Oakland Multifamily Property with Renovated
For Sale
$2,598,000
Pending
2605 9th Ave, Oakland, CA 94606
Renovated 10-unit multifamily property in Oakland, near medical facilities.
Property Size7,732 SF
Lot Size0.17 Acres
Days on Market187
Property Features for 2605 9th Ave
General Information
Standard status
Pending
Size
7,732 SF
Lot size
0.17 Acres
Property subtype
Multi Family
Building Details
Year Built
1964
Listing Agency:
Infinity Investments
(510) 380-8101
Listed By:
Steven Peterson · License #01746140
(408) 509-0700
Source:
Exitrealty
Added: Mar 14
Changed: Sep 5
Last Checked: Sep 15 at 6:14AM
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 Infinity Investments
Investment Insights
Based on property information with market context.
Located at 2605 9th Ave in Oakland, California, this two-story property features 7,600 rentable square feet. Constructed in 1964, the building includes 10 units: eight two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units, each with private baths and kitchens. The property sits on a 0.17-acre lot and includes 10 parking spaces. The building has a concrete perimeter foundation, wood exterior walls, and a composition shingle roof. On-site laundry facilities are available. All units have been renovated. Each unit is equipped with separate gas and electric meters and individual hot water heaters. The property is in good condition with no deferred maintenance. The building offers affordable living and a strong sense of community, appealing to those seeking proximity to medical facilities and a diverse, established neighborhood. Upstairs units offer pleasant views from the entry and living room. The coin-operated laundry provides additional income. The property has a bike score of 44, indicating it is somewhat bikeable, a walk score of 66, indicating it is somewhat walkable, and a transit score of 55, indicating good transit options.
Key Highlights
- 10 renovated units, featuring 8 two‑bedroom and 2 one‑bedroom layouts, each with private baths and kitchens.
- Separate gas and electric meters and individual hot water heaters for each unit, reducing owner expenses.
- 10 parking spaces on a .17 acre lot.
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
$151,907
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
5.85%
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%
$3,038,140
$3.0M
Cap Rate 7%
$2,170,100
$2.2M
Cap Rate 9%
$1,687,856
$1.7M
Market Conditions
NOI Build-Up for 7,732 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
$292.3K $37.80/SF
− Vacancy
−$16.1K −$2.08/SF
EGI
$276.2K $35.72/SF
− OpEx
−$124.3K −$16.07/SF
NOI
$151.9K $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%
$3,038,140
Cap Rate 7%
$2,170,100
Cap Rate 9%
$1,687,856
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,907 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,553 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,283
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 10-unit multifamily property in Oakland, near medical facilities.
Where is this apartment building located?
The property is located at 2605 9th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $2,598,000.
What are key features of this property?
This property features: 10 renovated units, featuring 8 two‑bedroom and 2 one‑bedroom layouts, each with private baths and kitchens.; Separate gas and electric meters and individual hot water heaters for each unit, reducing owner expenses.; 10 parking spaces on a .17 acre lot.
