Renovated Six-Unit Apartment
For Sale
$1,875,000
335 Perkins, Oakland, CA 94610
Detached cottage-style residences offer single-story layouts, updated systems, and multiple renovated interiors.
Property Size3,750 SF
Days on Market12
Property Features for 335 Perkins
General Information
Standard status
Active
Size
3,750 SF
Property subtype
5 or More Units
Occupancy
100%
Units
Unit Mix
4 x 2BR, 2 x 1BR
Multifamily Units
6
Amenities
in-unit laundry
wood-burning fireplace
central heating
storage
landscaping
Building Details
Building Size
3,750 SF
Year Built
1922
Year Renovated
2017
Buildings
6
Stories
1
Listing Agency:
Morley Fredericks Real Estate Services
(415) 806-5455
Listed By:
Steven Crane
(415) 806-5455
Source:
Annnewtoncane
Added: Aug 2
Changed: Aug 12
Last Checked: Aug 12 at 4:11AM
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 Morley Fredericks Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1922, this apartment property at 335 Perkins comprises six detached, single-story cottage residences: four two-bedroom units and two one-bedroom units. A renovation completed in 2016-17 addressed major building systems and site improvements, including foundations, retaining walls, plumbing, electrical, windows, doors, roofs, stucco, water heaters, furnaces, drainage, sewer lateral, driveway, and parking areas. Five units received updated kitchens and bathrooms. Interior features include hardwood flooring, upgraded tile, wood-burning fireplaces in most residences, and in-unit laundry in four units.
Additional property features include individual water submeters, storage beneath each unit, and low-maintenance landscaping. The property is fully leased and located within 2 blocks of Grand Ave and Lake Merritt in Oakland. The site also includes a repaved parking lot and concrete driveway.
Additional property features include individual water submeters, storage beneath each unit, and low-maintenance landscaping. The property is fully leased and located within 2 blocks of Grand Ave and Lake Merritt in Oakland. The site also includes a repaved parking lot and concrete driveway.
Key Highlights
- Six detached, single‑story units with four 2‑bedroom and two 1‑bedroom residences
- 2016‑17 renovation upgraded building systems, foundations, roofs, windows, plumbing, electrical, and site improvements
- Five of six units have renovated kitchens and bathrooms
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
$79,181
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
4.22%
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%
$1,583,620
$1.6M
Cap Rate 7%
$1,131,157
$1.1M
Cap Rate 9%
$879,789
$879.8K
Market Conditions
NOI Build-Up for 3,750 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
$150.8K $40.20/SF
− Vacancy
−$6.8K −$1.81/SF
EGI
$144.0K $38.39/SF
− OpEx
−$64.8K −$17.28/SF
NOI
$79.2K $21.12/SF
Area
Oakland, CA
Vacancy
4.50%
Lease Rate
$40.20 /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%
$1,583,620
Cap Rate 7%
$1,131,157
Cap Rate 9%
$879,789
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$989.8K – $1.32M
NOI $79,181 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,942 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
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
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 - Detached cottage-style residences offer single-story layouts, updated systems, and multiple renovated interiors.
Where is this apartment building located?
The property is located at 335 Perkins Oakland, CA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Six detached, single‑story units with four 2‑bedroom and two 1‑bedroom residences; 2016‑17 renovation upgraded building systems, foundations, roofs, windows, plumbing, electrical, and site improvements; Five of six units have renovated kitchens and bathrooms
