28-Unit Apartment
New
For Sale
$4,195,000
4609 Bond St, Oakland, CA 94601
Renovated multifamily property with studio and one-bedroom residences near Fruitvale BART.
Property Size15,464 SF
Price / SF$271.28
Days on Market7
Property Features for 4609 Bond St
General Information
Standard status
Active
Size
15,464 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
16 x studio, 12 x 1BR/1BA
Multifamily Units
28
Building Details
Building Size
15,464 SF
Year Built
1918
Buildings
1
Listing Agency:
NAI Northern California
(510) 336-4719
Listed By:
Timothy Warren · License #02008347
(510) 336-4719
Source:
Brucebaldwin
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 12:53PM
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 NAI Northern California
Investment Insights
Based on property information with market context.
This 28-unit apartment property at 4609 Bond Street includes approximately 15,464 square feet of residential space. The unit mix comprises 16 studio apartments and 12 one-bedroom, one-bathroom apartments. Interior renovations are complemented by upgraded electrical subpanels, plumbing and roof work, seismic improvements, a new water heater, and a solar water heating system.
The property is in Oakland’s Fruitvale neighborhood, north of International Boulevard and near Fruitvale BART. Foothill Boulevard, Interstate 580, and Interstate 880 provide access to Downtown Oakland, San Francisco, Alameda, Jack London Square, and other Bay Area destinations. Restaurants, grocery stores, retail services, parks, and the Fruitvale commercial district are also nearby.
The property is in Oakland’s Fruitvale neighborhood, north of International Boulevard and near Fruitvale BART. Foothill Boulevard, Interstate 580, and Interstate 880 provide access to Downtown Oakland, San Francisco, Alameda, Jack London Square, and other Bay Area destinations. Restaurants, grocery stores, retail services, parks, and the Fruitvale commercial district are also nearby.
Key Highlights
- 28‑unit apartment property with 16 studios and 12 one‑bedroom, one‑bathroom units
- Approximately 15,464 square feet of residential space
- Renovated interiors throughout the property
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
$329,258
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
7.85%
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%
$6,585,160
$6.6M
Cap Rate 7%
$4,703,686
$4.7M
Cap Rate 9%
$3,658,422
$3.7M
Market Conditions
NOI Build-Up for 15,464 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
$621.7K $40.20/SF
− Vacancy
−$23.0K −$1.49/SF
EGI
$598.7K $38.71/SF
− OpEx
−$269.4K −$17.42/SF
NOI
$329.3K $21.29/SF
Area
ZIP 94601
Vacancy
3.70%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
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%
$6,585,160
Cap Rate 7%
$4,703,686
Cap Rate 9%
$3,658,422
Alternative Uses
Best Use
Apartment 5plus
$4.70M
$4.12M – $5.49M
NOI $329,258 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.30M
$5.52M – $7.35M
NOI $441,230 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,407
Businesses Nearby
Explore this area
Business Placement
Demographics for 94601, CA
54,166
Population
17,454
Households
3.1
Avg Household Size
35
Median Age
24%
College-Educated
70%
High-School Grad
3.2 sq mi
ZIP Area
16,927
Density / Sq Mi
$66,651
Median Household Income
$37,765
Median Earnings
$1,651
Median Rent
$703,100
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 multifamily property with studio and one-bedroom residences near Fruitvale BART.
Where is this apartment building located?
The property is located at 4609 Bond St Oakland, CA.
What is the asking price?
The asking price for this property is $4,195,000.
What are key features of this property?
This property features: 28‑unit apartment property with 16 studios and 12 one‑bedroom, one‑bathroom units; Approximately 15,464 square feet of residential space; Renovated interiors throughout the property
