Victorian Multifamily
New
For Sale
$1,295,000
2165 Central Avenue, Alameda, CA 94501
Fully occupied Victorian multifamily property with a rear parking area, outbuilding, and unfinished ground-floor workshop space.
Property Size5,373 SF
Price / SF$241.02
Days on Market2
Property Features for 2165 Central Avenue
General Information
Standard status
Active
Size
5,373 SF
Property subtype
Multi-Family
Occupancy
100%
Amenities
parking in rear yard
outbuilding
workshop
Building Details
Buildings
2
Construction
Victorian
Listing Agency:
Colliers International
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Sep 12
Last Checked: Sep 12 at 2:38PM
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 Colliers International
Investment Insights
Based on property information with market context.
This Victorian multifamily property at 2165 Central Avenue in Alameda, CA 94501 contains 5373 square feet and is fully occupied. Period architectural details extend throughout the building, while the ground floor includes unfinished workshop space that remains separate from the completed areas.
The property includes a substantial lot with an outbuilding and parking positioned in the rear yard. Its existing configuration combines residential income use with additional on-site ancillary space.
The property includes a substantial lot with an outbuilding and parking positioned in the rear yard. Its existing configuration combines residential income use with additional on-site ancillary space.
Key Highlights
- Victorian multifamily building with period architectural details
- 5373 square feet of building area
- Fully occupied property
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
$77,834
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
6.01%
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%
$1,556,680
$1.6M
Cap Rate 7%
$1,111,914
$1.1M
Cap Rate 9%
$864,822
$864.8K
Market Conditions
NOI Build-Up for 5,373 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
$150.2K $27.96/SF
− Vacancy
−$8.7K −$1.62/SF
EGI
$141.5K $26.34/SF
− OpEx
−$63.7K −$11.85/SF
NOI
$77.8K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /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%
$1,556,680
Cap Rate 7%
$1,111,914
Cap Rate 9%
$864,822
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$972.9K – $1.30M
NOI $77,834 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$24.50M
$21.43M – $28.58M
NOI $1,714,667 @ 7.0% cap · market cap 132.41%
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,691
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?
Multifamily property - Fully occupied Victorian multifamily property with a rear parking area, outbuilding, and unfinished ground-floor workshop space.
Where is this multifamily property located?
The property is located at 2165 Central Avenue Alameda, CA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Victorian multifamily building with period architectural details; 5373 square feet of building area; Fully occupied property
