Updated Duplex with Two
New
For Sale
$899,000
437 51St St, Oakland, CA 94609
MULTI_FAMILY - Oakland, CA
Property Size1,858 SF
Lot Size0.08 Acres
Price / SF$483.85
Days on Market3
Property Features for 437 51St St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 1
Parking
2
Parking features
Off Street
Interior features
Storage, Shower Stall(s), Tub w/Shower Over
Exterior features
Storage
Fencing
Fenced
Appliances
Dryer, Washer
Subdivision
TEMESCAL
Lot features
Rectangular Lot
High school district
Oakland (510) 879-8111
Standard status
Active
APN
1311475
Size
1,858 SF
Lot size
0.08 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Floor Furnace
Water source
Public
Building Details
Year built
1912
Flooring type
Wood, Laminate, Carpet
Building materials
Wood Siding
Additional Structures
Storage
Listing Agency:
BHG RE Reliance Partners · Better Homes and Gardens Real Estate
(510) 868-1400
Listed By:
Norman Gee
(510) 552-0878
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 3:06PM
MLS# 41144391
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,858-square-foot duplex, built in 1912, contains two separate residences. The lower unit offers two bedrooms and two bathrooms, while the upper unit includes two bedrooms and one bathroom. Recent improvements include new electrical systems in both units, refinished hardwood floors, stone countertops, fresh carpeting, and interior painting. Flooring includes wood, laminate, and carpet, with storage available on the property.
Located in Oakland’s Temescal area, the property is near restaurants, shopping, Whole Foods, freeways, and public transportation. Public water and sewer serve the property, which occupies 0.0826 acres and includes a fenced exterior with off-street parking. Washer and dryer appliances are also present.
Located in Oakland’s Temescal area, the property is near restaurants, shopping, Whole Foods, freeways, and public transportation. Public water and sewer serve the property, which occupies 0.0826 acres and includes a fenced exterior with off-street parking. Washer and dryer appliances are also present.
Key Highlights
- 1,858 SF duplex with two separate residences
- Lower unit: 2 bedrooms and 2 bathrooms
- Upper unit: 2 bedrooms and 1 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
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 refreshed residences feature distinct floor plans, off-street parking, and storage.
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: 1,858 SF duplex with two separate residences; Lower unit: 2 bedrooms and 2 bathrooms; Upper unit: 2 bedrooms and 1 bathroom
