Oakland Multifamily Investment
For Sale
$6,995,000
2624 Foothill Blvd, Oakland, CA 94601
40-unit apartment building in Oakland's Fruitvale district.
Property Size29,423 SF
Lot Size0.26 Acres
Price / SF$237.74
Days on Market147
Property Features for 2624 Foothill Blvd
General Information
Standard status
Active
Size
29,423 SF
Lot size
0.26 Acres
Property subtype
Apartment
Amenities
Security System
Individual Electric Meter, Individual Gas Meter
Building Details
Year Built
1928
Listing Agency:
Infinity Investments
Listed By:
Steven Peterson · License #01746140
(510) 675-7755
Source:
Kw
Added: Apr 10
Changed: Sep 2
Last Checked: Sep 1 at 3:13PM
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.
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
$626,472
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
8.96%
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%
$12,529,440
$12.5M
Cap Rate 7%
$8,949,600
$8.9M
Cap Rate 9%
$6,960,800
$7.0M
Market Conditions
NOI Build-Up for 29,423 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
$1.18M $40.20/SF
− Vacancy
−$43.8K −$1.49/SF
EGI
$1.14M $38.71/SF
− OpEx
−$512.6K −$17.42/SF
NOI
$626.5K $21.29/SF
Area
ZIP 94601
Vacancy
3.70%
Lease Rate
$40.20 /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%
$12,529,440
Cap Rate 7%
$8,949,600
Cap Rate 9%
$6,960,800
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 94601, CA
54,166
Population
17,454
Households
3.1
Avg Household Size
35
Median Age
24%
College-Educated
70%
High-School Grad
3.2 sq mi
ZIP Area
16,927
Density / Sq Mi
$66,651
Median Household Income
$37,765
Median Earnings
$1,651
Median Rent
$703,100
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 - 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.
