural footprint.
The property is directly adjacent to the Alameda shoreline, providing prominent waterfront exposure and unobstructed water views from the residences. Its solid roofline and facade contribute to a consistent visual presence along Shoreline Drive, while a strategic layout supports both privacy and operational flow.
With a consistent unit mix, the property presents an opportunity for rental stabilization, supported by well-maintained systems and a stable structural footprint.
Key Highlights
- 36,412 SF multifamily building on a single parcel
- Built in 1962 with a masonry and concrete structure
- Direct adjacency to the Alameda shoreline with prominent exposure along Shoreline Drive
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$527,467
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,549,340
$10.5M
Cap Rate 7%
$7,535,243
$7.5M
Cap Rate 9%
$5,860,744
$5.9M
Market Conditions
NOI Build-Up for 36,412 SF
Gross rent
$1.02M $27.96/SF
− Vacancy
−$59.0K −$1.62/SF
EGI
$959.0K $26.34/SF
− OpEx
−$431.6K −$11.85/SF
NOI
$527.5K $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 Rate 5%
$10,549,340
Cap Rate 7%
$7,535,243
Cap Rate 9%
$5,860,744
Alternative Uses
Best Use
Apartment 5plus
$7.54M
$6.59M – $8.79M
NOI $527,467 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$166.00M
$145.25M – $193.67M
NOI $11,620,034 @ 7.0% cap · market cap 77.47%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
727
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A 1962-built multifamily building totaling 36,412 sf with expansive windows and direct Alameda shoreline exposure.
Where is this apartment building located?
The property is located at 2051 Shoreline Drive Alameda, CA.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: 36,412 SF multifamily building on a single parcel; Built in 1962 with a masonry and concrete structure; Direct adjacency to the Alameda shoreline with prominent exposure along Shoreline Drive
