10-Unit Apartment
For Sale
$2,080,000
4121 Opal Street, Oakland, CA 94609
Multifamily property with established residential configuration in Oakland’s Temescal neighborhood.
Property Size5,904 SF
Price / SF$352.30
Days on Market177
Property Features for 4121 Opal Street
General Information
Standard status
Active
Size
5,904 SF
Total Parking Spaces
4
Property subtype
5+ Units / Five or More Units
Property Condition
Severity
Repairs Needed
Evidence
cosmetic improvements
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$26,580
Amenities
Off-Street Parking
No, Coin Operated, No, 5904, Parking, None
Building Details
Year Built
1962
Buildings
1
Listing Agency:
Marcus & Millichap
(650) 546-1030
Listed By:
Eymon Binesh · License #02060059
(650) 546-1030
Source:
Compass
Added: Mar 10
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Built in 1962, this 10-unit apartment property contains approximately 5,904 square feet at 4121 Opal Street in Oakland. The asset is positioned in the Temescal neighborhood, an established East Bay district with walkable access to retail, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue.
The building’s multifamily configuration provides a defined residential income-property profile within an active urban setting. Its location places residents near several commercial corridors and neighborhood amenities, while the property’s scale offers a manageable apartment-building format.
The building’s multifamily configuration provides a defined residential income-property profile within an active urban setting. Its location places residents near several commercial corridors and neighborhood amenities, while the property’s scale offers a manageable apartment-building format.
Key Highlights
- 10‑unit apartment building at 4121 Opal Street
- Approximately 5,904 square feet of building area
- Constructed in 1962
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
$124,663
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
5.99%
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%
$2,493,260
$2.5M
Cap Rate 7%
$1,780,900
$1.8M
Cap Rate 9%
$1,385,144
$1.4M
Market Conditions
NOI Build-Up for 5,904 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
$237.3K $40.20/SF
− Vacancy
−$10.7K −$1.81/SF
EGI
$226.7K $38.39/SF
− OpEx
−$102.0K −$17.28/SF
NOI
$124.7K $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%
$2,493,260
Cap Rate 7%
$1,780,900
Cap Rate 9%
$1,385,144
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,663 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.93M
$1.69M – $2.26M
NOI $135,306 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with established residential configuration in Oakland’s Temescal neighborhood.
Where is this apartment building located?
The property is located at 4121 Opal Street Oakland, CA.
What is the asking price?
The asking price for this property is $2,080,000.
What are key features of this property?
This property features: 10‑unit apartment building at 4121 Opal Street; Approximately 5,904 square feet of building area; Constructed in 1962
