Efficient Office Condo with
For Sale
Contact for pricing
212 9th St, Oakland, CA
Office condo with parking near Lake Merritt BART.
Property Size1,879 SF
Lot Size0.57 Acres
Price / SF$425.23
Days on Market795
Property Features for 212 9th St
General Information
Standard status
Active
Size
1,879 SF
Lot size
0.57 Acres
Property subtype
OFFICE
Listing Agency:
Lee & Associates | Oakland
(415) 302-6940
Listed By:
Neil Cowperthwaite · License #01912683
(415) 302-6940
Source:
Moodyscre
Added: Jun 20, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:59AM
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 Lee & Associates | Oakland
Investment Insights
Based on property information with market context.
This office condo presents an opportunity for small businesses to own an efficient workspace with parking. Situated in a location minutes from Lake Merritt BART station, the property offers convenient access to restaurants and entertainment options. Located on the 3rd floor of an elevator-served building, the condo features 3 offices, a copy area, and a reception area. The property benefits from a window line that provides natural light. The property includes one parking space. The property has a size of 1879 square feet.
Key Highlights
- Convenient location minutes from Lake Merritt BART, restaurants, and entertainment.
- Efficient office condo ideal for a small business.
- Includes one (1) dedicated parking space.
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
$25,191
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
3.15%
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%
$503,820
$503.8K
Cap Rate 7%
$359,871
$359.9K
Cap Rate 9%
$279,900
$279.9K
Market Conditions
NOI Build-Up for 1,879 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
$44.2K $23.52/SF
− Vacancy
−$10.6K −$5.64/SF
EGI
$33.6K $17.88/SF
− OpEx
−$8.4K −$4.47/SF
NOI
$25.2K $13.41/SF
Area
Oakland, CA
Vacancy
24.00%
Lease Rate
$23.52 /SF/Yr
Expense Ratio
25.00%
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%
$503,820
Cap Rate 7%
$359,871
Cap Rate 9%
$279,900
Alternative Uses
Best Use
Office B
$359.9K
$314.9K – $419.9K
NOI $25,191 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$615.2K
$538.3K – $717.7K
NOI $43,062 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,726
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office condo with parking near Lake Merritt BART.
Where is this office units located?
The property is located at 212 9th St Oakland, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Convenient location minutes from Lake Merritt BART, restaurants, and entertainment.; Efficient office condo ideal for a small business.; Includes one (1) dedicated parking space.
