Updated Two-Unit
New
For Sale
$899,000
437 51St St, Oakland, CA 94609
Two residences provide a two-bedroom, two-bath lower unit and a two-bedroom, one-bath upper unit.
Property Size1,858 SF
Price / SF$483.85
Days on Market4
Property Features for 437 51St St
General Information
Standard status
Active
Size
1,858 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1912
Buildings
1
Listing Agency:
BHG RE Reliance Partners
(510) 552-0878
Listed By:
Norman Gee · License #01477552
(510) 552-0878
Source:
Exitrealty
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 4:57AM
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 BHG RE Reliance Partners
Investment Insights
Based on property information with market context.
This duplex includes two residential units with distinct configurations. The lower residence has two bedrooms and two bathrooms, while the upper residence offers two bedrooms and one bathroom. Interior improvements include fresh paint, refinished hardwood flooring, stone countertops, new carpet, and high ceilings. Both units also have new electrical systems.
Located at 437 51St St in Oakland’s Temescal area, the property has a Walk Score of 98. Restaurants, shopping, Whole Foods, freeways, and public transportation are identified as nearby conveniences. Built in 1912, the property combines period construction with updated interior finishes and electrical work.
Located at 437 51St St in Oakland’s Temescal area, the property has a Walk Score of 98. Restaurants, shopping, Whole Foods, freeways, and public transportation are identified as nearby conveniences. Built in 1912, the property combines period construction with updated interior finishes and electrical work.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 2‑bath lower residence and 2‑bedroom, 1‑bath upper residence
- Fresh paint, refinished hardwood floors, stone countertops, and new carpet
- New electrical systems installed in both units
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
$42,581
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
4.74%
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%
$851,620
$851.6K
Cap Rate 7%
$608,300
$608.3K
Cap Rate 9%
$473,122
$473.1K
Market Conditions
NOI Build-Up for 1,858 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
$63.5K $34.20/SF
− Vacancy
−$2.7K −$1.46/SF
EGI
$60.8K $32.74/SF
− OpEx
−$18.2K −$9.82/SF
NOI
$42.6K $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%
$851,620
Cap Rate 7%
$608,300
Cap Rate 9%
$473,122
Alternative Uses
Best Use
Multifamily LT 5
$608.3K
$532.3K – $709.7K
NOI $42,581 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$560.5K
$490.4K – $653.9K
NOI $39,232 @ 7.0% cap · market cap 4.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,884
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?
Duplex - Two residences provide a two-bedroom, two-bath lower unit and a two-bedroom, one-bath upper unit.
Where is this duplex located?
The property is located at 437 51St St Oakland, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom, 2‑bath lower residence and 2‑bedroom, 1‑bath upper residence; Fresh paint, refinished hardwood floors, stone countertops, and new carpet; New electrical systems installed in both units
