Quadplex with Coin
For Sale
$938,000
2223 E 23Rd St, Oakland, CA 94606
Residential Income, Oakland, CA
Property Size3,981 SF
Lot Size0.16 Acres
Price / SF$235.62
Days on Market50
Property Features for 2223 E 23Rd St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
14
Bathrooms
17
Full bathrooms
17
Rooms
Bathroom 16, Bedroom 9, Bathroom 4, Bathroom 8, Bathroom 13, Bedroom 4, Bedroom 13, Bathroom 14, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 9, Bedroom 6, Bathroom 17, Bedroom 8, Bathroom 5, Bathroom 15, Bathroom 7, Bathroom 10, Bedroom 11, Bathroom 12, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 3, Bedroom 7, Bedroom 10, Bedroom 14, Bathroom 11, Bedroom 12
Parking features
Parking Lot
Exterior features
Back Yard
Fencing
Fenced
Appliances
Gas Water Heater
Lot features
Rectangular Lot
Directions
GPS..
Subdivision
Listing
Standard status
Active
APN
2229631
Size
3,981 SF
Lot size
0.16 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Amenities
coin laundry
Building Details
Year built
1898
Number of units
4
Flooring type
Laminate, Concrete
Building materials
Wood Siding
Listing Agency:
RE/MAX Accord · RE/MAX International
(510) 739-4000
Listed By:
Leo Zhang · License #02024974
(510) 590-1628
Added: Jul 11
Changed: Aug 24
Last Checked: Aug 29 at 7:06AM
MLS# 41141385
Copyright © 2026 Bay East. 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.
This four-unit multifamily property contains 3,981 square feet of living space on a 7,000-square-foot lot. On-site coin laundry provides an additional property feature, while the improvements include wood siding, laminate and concrete flooring, wall-furnace heating, a gas water heater, a fenced back yard, and parking-lot spaces. Public water and public sewer serve the property.
Constructed in 1898, the building is located at 2223 E 23Rd St in Oakland’s 94606 ZIP code. The surrounding area provides access to Fruitvale BART Station, Lake Merritt, Laney College, Highland Hospital, I-880, I-580, Oakland International Airport, and Jack London Square. The property is identified as a quadplex and has a cap rate exceeding 8%.
Constructed in 1898, the building is located at 2223 E 23Rd St in Oakland’s 94606 ZIP code. The surrounding area provides access to Fruitvale BART Station, Lake Merritt, Laney College, Highland Hospital, I-880, I-580, Oakland International Airport, and Jack London Square. The property is identified as a quadplex and has a cap rate exceeding 8%.
Key Highlights
- 3,981 square feet of living space on a 7,000 square foot lot
- Four‑unit multifamily building with on‑site coin laundry
- Cap rate exceeding 8%
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
$85,576
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
9.12%
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%
$1,711,520
$1.7M
Cap Rate 7%
$1,222,514
$1.2M
Cap Rate 9%
$950,844
$950.8K
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
$129.0K $32.40/SF
− Vacancy
−$6.7K −$1.69/SF
EGI
$122.3K $30.71/SF
− OpEx
−$36.7K −$9.21/SF
NOI
$85.6K $21.50/SF
Area
ZIP 94606
Vacancy
5.22%
Lease Rate
$32.40 /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%
$1,711,520
Cap Rate 7%
$1,222,514
Cap Rate 9%
$950,844
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.07M – $1.43M
NOI $85,576 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$1.12M
$977.7K – $1.30M
NOI $78,213 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$1.81M
$1.59M – $2.12M
NOI $126,944 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Four-unit property with on-site coin laundry, a fenced yard, parking, and public water and sewer service.
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 $938,000.
What are key features of this property?
This property features: 3,981 square feet of living space on a 7,000 square foot lot; Four‑unit multifamily building with on‑site coin laundry; Cap rate exceeding 8%
