Waterfront Multifamily Investment
For Sale
$1,695,000
2140 Dutch Slough Rd, Oakley, CA 94561
Nine-unit waterfront property with rental upside and expansion potential.
Property Size5,450 SF
Lot Size0.92 Acres
Price / SF$311.01
Days on Market297
Property Features for 2140 Dutch Slough Rd
General Information
Standard status
Active
Size
5,450 SF
Lot size
0.92 Acres
Property subtype
Commercial
Amenities
Other
Building Details
Year Built
1946
Listing Agency:
THE PINZA GROUP, INC
(510) 725-4775
Listed By:
JAY FLORES · License #02037775
(925) 290-7044
Source:
Corcoran
Added: Nov 13, 2025
Changed: Sep 3
Last Checked: Sep 6 at 7:21AM
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 THE PINZA GROUP, INC
Investment Insights
Based on property information with market context.
This nine-unit investment property, constructed in 1946, features a unit mix of one 3-bedroom/1-bathroom house, two 2-bedroom/1-bathroom units, five 1-bedroom/1-bathroom units, and one studio unit. Situated on a 40,075 square foot lot, the property offers ample parking and potential for expansion. The property is 100% occupied and presents a turn-key investment opportunity, as all units were remodeled in 2015 and all deferred maintenance has been addressed. Rental upside exists, as many units are currently under market value. Additional income opportunities include a large garage under the house with a bathroom that is not currently being rented, along with a 24-slip boat dock that can be rebuilt and leased. This waterfront apartment complex offers multiple avenues for growth, making it suitable for investors or owner-occupants seeking a cash-flowing asset.
Key Highlights
- 100% Occupied, Turn‑Key Investment Property
- Significant Rental Upside with Under‑Market Rents
- Large 40,075 SqFt Waterfront Lot with Expansion Potential
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
$86,636
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
5.11%
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%
$1,732,720
$1.7M
Cap Rate 7%
$1,237,657
$1.2M
Cap Rate 9%
$962,622
$962.6K
Market Conditions
NOI Build-Up for 5,450 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
$165.5K $30.36/SF
− Vacancy
−$7.9K −$1.46/SF
EGI
$157.5K $28.90/SF
− OpEx
−$70.9K −$13.01/SF
NOI
$86.6K $15.90/SF
Area
Contra Costa County, CA
Vacancy
4.80%
Lease Rate
$30.36 /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%
$1,732,720
Cap Rate 7%
$1,237,657
Cap Rate 9%
$962,622
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,636 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,207 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 94561, CA
44,545
Population
14,251
Households
3.1
Avg Household Size
36
Median Age
23%
College-Educated
89%
High-School Grad
17.3 sq mi
ZIP Area
2,575
Density / Sq Mi
$130,859
Median Household Income
$52,220
Median Earnings
$1,982
Median Rent
$632,100
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 - Nine-unit waterfront property with rental upside and expansion potential.
Where is this apartment building located?
The property is located at 2140 Dutch Slough Rd Oakley, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 100% Occupied, Turn‑Key Investment Property; Significant Rental Upside with Under‑Market Rents; Large 40,075 SqFt Waterfront Lot with Expansion Potential
