10-Unit Apartment
For Sale
$2,098,000
2275 Park Blvd, Oakland, CA 94606
Hardwood floors, updated interiors, and garage parking characterize this established multifamily property.
Property Size6,543 SF
Price / SF$320.65
Days on Market15
Property Features for 2275 Park Blvd
General Information
Standard status
Active
Size
6,543 SF
Property subtype
Multifamily
Occupancy
90%
Units
Unit Mix
2 x 2BR/1BA, 8 x 1BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
6.5%
Public Transit
Yes
Building Details
Building Size
6,543 SF
Year Built
1953
Buildings
1
Units
10
Listing Agency:
NAI Northern California
(510) 290-9647
Listed By:
James Kilpatrick · License #CalDRE #01277022
Source:
Nainorcal
Added: Aug 19
Changed: Aug 31
Last Checked: Sep 1 at 5:32PM
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 NAI Northern California
Investment Insights
Based on property information with market context.
This 6,543 SF apartment building contains 10 units arranged as two 2BR/1BA residences and eight 1BR/1BA residences. Constructed in 1953, the property includes garage parking, hardwood and tile flooring, granite countertops, and updated finishes in recently turned units. Nine units are occupied, while one is vacant and ready for leasing. In-place rents are approximately 10% below market, creating a documented mark-to-market opportunity without a repositioning program. Scheduled income reflects a 6.5% going-in cap rate, with performance projected at 7.7% using market rents.
The building occupies the corner of Park Boulevard and 5th Avenue in Oakland’s Cleveland Heights neighborhood, a few blocks from Lake Merritt. Dining, coffee shops, schools, supermarkets, and multiple transit lines are within walking distance, with connections to downtown Oakland, San Francisco, and the broader East Bay.
The building occupies the corner of Park Boulevard and 5th Avenue in Oakland’s Cleveland Heights neighborhood, a few blocks from Lake Merritt. Dining, coffee shops, schools, supermarkets, and multiple transit lines are within walking distance, with connections to downtown Oakland, San Francisco, and the broader East Bay.
Key Highlights
- 10‑unit apartment building totaling 6,543 SF
- Two 2BR/1BA units and eight 1BR/1BA units
- Nine of ten units occupied; one vacant unit ready to lease
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
$128,547
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
6.13%
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%
$2,570,940
$2.6M
Cap Rate 7%
$1,836,386
$1.8M
Cap Rate 9%
$1,428,300
$1.4M
Market Conditions
NOI Build-Up for 6,543 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
$247.3K $37.80/SF
− Vacancy
−$13.6K −$2.08/SF
EGI
$233.7K $35.72/SF
− OpEx
−$105.2K −$16.07/SF
NOI
$128.5K $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%
$2,570,940
Cap Rate 7%
$1,836,386
Cap Rate 9%
$1,428,300
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.14M
NOI $128,547 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,639 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,622
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?
Apartment building - Hardwood floors, updated interiors, and garage parking characterize this established multifamily property.
Where is this apartment building located?
The property is located at 2275 Park Blvd Oakland, CA.
What is the asking price?
The asking price for this property is $2,098,000.
What are key features of this property?
This property features: 10‑unit apartment building totaling 6,543 SF; Two 2BR/1BA units and eight 1BR/1BA units; Nine of ten units occupied; one vacant unit ready to lease
