Oakland Victorian Multifamily Investment
2151 24th Street Oakland, CA 94606
2151 24th Street, Oakland, CA, 94606
$795,000
For Sale
$795,000
Well-maintained 5-unit building in desirable Highland Terrace neighborhood.
Property Size3,452 SF
Lot Size0.16 Acres
Price / SF$230.30
Days on Market107
Property Features for 2151 24th Street
General Information
- Standard status
- Active
- Size
- 3,452 SF
- Lot size
- 0.16 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1940
Listing Agency
KELLER WILLIAMS TRI VALLEY REALTY
(925) 397-4200
Listed by
DAVID WEGLARZ
Source
Corcoran
Added: Apr 4 Checked: Jul 19 at 4:32 am
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 KELLER WILLIAMS TRI VALLEY REALTY
Investment Insights
Based on property information with market context.
Located in Oakland's Highland Terrace neighborhood, 2151 E 24th Street is a well-maintained, Victorian-style building featuring five units. Constructed in 1940, the building has a total area of approximately 3,452 square feet. The building features classic wood construction and siding on a concrete perimeter foundation, topped with a pitched composition shingle roof. The property includes four two-bedroom, one-bath units and one one-bedroom, one-bath unit, all with desirable floor plans. Situated on an approximately 7,000 square foot parcel, the property offers ample parking with five assigned spaces at the rear, plus two tandem parking spaces on the right side. Minimal landscaping contributes to easy maintenance. Each unit has a private entrance, and shared laundry facilities are available. The property is located near Garfield Elementary, Roosevelt Middle School, and Oakland High School, with quick access to I-880 and I-580, as well as San Antonio Peralta Parks. This property presents a value-add opportunity with income upside in a high-demand rental market.
Key Highlights
- Value‑add opportunity with substantial income upside in a high‑demand rental market.
- Well‑maintained 5‑unit building with desirable floor plans that attract and maintain long‑term, reliable tenants.
- Located in Oakland's desirable Highland Terrace neighborhood known for accessibility in a central location.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $130.5k | $37.80 |
| − Vacancy | −$7.2k | −$2.08 |
| EGI | $123.3k | $35.72 |
| − OpEx | −$55.5k | −$16.07 |
| NOI | $67.8k | $19.65 |
3,452 SF · lease $37.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$968.9K
$847.8K – $1.13M
NOI $67,820 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,075 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 5-unit building in desirable Highland Terrace neighborhood.
Where is this apartment building located?
The property is located at 2151 24th Street Oakland, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Value‑add opportunity with substantial income upside in a high‑demand rental market.; Well‑maintained 5‑unit building with desirable floor plans that attract and maintain long‑term, reliable tenants.; Located in Oakland's desirable Highland Terrace neighborhood known for accessibility in a central location.
