Freestanding Commercial Building with
For Sale
$1,400,000
2515 Seminary Ave, Oakland, CA 94605
Renovated 6,200 SF building with income and flexible zoning.
Property Size6,200 SF
Lot Size0.17 Acres
Price / SF$225.81
Days on Market166
Property Features for 2515 Seminary Ave
General Information
Standard status
Active
Size
6,200 SF
Lot size
0.17 Acres
Property subtype
Commercial
Building Details
Year Built
1928
Stories
1
Listing Agency:
CENTERMAC REALTY, INC.
(408) 772-6539
Listed By:
Maria Shlychkova
(408) 772-6539
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 22 at 12:20PM
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 CENTERMAC REALTY, INC.
Investment Insights
Based on property information with market context.
This is a renovated freestanding commercial building offering 6,200 square feet of space. The property includes a leased billboard, providing additional income. The building features 25-foot ceilings, roll-up and drive-in doors, a showroom area, and private offices. There are also two restrooms. A new roof with a 10-year warranty was installed in January 2026. The property is situated on a 7,341 square foot lot and is zoned CN-3, which allows for a wide range of commercial uses. It is located at a high-traffic intersection near Bancroft Ave. The property is fully leased.
Key Highlights
- Fully leased 6,200 SF commercial building generating income
- Leased billboard provides additional income stream
- CN‑3 zoning allows for a wide range of commercial uses
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
$61,611
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
4.40%
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%
$1,232,220
$1.2M
Cap Rate 7%
$880,157
$880.2K
Cap Rate 9%
$684,567
$684.6K
Market Conditions
NOI Build-Up for 6,200 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
$104.2K $16.80/SF
− Vacancy
−$9.4K −$1.51/SF
EGI
$94.8K $15.29/SF
− OpEx
−$33.2K −$5.35/SF
NOI
$61.6K $9.94/SF
Area
ZIP 94605
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,232,220
Cap Rate 7%
$880,157
Cap Rate 9%
$684,567
Alternative Uses
Best Use
Flex RnD
$880.2K
$770.1K – $1.03M
NOI $61,611 @ 7.0% cap · market cap 4.40%
Second Best
Industrial
$817.8K
$715.6K – $954.1K
NOI $57,246 @ 7.0% cap · market cap 4.09%
Theoretical Best
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,500 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
863
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94605, CA
44,294
Population
17,686
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
5,033
Density / Sq Mi
$101,043
Median Household Income
$62,590
Median Earnings
$1,867
Median Rent
$840,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated 6,200 SF building with income and flexible zoning.
Where is this flex space located?
The property is located at 2515 Seminary Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Fully leased 6,200 SF commercial building generating income; Leased billboard provides additional income stream; CN‑3 zoning allows for a wide range of commercial uses
