Updated Fourplex with Off-Street
For Sale
$1,389,000
3229 Elm St, Oakland, CA 94609
Four updated residential units with private outdoor spaces, plus nine off-street parking spaces and on-site laundry.
Property Size3,320 SF
Days on Market60
Property Features for 3229 Elm St
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Investment
Building Details
Building Size
3,320 SF
Year Built
1896
Units
4
Listing Agency:
RE/MAX Gold
Listed By:
Pippin Dew · License #01740318
(925) 395-3045
Source:
Elliman
Added: Jul 11
Changed: Sep 6
Last Checked: Sep 8 at 7:36AM
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 RE/MAX Gold
Investment Insights
Based on property information with market context.
This historic fourplex includes four updated residential units with multiple in-unit amenities, including dishwashers, and additional attic storage. Several units offer private outdoor areas such as private porches, a backyard with a storage shed, and a spacious veranda. The property also features on-site laundry and nine off-street parking spaces.
Ownership has completed extensive capital improvements over time, including remodeled kitchens and bathrooms, updated electrical panels, separate gas and water meters, replacement windows, soundproofing between units, foundation improvements, new gutters, termite treatment, and upgraded water heating systems with tankless water heaters.
The property is currently in the process of obtaining official fourplex approval, and the buyer should investigate and satisfy themselves regarding permit status.
Ownership has completed extensive capital improvements over time, including remodeled kitchens and bathrooms, updated electrical panels, separate gas and water meters, replacement windows, soundproofing between units, foundation improvements, new gutters, termite treatment, and upgraded water heating systems with tankless water heaters.
The property is currently in the process of obtaining official fourplex approval, and the buyer should investigate and satisfy themselves regarding permit status.
Key Highlights
- Historic 1896 fourplex with four updated units totaling approx. 3,300 SF
- Ownership upgrades include remodeled kitchens and bathrooms, updated electrical panels, and replacement windows
- Utilities: separate gas and water meters plus upgraded water heating systems, including tankless water heaters
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
$76,087
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
5.48%
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%
$1,521,740
$1.5M
Cap Rate 7%
$1,086,957
$1.1M
Cap Rate 9%
$845,411
$845.4K
Market Conditions
NOI Build-Up for 3,320 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
$113.5K $34.20/SF
− Vacancy
−$4.8K −$1.46/SF
EGI
$108.7K $32.74/SF
− OpEx
−$32.6K −$9.82/SF
NOI
$76.1K $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%
$1,521,740
Cap Rate 7%
$1,086,957
Cap Rate 9%
$845,411
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$951.1K – $1.27M
NOI $76,087 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$1.00M
$876.3K – $1.17M
NOI $70,102 @ 7.0% cap · market cap 5.05%
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
5,784
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated residential units with private outdoor spaces, plus nine off-street parking spaces and on-site laundry.
Where is this quadplex located?
The property is located at 3229 Elm St Oakland, CA.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: Historic 1896 fourplex with four updated units totaling approx. 3,300 SF; Ownership upgrades include remodeled kitchens and bathrooms, updated electrical panels, and replacement windows; Utilities: separate gas and water meters plus upgraded water heating systems, including tankless water heaters
