Victorian Duplex with
New
For Sale
$1,175,000
2138 Pacific Ave, Alameda, CA 94501
Residential Income, Alameda, CA
Property Size2,930 SF
Lot Size0.14 Acres
Price / SF$401.02
Days on Market3
Property Features for 2138 Pacific Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 1, Basement
Parking
3
Parking features
Off Street
Exterior features
Garden
Fireplace
1
Appliances
Dryer, Washer, Gas Water Heater
Subdivision
CENTRAL ALAMEDA
Lot features
Level, Back Yard
Standard status
Active
APN
7123340
Size
2,930 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Water source
Public
Amenities
garden
storage sheds
off-street parking
Building Details
Year built
1895
Flooring type
Tile, Vinyl, Hardwood
Building materials
Wood Siding, Wood
Listing Agency:
Corcoran Icon Properties · Better Homes and Gardens Real Estate
(510) 428-0900
Listed By:
Debbi DiMaggio Betta · License #01047447
(510) 414-6777
Added: Sep 25
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 41149428
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1895, this Victorian duplex contains 2,930 square feet across two residences, one on each level. Each residence has three bedrooms and two bathrooms. The property also includes a garden with mature fruit trees, two storage sheds, and off-street tandem parking along the side, plus parking in front. Interior features include hardwood, tile, and vinyl flooring, zoned heating, and a fireplace.
The 0.1377-acre property is near McKinley Park and its playground. Shops, cafés, and restaurants along Park Street are a few blocks away.
The 0.1377-acre property is near McKinley Park and its playground. Shops, cafés, and restaurants along Park Street are a few blocks away.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- 2,930 square feet in a Victorian duplex built in 1895
- 0.1377‑acre lot with garden and mature fruit trees
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
$98,346
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
8.37%
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%
$1,966,920
$2.0M
Cap Rate 7%
$1,404,943
$1.4M
Cap Rate 9%
$1,092,733
$1.1M
Market Conditions
NOI Build-Up for 2,930 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
$149.4K $51.00/SF
− Vacancy
−$8.9K −$3.05/SF
EGI
$140.5K $47.95/SF
− OpEx
−$42.1K −$14.39/SF
NOI
$98.3K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,966,920
Cap Rate 7%
$1,404,943
Cap Rate 9%
$1,092,733
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.64M
NOI $98,346 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$606.3K
$530.6K – $707.4K
NOI $42,444 @ 7.0% cap · market cap 3.61%
Theoretical Best
Retail
$13.36M
$11.69M – $15.58M
NOI $935,041 @ 7.0% cap · market cap 79.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,575
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily 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?
Duplex - Two residences each provide three bedrooms and two bathrooms, with separate living space across the building’s levels.
Where is this duplex located?
The property is located at 2138 Pacific Ave Alameda, CA.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; 2,930 square feet in a Victorian duplex built in 1895; 0.1377‑acre lot with garden and mature fruit trees
