8-Unit Remodeled Apartment
For Sale
$1,895,000
3421 68th Ave, Oakland, CA 94605
Fully occupied townhome-style apartments feature renovated kitchens, bathrooms, and stainless steel appliances.
Property Size6,577 SF
Lot Size0.29 Acres
Price / SF$288.13
Days on Market11
Property Features for 3421 68th Ave
General Information
Standard status
Active
Size
6,577 SF
Net Rentable
6,577 SF
Lot size
0.29 Acres
Property subtype
Commercial
Occupancy
100%
Financials
Cap Rate
9.71%
Gross Rent Multiplier
7.4
Units
Unit Mix
8 x 3BR/1BA
Multifamily Units
8
Amenities
Other
Building Details
Year Built
1986
Listing Agency:
THE PINZA GROUP, INC
(510) 725-4775
Listed By:
DAVID HOWARTH · License #01360348
Source:
Corcoran
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 5:57PM
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 THE PINZA GROUP, INC
Investment Insights
Based on property information with market context.
Built in 1986, this apartment property contains eight 3bd/1bth townhome units and approximately 6,577 square feet of rental space. The units have been remodeled with updated kitchens and bathrooms, stainless steel appliances, granite countertops, newer cabinets and vanities, new fixtures, and custom lighting. Interior and exterior improvements are described as being in great condition with little deferred maintenance.
The property occupies an oversized 12,812-square-foot lot with room for parking and is located at 3421 68th Ave in Oakland, California. All units are reported 100% occupied, with tenants paying market rent. Separate metering for PGE supports direct utility allocation. Reported investment metrics include a 9.71% cap rate and a 7.40 GRM.
The property occupies an oversized 12,812-square-foot lot with room for parking and is located at 3421 68th Ave in Oakland, California. All units are reported 100% occupied, with tenants paying market rent. Separate metering for PGE supports direct utility allocation. Reported investment metrics include a 9.71% cap rate and a 7.40 GRM.
Key Highlights
- Eight 3bd/1bth townhome units in an apartment complex
- Approximately 6,577 square feet of rental space
- 100% occupied with tenants paying market rent
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
$119,338
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
6.30%
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%
$2,386,760
$2.4M
Cap Rate 7%
$1,704,829
$1.7M
Cap Rate 9%
$1,325,978
$1.3M
Market Conditions
NOI Build-Up for 6,577 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
$228.9K $34.80/SF
− Vacancy
−$11.9K −$1.81/SF
EGI
$217.0K $32.99/SF
− OpEx
−$97.6K −$14.85/SF
NOI
$119.3K $18.14/SF
Area
ZIP 94605
Vacancy
5.20%
Lease Rate
$34.80 /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%
$2,386,760
Cap Rate 7%
$1,704,829
Cap Rate 9%
$1,325,978
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,338 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.90M
$1.66M – $2.22M
NOI $133,131 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
Explore this area
Business Placement
Demographics for 94605, CA
44,294
Population
17,686
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
5,033
Density / Sq Mi
$101,043
Median Household Income
$62,590
Median Earnings
$1,867
Median Rent
$840,700
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 - Fully occupied townhome-style apartments feature renovated kitchens, bathrooms, and stainless steel appliances.
Where is this apartment building located?
The property is located at 3421 68th Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Eight 3bd/1bth townhome units in an apartment complex; Approximately 6,577 square feet of rental space; 100% occupied with tenants paying market rent
