Multi-Family Residence with Studio
For Sale
$1,495,000
Pending
339 Hanover Ave, Oakland, CA 94606
Three multi-bedroom units plus a bonus studio cottage, with off-street parking and basement laundry and storage.
Property Size4,190 SF
Lot Size0.17 Acres
Days on Market116
Property Features for 339 Hanover Ave
General Information
Standard status
Pending
Size
4,190 SF
Lot size
0.17 Acres
Property subtype
Triplex
Financials
Cap Rate
6%
Business Included
Yes
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Building Size
4,190 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Perry Riani · License #01402540
(510) 813-3799
Source:
Annnewtoncane
Added: May 15
Changed: Sep 2
Last Checked: Sep 7 at 6:09AM
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.
This multi-family residence features three multi-bedroom units and a bonus studio cottage. The property also includes off-street parking, basement laundry and storage, and decks alongside a large, level yard.
Located in Cleveland Heights, the home is described as being just a block from Lake Merritt and Lakeside parks. It’s positioned near multi-cultural dining options and Trader Joe’s, with access to amenities along Grand and Lakeshore Avenues.
The listing reports gross income over $138,000 per year, with a projected cap rate of 6%. It notes close proximity to AC Transit, Lake Merritt BART, and major freeways to San Francisco and the greater East Bay.
Located in Cleveland Heights, the home is described as being just a block from Lake Merritt and Lakeside parks. It’s positioned near multi-cultural dining options and Trader Joe’s, with access to amenities along Grand and Lakeshore Avenues.
The listing reports gross income over $138,000 per year, with a projected cap rate of 6%. It notes close proximity to AC Transit, Lake Merritt BART, and major freeways to San Francisco and the greater East Bay.
Key Highlights
- Multi‑family built in 1910 with ~4,190 SF of living space on a 7,250 SF lot
- 3 multi‑bedroom units plus a bonus studio cottage
- Gross income over $138,000/yr and currently projected 6% cap rate
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
$90,069
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
6.02%
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%
$1,801,380
$1.8M
Cap Rate 7%
$1,286,700
$1.3M
Cap Rate 9%
$1,000,767
$1.0M
Market Conditions
NOI Build-Up for 4,190 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
$135.8K $32.40/SF
− Vacancy
−$7.1K −$1.69/SF
EGI
$128.7K $30.71/SF
− OpEx
−$38.6K −$9.21/SF
NOI
$90.1K $21.50/SF
Area
ZIP 94606
Vacancy
5.22%
Lease Rate
$32.40 /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%
$1,801,380
Cap Rate 7%
$1,286,700
Cap Rate 9%
$1,000,767
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.50M
NOI $90,069 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,319 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,608 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,390
Businesses Nearby
Explore this area
Business Placement
Demographics for 94606, CA
40,768
Population
17,457
Households
2.3
Avg Household Size
37
Median Age
40%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
17,725
Density / Sq Mi
$70,769
Median Household Income
$47,558
Median Earnings
$1,775
Median Rent
$747,600
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 - Three multi-bedroom units plus a bonus studio cottage, with off-street parking and basement laundry and storage.
Where is this quadplex located?
The property is located at 339 Hanover Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Multi‑family built in 1910 with ~4,190 SF of living space on a 7,250 SF lot; 3 multi‑bedroom units plus a bonus studio cottage; Gross income over $138,000/yr and currently projected 6% cap rate
