4-Unit
New
For Sale
$849,000
2120 E 22Nd St, Oakland, CA 94606
Renovated kitchens, gated access, and rear parking support this occupied residential property.
Property Size2,860 SF
Price / SF$296.85
Days on Market4
Property Features for 2120 E 22Nd St
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Multi-Family
Building Details
Year Built
1962
Listing Agency:
Redfin
Listed By:
Tom Hendershot · License #01736866
(510) 828-4650
Source:
Pebblebeachproperties
Added: Sep 30
Last Checked: Oct 2 at 5:41PM
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 Redfin
Investment Insights
Based on property information with market context.
This two-story quadplex contains four tenant-occupied apartments, each with two bedrooms and one bathroom. The building totals approximately 2,860 square feet and was built in 1962. Updated kitchens feature quartz countertops, stained hardwood cabinetry, and subway tile backsplashes; luxury vinyl plank flooring is also installed in each unit.
Security gates protect the front and rear entrances. The property also includes a private side yard and four rear surface parking spaces.
Security gates protect the front and rear entrances. The property also includes a private side yard and four rear surface parking spaces.
Key Highlights
- Four apartments, each configured with 2 bedrooms and 1 bathroom
- Approximately 2,860 square feet across a two‑story building
- Renovated kitchens in all units with quartz countertops, hardwood cabinetry, and subway tile backsplashes
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
$61,479
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
7.24%
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%
$1,229,580
$1.2M
Cap Rate 7%
$878,271
$878.3K
Cap Rate 9%
$683,100
$683.1K
Market Conditions
NOI Build-Up for 2,860 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
$92.7K $32.40/SF
− Vacancy
−$4.8K −$1.69/SF
EGI
$87.8K $30.71/SF
− OpEx
−$26.3K −$9.21/SF
NOI
$61.5K $21.50/SF
Area
ZIP 94606
Vacancy
5.22%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,229,580
Cap Rate 7%
$878,271
Cap Rate 9%
$683,100
Alternative Uses
Best Use
Multifamily LT 5
$878.3K
$768.5K – $1.02M
NOI $61,479 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$802.7K
$702.4K – $936.5K
NOI $56,189 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,198 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,429
Businesses Nearby
Explore this area
Business Placement
Demographics for 94606, CA
40,768
Population
17,457
Households
2.3
Avg Household Size
37
Median Age
40%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
17,725
Density / Sq Mi
$70,769
Median Household Income
$47,558
Median Earnings
$1,775
Median Rent
$747,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated kitchens, gated access, and rear parking support this occupied residential property.
Where is this quadplex located?
The property is located at 2120 E 22Nd St Oakland, CA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Four apartments, each configured with 2 bedrooms and 1 bathroom; Approximately 2,860 square feet across a two‑story building; Renovated kitchens in all units with quartz countertops, hardwood cabinetry, and subway tile backsplashes
