Flex Building with Drive-In
For Sale
$600,000
2860 38th Ave, Oakland, CA 94619
Commercial Sale, Oakland, CA
Property Size3,050 SF
Lot Size0.11 Acres
Price / SF$196.72
Days on Market318
Property Features for 2860 38th Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM-3
Subdivision
Allendale
Directions
38th Ave
Standard status
Active
APN
322053255
Size
3,050 SF
Lot size
0.11 Acres
Amenities
spacious shop area
2 drive-in doors
reception and office space
multiple storage rooms
secure rear parking area
Building Details
Year built
1930
Listing Agency:
Village Properties & Assoc.
(510) 481-8400
Listed By:
Sam Medina · License #01421545
(510) 750-0214
Added: Oct 16, 2025
Changed: Aug 27
Last Checked: Aug 29 at 11:06AM
MLS# 41114929
Copyright © 2026 Bay East. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes a 3,050-square-foot building on a 5,000-square-foot lot. The interior combines a substantial shop area with reception and office space, multiple storage rooms, and two drive-in doors. A secured parking area is located at the rear of the property, supporting practical vehicle access and site operations.
The property is at 2860 38th Ave in Oakland, near I-580 and major thoroughfares. Its configuration supports a range of commercial operations, including automotive, retail, and light industrial uses identified for the property. Built in 1930, the building offers a combination of work, storage, administrative, and vehicle-access areas within one asset.
The property is at 2860 38th Ave in Oakland, near I-580 and major thoroughfares. Its configuration supports a range of commercial operations, including automotive, retail, and light industrial uses identified for the property. Built in 1930, the building offers a combination of work, storage, administrative, and vehicle-access areas within one asset.
Key Highlights
- 3,050‑square‑foot flex building on a 5,000‑square‑foot lot
- Two drive‑in doors provide direct vehicle access to the shop area
- Interior includes reception, office space, and multiple storage rooms
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 - Commercial building with shop, office, storage, and secured rear parking near I-580 in Oakland.
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‑square‑foot flex building on a 5,000‑square‑foot lot; Two drive‑in doors provide direct vehicle access to the shop area; Interior includes reception, office space, and multiple storage rooms
