Four-Unit Multifamily
For Sale
$918,000
2223 E 23Rd St, Oakland, CA 94606
On-site coin laundry complements a four-residence property with access to major Oakland destinations and transportation connections.
Property Size3,981 SF
Lot Size0.16 Acres
Price / SF$230.60
Days on Market76
Property Features for 2223 E 23Rd St
General Information
Standard status
Active
Size
3,981 SF
Lot size
0.16 Acres
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Gross Income
$94,800
Multifamily Units
4
Amenities
coin laundry
Building Details
Building Size
3,981 SF
Year Built
1898
Buildings
1
Listing Agency:
RE/MAX Accord
Listed By:
Leo Zhang · License #02024974
(510) 590-1628
Source:
Coastandcore
Added: Jul 11
Changed: Sep 18
Last Checked: Sep 22 at 8:28PM
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 RE/MAX Accord
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,981 square feet of living space on a 7,000-square-foot lot. Built in 1898, the building includes a mix of residential units and on-site coin laundry. The property has a cap rate exceeding 8%.
Located at 2223 E 23rd St in Oakland, the property is near Fruitvale BART Station, Lake Merritt, Laney College, Highland Hospital, I-880, I-580, Oakland International Airport, and Jack London Square. Its location provides access to public transportation, regional freeway routes, medical and educational institutions, the airport, and waterfront dining and entertainment.
Located at 2223 E 23rd St in Oakland, the property is near Fruitvale BART Station, Lake Merritt, Laney College, Highland Hospital, I-880, I-580, Oakland International Airport, and Jack London Square. Its location provides access to public transportation, regional freeway routes, medical and educational institutions, the airport, and waterfront dining and entertainment.
Key Highlights
- Four‑unit multifamily building with 3,981 square feet of living space
- Situated on a 7,000‑square‑foot lot
- Built in 1898
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
$78,213
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
8.52%
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%
$1,564,260
$1.6M
Cap Rate 7%
$1,117,329
$1.1M
Cap Rate 9%
$869,033
$869.0K
Market Conditions
NOI Build-Up for 3,981 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
$150.5K $37.80/SF
− Vacancy
−$8.3K −$2.08/SF
EGI
$142.2K $35.72/SF
− OpEx
−$64.0K −$16.07/SF
NOI
$78.2K $19.65/SF
Area
ZIP 94606
Vacancy
5.50%
Lease Rate
$37.80 /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%
$1,564,260
Cap Rate 7%
$1,117,329
Cap Rate 9%
$869,033
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.07M – $1.43M
NOI $85,576 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$1.12M
$977.7K – $1.30M
NOI $78,213 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.81M
$1.59M – $2.12M
NOI $126,944 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - On-site coin laundry complements a four-residence property with access to major Oakland destinations and transportation connections.
Where is this quadplex located?
The property is located at 2223 E 23Rd St Oakland, CA.
What is the asking price?
The asking price for this property is $918,000.
What are key features of this property?
This property features: Four‑unit multifamily building with 3,981 square feet of living space; Situated on a 7,000‑square‑foot lot; Built in 1898
