Remodeled Five-Unit Apartment
For Sale
$6,200,000
449 Merritt Ave, Oakland, CA 94610
Renovated interiors, lake and skyline views, parking, and EV charging complement this multifamily property near Lake Merritt.
Property Size10,926 SF
Price / SF$567.45
Days on Market9
Property Features for 449 Merritt Ave
General Information
Standard status
Active
Size
10,926 SF
Total Parking Spaces
5
Property subtype
General Commercial
Additional Details
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$69,000
Amenities
sunrooms
balconies
EV chargers
lake views
city views
Flat
Carport.
Building Details
Year Built
1959
Listing Agency:
David Hart Realty
(650) 355-3000
Listed By:
David Hart
Source:
Xome
Added: Jul 28
Changed: Aug 2
Last Checked: Aug 5 at 4:10AM
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 David Hart Realty
Investment Insights
Based on property information with market context.
Located at 449 Merritt Ave in Oakland, this 10,926-square-foot apartment property contains five units with a combined 21 bedrooms and 16 bathrooms. Built in 1959, the building has undergone extensive remodeling, including updated kitchens, renovated bathrooms, contemporary flooring, designer lighting, and upgraded finishes. Large windows bring natural light into the living areas, while several units offer views of Lake Merritt and the city skyline. Balconies and five parking spaces add functional outdoor and on-site parking features, with an EV charger serving each space.
The property is situated one block from Lake Merritt and its walking paths and parks. Restaurants, cafes, shopping, public transportation, and major commuter routes are also identified nearby, supporting convenient access for residents. The combination of a multi-unit configuration, substantial renovations, parking, and proximity to Lake Merritt defines the asset's operating profile.
The property is situated one block from Lake Merritt and its walking paths and parks. Restaurants, cafes, shopping, public transportation, and major commuter routes are also identified nearby, supporting convenient access for residents. The combination of a multi-unit configuration, substantial renovations, parking, and proximity to Lake Merritt defines the asset's operating profile.
Key Highlights
- Five‑unit apartment property with 21 bedrooms and 16 bathrooms
- 10,926 square feet on a 1959‑built property
- Extensively remodeled with updated kitchens, bathrooms, flooring, lighting, and finishes
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $439.2k | $40.20 |
| − Vacancy | −$19.8k | −$1.81 |
| EGI | $419.5k | $38.39 |
| − OpEx | −$188.8k | −$17.28 |
| NOI | $230.7k | $21.12 |
10,926 SF · lease $40.20/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.88M – $3.85M
NOI $230,703 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.58M
$3.13M – $4.17M
NOI $250,399 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,264
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 - Renovated interiors, lake and skyline views, parking, and EV charging complement this multifamily property near Lake Merritt.
Where is this apartment building located?
The property is located at 449 Merritt Ave Oakland, CA.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Five‑unit apartment property with 21 bedrooms and 16 bathrooms; 10,926 square feet on a 1959‑built property; Extensively remodeled with updated kitchens, bathrooms, flooring, lighting, and finishes
