Gas Station and Convenience
For Sale
Contact for pricing
Pending
421 23rd Avenue, Oakland, CA 94606
For sale owner/user opportunity featuring a high-volume gas station and C-store at 421 23rd Avenue.
Property Size29,191 SF
Days on Market95
Property Features for 421 23rd Avenue
General Information
Standard status
Pending
Size
29,191 SF
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Year Built
1977
Year Renovated
2020
Listing Agency:
Matthews
Listed By:
Simon Assaf · License #AZ BR663663000
Source:
Crexi
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 24 at 12:12PM
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 Matthews
Investment Insights
Based on property information with market context.
This for-sale gas station and convenience store is positioned as an owner/user opportunity. The property combines fueling operations with a C-store format, offering a single-site setup for a packaged retail and convenience offering alongside gasoline sales.
The property is located at 421 23rd Avenue, Oakland, CA 94606. The offering is presented as a high-volume operation in the public remarks.
No further details on the building, layout, tenancy, or site improvements were provided in the information available.
The property is located at 421 23rd Avenue, Oakland, CA 94606. The offering is presented as a high-volume operation in the public remarks.
No further details on the building, layout, tenancy, or site improvements were provided in the information available.
Key Highlights
- High‑volume gas station and convenience store (C‑store) for sale at 421 23rd Avenue.
- Owner/user opportunity offering a gas station and C‑store in a single property.
- Building year built: 1977.
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
$415,769
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
8.75%
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%
$8,315,380
$8.3M
Cap Rate 7%
$5,939,557
$5.9M
Cap Rate 9%
$4,619,656
$4.6M
Market Conditions
NOI Build-Up for 29,191 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
$630.5K $21.60/SF
− Vacancy
−$36.6K −$1.25/SF
EGI
$594.0K $20.35/SF
− OpEx
−$178.2K −$6.10/SF
NOI
$415.8K $14.24/SF
Area
ZIP 94606
Vacancy
5.80%
Lease Rate
$21.60 /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%
$8,315,380
Cap Rate 7%
$5,939,557
Cap Rate 9%
$4,619,656
Alternative Uses
Best Use
Specialty Retail
$6.72M
$5.88M – $7.84M
NOI $470,214 @ 7.0% cap · market cap 9.90%
Second Best
Retail
$5.94M
$5.20M – $6.93M
NOI $415,769 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$13.30M
$11.64M – $15.51M
NOI $930,824 @ 7.0% cap · market cap 19.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,358
Businesses Nearby
299k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Groceries 29%
Shops & Services 25%
Apparel 13%
FoodMaxx
Groceries
47,954 visits/mo
0.3 miles
Nob Hill Foods
Groceries
39,970 visits/mo
0.4 miles
McDonald's
Dining
28,208 visits/mo
0.5 miles
Ross Dress for Less
Apparel
27,919 visits/mo
0.3 miles
Dollar Tree
Shops & Services
26,964 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - For sale owner/user opportunity featuring a high-volume gas station and C-store at 421 23rd Avenue.
Where is this gas station located?
The property is located at 421 23rd Avenue Oakland, CA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: High‑volume gas station and convenience store (C‑store) for sale at 421 23rd Avenue.; Owner/user opportunity offering a gas station and C‑store in a single property.; Building year built: 1977.
