Oakland 6-Unit Investment
For Sale
$799,000
2523 Mason St, Oakland, CA 94605
6-unit residential property in Oakland with income and growth potential.
Property Size3,709 SF
Price / SF$215.42
Days on Market431
Property Features for 2523 Mason St
General Information
Standard status
Active
Size
3,709 SF
Building Details
Year Built
1958
Listing Agency:
SOTHEBY'S INTERNATIONAL REALTY INC
Listed By:
DEVANG PARIKH
Source:
Corcoran
Added: Jun 9, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:08AM
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 SOTHEBY'S INTERNATIONAL REALTY INC
Investment Insights
Based on property information with market context.
Located at 2523 Mason Street in Oakland, this 6-unit residential property presents an investment opportunity designed for immediate income and future growth. The property's location offers proximity to local amenities, access to major highways, and convenient public transportation. The updated units are currently generating income, and additional income potential is realized through a common area coin-operated laundry room. On-site amenities include three two-car garages, a common area courtyard, and a private backyard. The property size is 3709 square feet.
Key Highlights
- Excellent income‑generating property with updated units for immediate revenue.
- Highly desirable location in Oakland with convenient access to highways and public transportation.
- Valuable on‑site amenities: three 2‑car garages, common courtyard, and private backyard.
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
$67,299
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
8.42%
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%
$1,345,980
$1.3M
Cap Rate 7%
$961,414
$961.4K
Cap Rate 9%
$747,767
$747.8K
Market Conditions
NOI Build-Up for 3,709 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
$129.1K $34.80/SF
− Vacancy
−$6.7K −$1.81/SF
EGI
$122.4K $32.99/SF
− OpEx
−$55.1K −$14.85/SF
NOI
$67.3K $18.14/SF
Area
ZIP 94605
Vacancy
5.20%
Lease Rate
$34.80 /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%
$1,345,980
Cap Rate 7%
$961,414
Cap Rate 9%
$747,767
Alternative Uses
Best Use
Apartment 5plus
$961.4K
$841.2K – $1.12M
NOI $67,299 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.07M
$938.5K – $1.25M
NOI $75,077 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 6-unit residential property in Oakland with income and growth potential.
Where is this apartment building located?
The property is located at 2523 Mason St Oakland, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Excellent income‑generating property with updated units for immediate revenue.; Highly desirable location in Oakland with convenient access to highways and public transportation.; Valuable on‑site amenities: three 2‑car garages, common courtyard, and private backyard.
