Historic 8-Unit Multifamily
For Sale
Contact for pricing
429 Vernon St, Oakland, CA 94610
An 8-unit apartment building built in 1905 with a mix of 1-bedroom and studio-style layouts.
Property Size5,008 SF
Price / SF$249.60
Days on Market98
Property Features for 429 Vernon St
General Information
Standard status
Active
Size
5,008 SF
Total Parking Spaces
4
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$54,619
Additional Details
Multifamily Units
8
Building Details
Year Built
1905
Units
8
Listing Agency:
Walker & Dunlop
Listed By:
Mike Colhoun · License #CA #01464496
Source:
Crexi
Added: Jun 3
Changed: Aug 24
Last Checked: Sep 6 at 8:59PM
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 Walker & Dunlop
Investment Insights
Based on property information with market context.
429 Vernon Street is an eight-unit multifamily property built in 1905. The unit mix consists of seven 1-bedroom units and one studio-style unit, creating a straightforward residential configuration within a classic, older building.
The property is located in Oakland, California, in the Adams Point neighborhood. This central setting offers convenient access to Oakland’s surrounding residential and commercial fabric, supporting a tenant base seeking nearby day-to-day amenities.
For buyers and investors, the combination of a majority of 1-bedroom units and a single studio unit can support a consistent rental lineup. The property’s small, manageable size may appeal to operators looking for a compact multifamily asset with an established unit mix and a clear, residential use profile.
The property is located in Oakland, California, in the Adams Point neighborhood. This central setting offers convenient access to Oakland’s surrounding residential and commercial fabric, supporting a tenant base seeking nearby day-to-day amenities.
For buyers and investors, the combination of a majority of 1-bedroom units and a single studio unit can support a consistent rental lineup. The property’s small, manageable size may appeal to operators looking for a compact multifamily asset with an established unit mix and a clear, residential use profile.
Key Highlights
- 8‑unit multifamily apartment building built in 1905
- Unit mix includes 7 one‑bedroom (1x1) units and 1 studio‑style unit (0x1)
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
$105,744
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
8.46%
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%
$2,114,880
$2.1M
Cap Rate 7%
$1,510,629
$1.5M
Cap Rate 9%
$1,174,933
$1.2M
Market Conditions
NOI Build-Up for 5,008 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
$201.3K $40.20/SF
− Vacancy
−$9.1K −$1.81/SF
EGI
$192.3K $38.39/SF
− OpEx
−$86.5K −$17.28/SF
NOI
$105.7K $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%
$2,114,880
Cap Rate 7%
$1,510,629
Cap Rate 9%
$1,174,933
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,744 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.64M
$1.43M – $1.91M
NOI $114,772 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
5,100
Businesses Nearby
Explore this area
Business Placement
Demographics for 94610, CA
31,261
Population
17,926
Households
1.7
Avg Household Size
39
Median Age
73%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
14,886
Density / Sq Mi
$130,435
Median Household Income
$90,577
Median Earnings
$2,184
Median Rent
$1,324,500
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 - An 8-unit apartment building built in 1905 with a mix of 1-bedroom and studio-style layouts.
Where is this apartment building located?
The property is located at 429 Vernon St Oakland, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8‑unit multifamily apartment building built in 1905; Unit mix includes 7 one‑bedroom (1x1) units and 1 studio‑style unit (0x1)
