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    2400 Filbert St Oakland, CA 94607

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    Approved development site for 193-unit assisted living facility.

    Property size:
    55,034 SF
    Lot size:
    1.19 Acres

    Property Features for 2400 Filbert St

    General Information

    Standard status
    Active
    Zoning
    RM-4, S-13, S-14
    Size
    55,034 SF
    Lot size
    1.19 Acres

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    Listing Contact
    Drew Malm
    Drew Malm
    Source: Crexi

    Listing Agency: ACARA Listing Agent: Drew Malm

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Oakland Assisted Living Development Opportunity

    Located at 2400 Filbert Street, Oakland, California, this property presents an opportunity to invest in or acquire a Qualified Opportunity Zone (QOZ) development site approved for a 193-unit / 386-bed Assisted Living and Memory Care facility. The site is approved for approximately 90,000 square feet of secured living area providing Level Care Tiers 3 and 4, the highest level of residential memory care, utilizing modular construction. The facility is designed with amenities including a bistro coffee shop, a full-service spa and salon, chef-developed menus, an on-site movie theater, yoga and meditation hub, art and music studios, private dining rooms, and weekly live entertainment. As of April 2025, California has over 12,000 low-income seniors enrolled in the state’s Assisted Living Waiver (ALW) program and waiting for an available bed. Monthly ALW reimbursements are paid directly by the California Department of Health Care Services, creating a government-backed revenue stream. The property size is 55,034 square feet.
    Location Intelligence

    Current Use by Public Records

    Bay Bridge Aquarium (Bike/Boat/Book/etc) Store RECON Environmental Corporate Office Fair Station Car ... Corporate Office Glampervan Car Dealership

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Law Firm Nail Salon Daycare Center Building Supply Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Sshi Maintenance, Satellite Senior Homes, Andrea M Thach, M.D., Ms. Andrea Thach

    Location Insight

    • Map
    • Local Demand
    City
    Oakland
    County
    Alameda
    State
    California
    Longitude
    -122.2796008
    Latitude
    37.8168189

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    FAQs

    What type of property is this?
    Assisted living facility - Approved development site for 193-unit assisted living facility.
    Where is this assisted living facility located?
    The property is located at 2400 Filbert St Oakland, CA.
    What are key features of this property?
    This property features: - Qualified opportunity zone (QOZ) investment offering significant tax benefits.; - High return potential: projected 30.9% LP Internal Rate of Return, up to 7.1x equity multiple.; - Addresses a critical and growing need for assisted living, particularly for low-income seniors.
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    2400 Filbert St Oakland, CA 94607
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    Oakland, CA 94607
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2400 Filbert St Oakland, CA 94607
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    Listing Contact
    Drew Malm
    Drew Malm
    Real Estate License ID: 01312428
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