Eight-Unit Multifamily with Soft-Story
For Sale
$1,625,000
31 Croxton Avenue, Oakland, CA 94611
Eight large 1-bedroom units with separate gas and electric meters in a Piedmont Avenue-area building.
Property Size4,640 SF
Price / SF$350.22
Days on Market156
Property Features for 31 Croxton Avenue
General Information
Standard status
Active
Size
4,640 SF
Property subtype
5+ Units / Five or More Units
Occupancy
100%
Net Operating Income
$104,653
Financials
Cap Rate
6.65%
Business Included
Yes
Additional Details
Multifamily Units
8
Amenities
None, Gas
Building Details
Year Built
1957
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Willem Bos · License #02013980
(916) 698-9954
Source:
Compass
Added: Apr 5
Changed: Sep 4
Last Checked: Sep 7 at 11:26AM
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 Compass
Investment Insights
Based on property information with market context.
31 Croxton Ave is an eight-unit multifamily property featuring eight large 1-bedroom, 1-bath apartments. The building is soft-story compliant and has completed SB 721 balcony requirements. Gas and electricity are separately metered, providing distinct utility allocation by unit.
The property is located in Oakland’s Piedmont Avenue neighborhood within walking distance to Piedmont Ave shops and dining, with BART nearby and Adams Point adjacent. The current operating profile is supported by rental income of over $13,000 per month, with the seller reporting a 6.65% cap rate and a 9.6 GRM at the asking price of $1,625,000.
This asset is well suited for investors seeking a turnkey multifamily with immediate income generation. Each unit is a 1-bedroom, 1-bath configuration, and the seller notes there may be opportunities through unit renovations and future rent adjustments; buyers are asked to verify potential to reconfigure units or add bedrooms. The combination of compliance work completed, separate utility metering, and an eight-unit layout supports straightforward management for a broad range of multifamily buyers.
The property is located in Oakland’s Piedmont Avenue neighborhood within walking distance to Piedmont Ave shops and dining, with BART nearby and Adams Point adjacent. The current operating profile is supported by rental income of over $13,000 per month, with the seller reporting a 6.65% cap rate and a 9.6 GRM at the asking price of $1,625,000.
This asset is well suited for investors seeking a turnkey multifamily with immediate income generation. Each unit is a 1-bedroom, 1-bath configuration, and the seller notes there may be opportunities through unit renovations and future rent adjustments; buyers are asked to verify potential to reconfigure units or add bedrooms. The combination of compliance work completed, separate utility metering, and an eight-unit layout supports straightforward management for a broad range of multifamily buyers.
Key Highlights
- 8‑unit multifamily built in 1957 with eight large 1‑bedroom, 1‑bath units
- Currently generates over $13,000/month in rental income
- Asking price $1,625,000 supports a 6.65% cap rate and 9.6 GRM
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
$79,212
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
4.87%
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%
$1,584,240
$1.6M
Cap Rate 7%
$1,131,600
$1.1M
Cap Rate 9%
$880,133
$880.1K
Market Conditions
NOI Build-Up for 4,640 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
$150.3K $32.40/SF
− Vacancy
−$6.3K −$1.36/SF
EGI
$144.0K $31.04/SF
− OpEx
−$64.8K −$13.97/SF
NOI
$79.2K $17.07/SF
Area
ZIP 94611
Vacancy
4.20%
Lease Rate
$32.40 /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%
$1,584,240
Cap Rate 7%
$1,131,600
Cap Rate 9%
$880,133
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,824 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,521
Businesses Nearby
Explore this area
Business Placement
Demographics for 94611, CA
40,262
Population
19,014
Households
2.1
Avg Household Size
44
Median Age
78%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,515
Density / Sq Mi
$176,517
Median Household Income
$105,393
Median Earnings
$2,274
Median Rent
$1,485,000
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 - Eight large 1-bedroom units with separate gas and electric meters in a Piedmont Avenue-area building.
Where is this apartment building located?
The property is located at 31 Croxton Avenue Oakland, CA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: 8‑unit multifamily built in 1957 with eight large 1‑bedroom, 1‑bath units; Currently generates over $13,000/month in rental income; Asking price $1,625,000 supports a 6.65% cap rate and 9.6 GRM
