Mixed-Use Triplex with Retail
For Sale
$1,200,000
3837 MARTIN LUTHER KING JR Way, Oakland, CA 94609
Three-level property combines commercial space with residential accommodations and a backyard.
Property Size4,209 SF
Days on Market107
Property Features for 3837 MARTIN LUTHER KING JR Way
General Information
Standard status
Active
Size
4,209 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
requires TLC
Amenities
big backyard
Building Details
Building Size
4,209 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listed By:
Joey O'neill
(714) 801-1014
Source:
Elliman
Added: May 20
Changed: Aug 31
Last Checked: Sep 2 at 7:13PM
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 Joey O'neill
Investment Insights
Based on property information with market context.
Located on Martin Luther King Jr Way in Oakland, this three-level triplex combines a ground-floor retail or commercial area with residential space above. The second floor contains two bedrooms and two bathrooms, while the third floor provides three bedrooms and two bathrooms. A sizable backyard adds outdoor area to the property. Built in 1900, the building requires TLC and offers a renovation-oriented project for a buyer considering residential, commercial, or live/work use. The property is in an area with construction and other improvements underway, and its mobility scores include a 99 bike score, 91 walk score, and 74 transit score.
Key Highlights
- Mixed‑use triplex with ground‑floor retail or commercial space
- Second floor includes 2 bedrooms and 2 bathrooms
- Third floor includes 3 bedrooms and 2 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
$96,461
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
8.04%
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%
$1,929,220
$1.9M
Cap Rate 7%
$1,378,014
$1.4M
Cap Rate 9%
$1,071,789
$1.1M
Market Conditions
NOI Build-Up for 4,209 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
$143.9K $34.20/SF
− Vacancy
−$6.1K −$1.46/SF
EGI
$137.8K $32.74/SF
− OpEx
−$41.3K −$9.82/SF
NOI
$96.5K $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%
$1,929,220
Cap Rate 7%
$1,378,014
Cap Rate 9%
$1,071,789
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,461 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,873 @ 7.0% cap · market cap 7.41%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,543
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-level property combines commercial space with residential accommodations and a backyard.
Where is this triplex located?
The property is located at 3837 MARTIN LUTHER KING JR Way Oakland, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Mixed‑use triplex with ground‑floor retail or commercial space; Second floor includes 2 bedrooms and 2 bathrooms; Third floor includes 3 bedrooms and 2 bathrooms
