Oakland Multifamily Investment
2624 Foothill Blvd Oakland, CA 94601
2624 Foothill Blvd, Oakland, CA, 94601
$6,995,000
For Sale
$6,995,000
40-unit apartment building in Oakland's Fruitvale district.
Property Size29,423 SF
Lot Size0.26 Acres
Price / SF$237.74
Days on Market101
Property Features for 2624 Foothill Blvd
General Information
- Standard status
- Active
- Size
- 29,423 SF
- Lot size
- 0.26 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1928
Listing Agency
INFINITY INVESTMENTS
(510) 380-8101
Listed by
STEVEN PETERSON · License #01746140
Source
Corcoran
Added: Apr 10 Checked: Jul 19 at 6:01 am
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 2624 Foothill Blvd in Oakland, California, this three-story marina-style building offers a multifamily investment opportunity. The property, situated on a 0.26-acre lot, comprises 29,423 square feet and contains 40 units. The complex has a unit mix of 18 studios, 19 one-bedroom units, and 3 two-bedroom units. The building is located in the heart of Oakland’s Fruitvale district, near Lake Merritt, and is positioned within a central business district. Constructed with a concrete foundation and wood frame, the property features a key fob entrance. The basement has poured concrete foundation and perimeter walls and an open beam ceiling. The units are individually metered for gas and electricity. A laundry room provides added convenience for residents and generates extra monthly income. Interior finishes include carpet or wood flooring in the living areas and bedrooms. A significant portion of the units have been substantially renovated. The soft story work and sewer lateral have been completed. The property includes a penthouse with a view. There is a reported 37% upside in rents.
Key Highlights
- 40‑unit apartment building in a central business district location.
- Located in the heart of Oakland’s Fruitvale district, close to Lake Merritt.
- Majority of units have been substantially renovated.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.18M | $40.20 |
| − Vacancy | −$43.8k | −$1.49 |
| EGI | $1.14M | $38.71 |
| − OpEx | −$512.6k | −$17.42 |
| NOI | $626.5k | $21.29 |
29,423 SF · lease $40.20/SF/yr · vacancy 3.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$8.95M
$7.83M – $10.44M
NOI $626,472 @ 7.0% cap · market cap 8.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.99M
$10.49M – $13.99M
NOI $839,519 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
California Affordable Housing
Housing Authority
Rey&t building cleaning ...
General Contractor
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FAQs
What type of property is this?
Apartment building - 40-unit apartment building in Oakland's Fruitvale district.
Where is this apartment building located?
The property is located at 2624 Foothill Blvd Oakland, CA.
What is the asking price?
The asking price for this property is $6,995,000.
What are key features of this property?
This property features: 40‑unit apartment building in a central business district location.; Located in the heart of Oakland’s Fruitvale district, close to Lake Merritt.; Majority of units have been substantially renovated.
