Four-Unit Apartment
For Sale
$1,425,000
Pending
4045 Manila Ave, Oakland, CA 94609
A four-residence property with one updated vacant unit, separate utility metering, and landscaped outdoor presentation.
Property Size3,550 SF
Days on Market192
Property Features for 4045 Manila Ave
General Information
Standard status
Pending
Size
3,550 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1916
Listing Agency:
Kite Hill Real Estate
(510) 878-6800
Listed By:
Jatin Mehta · License #02045713
(510) 878-6800
Source:
Exitrealty
Added: Feb 21
Changed: Aug 31
Last Checked: Aug 31 at 3:55PM
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 Kite Hill Real Estate
Investment Insights
Based on property information with market context.
Built in 1916, this 3,550-square-foot quadplex contains four one-bedroom, one-bath residences. One unit is vacant and has undergone a full renovation with upgraded finishes and new appliances, while the other three units are occupied. The property offers a combination of immediate residential usability and existing tenant occupancy within a compact multifamily format.
Utilities are separately metered for each residence. Exterior improvements include landscaping with palm trees and artificial grass, creating a defined arrival area. The four-unit configuration and consistent one-bedroom, one-bath layout provide a straightforward operating profile for an owner-occupant or multifamily owner.
Utilities are separately metered for each residence. Exterior improvements include landscaping with palm trees and artificial grass, creating a defined arrival area. The four-unit configuration and consistent one-bedroom, one-bath layout provide a straightforward operating profile for an owner-occupant or multifamily owner.
Key Highlights
- 3,550‑square‑foot quadplex built in 1916
- Four 1‑bedroom / 1‑bath units
- One vacant unit fully renovated with upgraded finishes and new appliances
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
$81,358
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
5.71%
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%
$1,627,160
$1.6M
Cap Rate 7%
$1,162,257
$1.2M
Cap Rate 9%
$903,978
$904.0K
Market Conditions
NOI Build-Up for 3,550 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
$121.4K $34.20/SF
− Vacancy
−$5.2K −$1.46/SF
EGI
$116.2K $32.74/SF
− OpEx
−$34.9K −$9.82/SF
NOI
$81.4K $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%
$1,627,160
Cap Rate 7%
$1,162,257
Cap Rate 9%
$903,978
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.02M – $1.36M
NOI $81,358 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$1.07M
$937.0K – $1.25M
NOI $74,958 @ 7.0% cap · market cap 5.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
6,021
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?
Quadplex - A four-residence property with one updated vacant unit, separate utility metering, and landscaped outdoor presentation.
Where is this quadplex located?
The property is located at 4045 Manila Ave Oakland, CA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 3,550‑square‑foot quadplex built in 1916; Four 1‑bedroom / 1‑bath units; One vacant unit fully renovated with upgraded finishes and new appliances
