Flex Building with Two Drive-In
For Sale
$600,000
2860 38th Ave, Oakland, CA 94619
Versatile flex property with a large shop, reception and office space, and two drive-in doors for auto repair or light industrial.
Property Size3,050 SF
Lot Size0.11 Acres
Price / SF$196.72
Days on Market299
Property Features for 2860 38th Ave
General Information
Standard status
Active
Size
3,050 SF
Lot size
0.11 Acres
Property subtype
Commercial/Industrial
Zoning
RM-3, C, S-13
Additional Details
Highway Access
Yes
Drive-In Doors
2
Building Details
Year Built
1930
Listing Agency:
Village Properties & Assoc.
(510) 750-0214
Listed By:
Sam Medina · License #01421545
(510) 750-0214
Source:
Exitrealty
Added: Oct 16, 2025
Changed: Aug 8
Last Checked: Aug 10 at 3:58AM
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 Village Properties & Assoc.
Investment Insights
Based on property information with market context.
This for-sale flex building offers a spacious shop area designed to support auto repair, retail, or light industrial use. The layout includes reception and office space plus multiple storage rooms, and it is supported by two drive-in doors for efficient loading and service operations. A secure rear parking area complements the functional improvements and supports day-to-day workflow on site.
The property sits on a 5,000 sq. ft. lot and totals 3,050 sq. ft. in building area. It is described as being conveniently located just below I-580, with visibility and easy access to major thoroughfares serving both local and commuter traffic.
Zoning is listed as RM-3, C, S-13, which may support a range of commercial and light industrial activities depending on the final permitted uses. For buyers seeking a single-site facility to combine customer-facing space with a service-focused work area, the combination of office/reception, storage, two drive-in doors, and secure rear parking provides a practical configuration for automotive and other light industrial operators.
The property sits on a 5,000 sq. ft. lot and totals 3,050 sq. ft. in building area. It is described as being conveniently located just below I-580, with visibility and easy access to major thoroughfares serving both local and commuter traffic.
Zoning is listed as RM-3, C, S-13, which may support a range of commercial and light industrial activities depending on the final permitted uses. For buyers seeking a single-site facility to combine customer-facing space with a service-focused work area, the combination of office/reception, storage, two drive-in doors, and secure rear parking provides a practical configuration for automotive and other light industrial operators.
Key Highlights
- 3,050 sq. ft. commercial flex building on a 5,000 sq. ft. lot (built in 1930).
- Spacious shop area plus reception and office space for customer‑facing or business operations.
- Two drive‑in doors for vehicle/service access and efficient loading/unloading.
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
$42,822
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
7.14%
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%
$856,440
$856.4K
Cap Rate 7%
$611,743
$611.7K
Cap Rate 9%
$475,800
$475.8K
Market Conditions
NOI Build-Up for 3,050 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
$73.2K $24.00/SF
− Vacancy
−$7.3K −$2.40/SF
EGI
$65.9K $21.60/SF
− OpEx
−$23.1K −$7.56/SF
NOI
$42.8K $14.04/SF
Area
Oakland, CA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$856,440
Cap Rate 7%
$611,743
Cap Rate 9%
$475,800
Alternative Uses
Best Use
Retail
$844.8K
$739.2K – $985.6K
NOI $59,137 @ 7.0% cap · market cap 9.86%
Second Best
Flex RnD
$611.7K
$535.3K – $713.7K
NOI $42,822 @ 7.0% cap · market cap 7.14%
Theoretical Best
Multifamily LT 5
$998.6K
$873.7K – $1.16M
NOI $69,899 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex property with a large shop, reception and office space, and two drive-in doors for auto repair or light industrial.
Where is this flex space located?
The property is located at 2860 38th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,050 sq. ft. commercial flex building on a 5,000 sq. ft. lot (built in 1930).; Spacious shop area plus reception and office space for customer‑facing or business operations.; Two drive‑in doors for vehicle/service access and efficient loading/unloading.
