Building Details

Building Size 4,715 SF

Year Built 1926

Listing Agency: Marcus & Millichap

Listed By: Joseph Owens Show Phone

Source: Coastandcore

Added: Aug 12 Changed: Oct 5 Last Checked: Oct 16 at 6:25PM

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Investment Insights

Based on property information with market context.

Built in 1926, this seven-unit apartment property is fully occupied and includes two live/work-style units that are not permitted for that use. Recent improvements include upgraded plumbing, electrical systems, windows, and roofing.

The property is located at 2246 23rd Ave in Oakland’s Highland Terrace neighborhood, less than 1 mile from Highland Hospital and approximately 1.6 miles from Fruitvale BART. Direct access to I-880 supports regional connectivity. Current cap rate is 5.46%, compared with 7.41% at market rents, while stated rental upside is 20.4% and projected NOI growth potential is 35.6%.

Key Highlights

• Seven‑unit multifamily property built in 1926
• Fully occupied apartment asset
• Recent upgrades to plumbing, electrical, windows, and roof

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$92,633

Cap Rate

7.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,852,660 $1.9M

Cap Rate 7%

$1,323,329 $1.3M

Cap Rate 9%

$1,029,256 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,715 SF

Gross rent

$178.2K $37.80/SF

− Vacancy

−$9.8K −$2.08/SF

EGI

$168.4K $35.72/SF

− OpEx

−$75.8K −$16.07/SF

NOI

$92.6K $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 Rate 5%

$1,852,660

Cap Rate 7%

$1,323,329

Cap Rate 9%

$1,029,256

Alternative Uses

Best Use

Apartment 5plus

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,633 @ 7.0% cap · market cap 7.13%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.15M

$1.88M – $2.51M (±1% cap)

NOI $150,349 @ 7.0% cap · market cap 11.57%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Skin Care Clinic Parking Lot & Garage Travel Agency Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,421

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied multifamily property with recent plumbing, electrical, window, and roof upgrades.

Where is this apartment building located?

The property is located at 2246 23Rd Ave Oakland, CA.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Seven‑unit multifamily property built in 1926; Fully occupied apartment asset; Recent upgrades to plumbing, electrical, windows, and roof