Triplex with Rear
New
For Sale
$695,000
328 Warwick Ave, Oakland, CA 94610
Residential Income, Oakland, CA
Property Size2,396 SF
Lot Size0.12 Acres
Price / SF$290.07
Days on Market5
Property Features for 328 Warwick Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM-4
Bedrooms
3
Rooms
Bedroom 1, Basement, Bedroom 2, Bedroom 3
Parking
4
Parking features
Parking Lot, Off Street, Covered
Security features
Security
Window features
Window Coverings
Interior features
Open Beam Ceiling, Tub w/Shower Over
Exterior features
Front Yard, Entry Gate, Landscape Front
Fencing
Gate
Appliances
Dryer, Washer, Gas Water Heater
Subdivision
ADAMS POINT
Lot features
Rectangular Lot, Back Yard, Front Yard, Landscaped, Paved
Standard status
Active
APN
1078628
Size
2,396 SF
Lot size
0.12 Acres
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Wall Furnace, Forced Air
Water source
Public
Building Details
Year built
1908
Flooring type
Carpet - Partial, Wood, Hardwood, Carpet, Tile, Vinyl
Building materials
Stucco, Frame
Listing Agency:
Keller Williams Realty
(925) 934-2900
Listed By:
Joey Wang · License #01890931
(510) 592-5554
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 22 at 8:06AM
MLS# 41148820
Copyright © 2026 bridgeMLS. 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.
Built in 1908, this RM-4 triplex at 328 Warwick Ave contains 2,396 square feet across three residential units. Two units are vacant, while the studio is occupied on a month-to-month basis. The main-floor residence offers two bedrooms, an office, a brick fireplace, inlaid hardwood flooring, a large kitchen, and a private deck. Another unit features a vaulted open-beam ceiling, windows on three sides, 642 square feet, and updates completed in 2026. The property also includes a 453-square-foot studio, four parking spaces, an automatic entry gate, laundry, and an open rear yard. The roof is five to ten years old.
The 0.1194-acre property is in Oakland’s Adams Point area, near Grand Avenue and Lake Merritt. Walk Score is 89, and bus service is located 0.1 mile away. Public water and sewer serve the property, with natural gas available. The rear yard can be evaluated for an ADU concept subject to buyer verification with Oakland Planning.
The 0.1194-acre property is in Oakland’s Adams Point area, near Grand Avenue and Lake Merritt. Walk Score is 89, and bus service is located 0.1 mile away. Public water and sewer serve the property, with natural gas available. The rear yard can be evaluated for an ADU concept subject to buyer verification with Oakland Planning.
Key Highlights
- 1908‑built triplex with 2,396 square feet on a 0.1194‑acre lot
- Two of three units are vacant; the 453‑square‑foot studio is month‑to‑month
- Four parking spaces, automatic gate, laundry, and open rear yard
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
$54,911
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
7.90%
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%
$1,098,220
$1.1M
Cap Rate 7%
$784,443
$784.4K
Cap Rate 9%
$610,122
$610.1K
Market Conditions
NOI Build-Up for 2,396 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
$81.9K $34.20/SF
− Vacancy
−$3.5K −$1.46/SF
EGI
$78.4K $32.74/SF
− OpEx
−$23.5K −$9.82/SF
NOI
$54.9K $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%
$1,098,220
Cap Rate 7%
$784,443
Cap Rate 9%
$610,122
Alternative Uses
Best Use
Multifamily LT 5
$784.4K
$686.4K – $915.2K
NOI $54,911 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$722.7K
$632.4K – $843.2K
NOI $50,592 @ 7.0% cap · market cap 7.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 94610, CA
31,261
Population
17,926
Households
1.7
Avg Household Size
39
Median Age
73%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
14,886
Density / Sq Mi
$130,435
Median Household Income
$90,577
Median Earnings
$2,184
Median Rent
$1,324,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with two vacant units, on-site parking, and a gated rear yard.
Where is this triplex located?
The property is located at 328 Warwick Ave Oakland, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 1908‑built triplex with 2,396 square feet on a 0.1194‑acre lot; Two of three units are vacant; the 453‑square‑foot studio is month‑to‑month; Four parking spaces, automatic gate, laundry, and open rear yard
