Two-Story Medical Office
New
For Sale
$1,145,000
2944 Webster St, Oakland, CA 94609
Vacant medical-office and flex property with two kitchens and potential for live/work configuration.
Property Size3,262 SF
Lot Size0.14 Acres
Price / SF$351.01
Days on Market2
Property Features for 2944 Webster St
General Information
Standard status
Active
Size
3,262 SF
Lot size
0.14 Acres
Property subtype
Commercial
Zoning
D-BV-4
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$17,259
Building Details
Year Built
1935
Buildings
1
Stories
2
Building Size
3,262 SF
Construction
wood-frame
Owner Occupied
No
Listing Agency:
KW ADVISORS EAST BAY
(415) 710-7284
Listed By:
Nathaniel Reinke
(415) 710-7284
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 3:49AM
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 KW ADVISORS EAST BAY
Investment Insights
Based on property information with market context.
Built in 1935, this two-story medical-office and flex property contains approximately 3,262 SF on a 6,044 SF lot. The building has wood-frame construction, a stucco exterior, two kitchens, and an upper level that can be arranged as a two-bedroom apartment with a full kitchen and bath. Recent improvements include a new roof, electrical subpanels, and refinished hardwood oak floors. The property is vacant and carries D-BV-4 zoning, which permits a broad range of uses.
Located at 2944 Webster St in Oakland, the property is near the Alta Bates Sutter Cancer Center, the Broadway/Telegraph corridor, and Kaiser Oakland. It is approximately one mile from MacArthur BART, with access to I-580, Hwy 24, and I-980. Walk Score is 89, Bike Score is 100, and Transit Score is 67.
The property also has potential for development of up to 24 residential units, subject to buyer verification with the City.
Located at 2944 Webster St in Oakland, the property is near the Alta Bates Sutter Cancer Center, the Broadway/Telegraph corridor, and Kaiser Oakland. It is approximately one mile from MacArthur BART, with access to I-580, Hwy 24, and I-980. Walk Score is 89, Bike Score is 100, and Transit Score is 67.
The property also has potential for development of up to 24 residential units, subject to buyer verification with the City.
Key Highlights
- Approximately 3,262 SF medical‑office/flex building on a 6,044 SF lot
- Two kitchens support medical‑office, flex, and live/work configurations
- Upper level can be arranged as a two‑bedroom apartment with full kitchen and bath
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
$54,019
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
4.72%
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%
$1,080,380
$1.1M
Cap Rate 7%
$771,700
$771.7K
Cap Rate 9%
$600,211
$600.2K
Market Conditions
NOI Build-Up for 3,262 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
$97.9K $30.00/SF
− Vacancy
−$7.8K −$2.40/SF
EGI
$90.0K $27.60/SF
− OpEx
−$36.0K −$11.04/SF
NOI
$54.0K $16.56/SF
Area
Oakland, CA
Vacancy
8.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,080,380
Cap Rate 7%
$771,700
Cap Rate 9%
$600,211
Alternative Uses
Best Use
Healthcare Medical
$771.7K
$675.2K – $900.3K
NOI $54,019 @ 7.0% cap · market cap 4.72%
Second Best
Mixed Use
$707.4K
$619.0K – $825.3K
NOI $49,517 @ 7.0% cap · market cap 4.32%
Theoretical Best
Multifamily LT 5
$1.07M
$934.5K – $1.25M
NOI $74,758 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,849
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94609, CA
23,578
Population
11,915
Households
2
Avg Household Size
36
Median Age
62%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
13,869
Density / Sq Mi
$106,698
Median Household Income
$69,221
Median Earnings
$2,116
Median Rent
$1,147,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant medical-office and flex property with two kitchens and potential for live/work configuration.
Where is this medical office space located?
The property is located at 2944 Webster St Oakland, CA.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: Approximately 3,262 SF medical‑office/flex building on a 6,044 SF lot; Two kitchens support medical‑office, flex, and live/work configurations; Upper level can be arranged as a two‑bedroom apartment with full kitchen and bath
