Duplex with Backyard
For Sale
$1,495,000
Pending
438 65Th St, Oakland, CA 94609
Two bright flats feature updated kitchens and baths, flexible rooms, hardwood flooring, and direct outdoor access.
Property Size2,178 SF
Days on Market21
Property Features for 438 65Th St
General Information
Standard status
Pending
Size
2,178 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2,178 SF
Year Built
1906
Listing Agency:
Red Oak Realty
Listed By:
Stuart Maus
(510) 290-0293
Source:
Annnewtoncane
Added: Aug 19
Changed: Sep 4
Last Checked: Sep 7 at 7:41AM
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 Red Oak Realty
Investment Insights
Based on property information with market context.
Built in 1906, this two-flat duplex combines period architectural details with updated interiors. The upper residence at 436 includes three bedrooms, a bonus room with backyard access, a remodeled kitchen, and a full bath. The lower residence at 438 offers an open layout, remodeled kitchen and baths, hardwood floors, a great room, and direct access to the backyard. The property is currently configured as a multi-use home with multiple bedrooms, office space, and flex areas.
A long driveway provides on-site parking, and a 220 outlet supports electric vehicle charging. The property is close to coffee shops, restaurants, and transportation, with a WalkScore(r) of 94 and a BikeScore(tm) of 99.
A long driveway provides on-site parking, and a 220 outlet supports electric vehicle charging. The property is close to coffee shops, restaurants, and transportation, with a WalkScore(r) of 94 and a BikeScore(tm) of 99.
Key Highlights
- Two‑flat duplex built in 1906
- Upper unit includes three bedrooms, a bonus room, remodeled kitchen, and full bath
- Lower unit has an open floor plan, remodeled kitchen and baths, hardwood floors, and a great room
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
$49,915
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
3.34%
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%
$998,300
$998.3K
Cap Rate 7%
$713,071
$713.1K
Cap Rate 9%
$554,611
$554.6K
Market Conditions
NOI Build-Up for 2,178 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
$74.5K $34.20/SF
− Vacancy
−$3.2K −$1.46/SF
EGI
$71.3K $32.74/SF
− OpEx
−$21.4K −$9.82/SF
NOI
$49.9K $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%
$998,300
Cap Rate 7%
$713,071
Cap Rate 9%
$554,611
Alternative Uses
Best Use
Multifamily LT 5
$713.1K
$623.9K – $831.9K
NOI $49,915 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$657.0K
$574.9K – $766.5K
NOI $45,989 @ 7.0% cap · market cap 3.08%
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
3,823
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 bright flats feature updated kitchens and baths, flexible rooms, hardwood flooring, and direct outdoor access.
Where is this duplex located?
The property is located at 438 65Th St Oakland, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Two‑flat duplex built in 1906; Upper unit includes three bedrooms, a bonus room, remodeled kitchen, and full bath; Lower unit has an open floor plan, remodeled kitchen and baths, hardwood floors, and a great room
