Updated Two-Unit
For Sale
$899,000
Pending
437 51st St, Oakland, CA 94609
Two residential units offer refreshed finishes, high ceilings, and convenient access to dining, shopping, transit, and freeways.
Property Size1,858 SF
Days on Market25
Property Features for 437 51st St
General Information
Standard status
Pending
Size
1,858 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1912
Listing Agency:
Matthew Inlow, Re/Max Marketplace
Listed By:
The Jamison Team · License #00237674
(408) 465-4899
Source:
Tuscanaproperties
Added: Aug 10
Changed: Sep 3
Last Checked: Sep 2 at 4:37PM
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 Matthew Inlow, Re/Max Marketplace
Investment Insights
Based on property information with market context.
Built in 1912, this 1,858-square-foot duplex includes two separately configured residences. The lower home provides two bedrooms and two bathrooms, while the upper unit offers two bedrooms and one bathroom. Interior updates include new paint, refinished hardwood flooring, stone countertops, fresh carpeting, and high ceilings. Electrical systems were also replaced in both units.
The property is located at 437 51st St in Oakland’s Temescal area, with a Walk Score of 98. Restaurants, shopping, Whole Foods, freeways, and public transportation are identified nearby, giving the property convenient access to daily services and regional connections.
The property is located at 437 51st St in Oakland’s Temescal area, with a Walk Score of 98. Restaurants, shopping, Whole Foods, freeways, and public transportation are identified nearby, giving the property convenient access to daily services and regional connections.
Key Highlights
- Two‑unit duplex built in 1912
- 1,858 SF property with a two‑bedroom, two‑bath lower unit
- Upper residence includes two bedrooms and one bathroom
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
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 residential units offer refreshed finishes, high ceilings, and convenient access to dining, shopping, transit, and freeways.
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 built in 1912; 1,858 SF property with a two‑bedroom, two‑bath lower unit; Upper residence includes two bedrooms and one bathroom
