Oakland Commercial Condo in Jack
For Sale
$899,000
255 3Rd St, Oakland, CA 94607
2,414 SF commercial condo in Oakland's vibrant Jack London.
Property Size2,414 SF
Lot Size0.34 Acres
Price / SF$372.41
Days on Market139
Property Features for 255 3Rd St
General Information
Standard status
Active
Size
2,414 SF
Lot size
0.34 Acres
Property subtype
Commercial
Building Details
Year Built
1921
Listing Agency:
(925) 876-7888
Listed By:
Long Nguyen
(925) 876-7888
Source:
Elliman
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 16 at 7:36AM
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 Long Nguyen
Investment Insights
Based on property information with market context.
Located in the Jack London District of Oakland, this 2,414 square foot first-floor commercial condo is situated in a converted warehouse, a couple of blocks from Jack London Square. The space includes two bathrooms and a kitchenette. It is suited for a variety of uses including professional office, creative workspace, restaurant, café, or boutique concept. The property also presents potential for conversion to a live/work configuration. The location is near the waterfront and downtown Oakland, surrounded by dining, retail, and entertainment. Commuting is facilitated by access to the Bay Bridge and SF Ferry, providing connectivity to San Francisco and the greater Bay Area.
Key Highlights
- Prime location in Oakland's vibrant Jack London District, near waterfront and downtown.
- 2,414 square foot commercial condo in a beautifully converted warehouse.
- Adaptable layout suitable for various uses: office, creative space, restaurant, or retail.
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
$32,363
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
3.60%
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%
$647,260
$647.3K
Cap Rate 7%
$462,329
$462.3K
Cap Rate 9%
$359,589
$359.6K
Market Conditions
NOI Build-Up for 2,414 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
$56.8K $23.52/SF
− Vacancy
−$13.6K −$5.64/SF
EGI
$43.2K $17.88/SF
− OpEx
−$10.8K −$4.47/SF
NOI
$32.4K $13.41/SF
Area
Oakland, CA
Vacancy
24.00%
Lease Rate
$23.52 /SF/Yr
Expense Ratio
25.00%
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%
$647,260
Cap Rate 7%
$462,329
Cap Rate 9%
$359,589
Alternative Uses
Best Use
Office B
$462.3K
$404.5K – $539.4K
NOI $32,363 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$790.3K
$691.5K – $922.1K
NOI $55,323 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,944
Businesses Nearby
Explore this area
Business Placement
Demographics for 94607, CA
31,067
Population
14,362
Households
2.2
Avg Household Size
38
Median Age
47%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
5,266
Density / Sq Mi
$87,937
Median Household Income
$67,107
Median Earnings
$1,875
Median Rent
$744,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - 2,414 SF commercial condo in Oakland's vibrant Jack London.
Where is this creative space located?
The property is located at 255 3Rd St Oakland, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime location in Oakland's vibrant Jack London District, near waterfront and downtown.; 2,414 square foot commercial condo in a beautifully converted warehouse.; Adaptable layout suitable for various uses: office, creative space, restaurant, or retail.
