Duplex Investment
For Sale
$1,100,000
2656 38Th Ave, Oakland, CA 94619
As-is duplex offered for sale, with buyer cooperation required for a 1031 exchange.
Property Size3,948 SF
Price / SF$278.62
Days on Market83
Property Features for 2656 38Th Ave
General Information
Standard status
Active
Size
3,948 SF
Property subtype
Multi Family
Building Details
Year Built
1955
Listing Agency:
Discovery Investments Inc.
Listed By:
Martin Chan · License #01400871
(510) 584-9080
Source:
Exitrealty
Added: Jun 15
Changed: Sep 1
Last Checked: Sep 5 at 6:57AM
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 Discovery Investments Inc.
Investment Insights
Based on property information with market context.
This duplex investment property is offered for sale on an as-is basis. The property totals 3,948 square feet and is being marketed as a residential income duplex.
The property is located at 2656 38th Ave in Oakland, CA 94619. The seller has noted that the buyer must cooperate with the seller’s 1031 exchange.
The property is located at 2656 38th Ave in Oakland, CA 94619. The seller has noted that the buyer must cooperate with the seller’s 1031 exchange.
Key Highlights
- As‑is duplex for sale
- Year built: 1955
- Buyer to cooperate with a seller 1031 exchange
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
$90,479
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
8.23%
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%
$1,809,580
$1.8M
Cap Rate 7%
$1,292,557
$1.3M
Cap Rate 9%
$1,005,322
$1.0M
Market Conditions
NOI Build-Up for 3,948 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
$135.0K $34.20/SF
− Vacancy
−$5.8K −$1.46/SF
EGI
$129.3K $32.74/SF
− OpEx
−$38.8K −$9.82/SF
NOI
$90.5K $22.92/SF
Area
Oakland, CA
Vacancy
4.27%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,809,580
Cap Rate 7%
$1,292,557
Cap Rate 9%
$1,005,322
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,479 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,362 @ 7.0% cap · market cap 7.58%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 94619, CA
24,867
Population
10,348
Households
2.4
Avg Household Size
41
Median Age
57%
College-Educated
89%
High-School Grad
8.3 sq mi
ZIP Area
2,996
Density / Sq Mi
$129,879
Median Household Income
$65,351
Median Earnings
$2,131
Median Rent
$997,300
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?
1031 exchange property - As-is duplex offered for sale, with buyer cooperation required for a 1031 exchange.
Where is this 1031 exchange property located?
The property is located at 2656 38Th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: As‑is duplex for sale; Year built: 1955; Buyer to cooperate with a seller 1031 exchange
