San Leandro Multifamily Investment
For Sale
$1,595,000
483 Joaquin Ave, San Leandro, CA 94577
Five-unit property near Downtown San Leandro with recent improvements.
Property Size3,900 SF
Price / SF$408.97
Days on Market294
Property Features for 483 Joaquin Ave
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Commercial
Amenities
Other
Building Details
Year Built
1964
Listing Agency:
THE PINZA GROUP, INC
(510) 725-4775
Listed By:
JAY FLORES · License #02037775
(925) 290-7044
Source:
Corcoran
Added: Nov 22, 2025
Changed: Sep 10
Last Checked: Sep 12 at 6:25AM
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 THE PINZA GROUP, INC
Investment Insights
Based on property information with market context.
This five-unit multifamily property is located within walking distance of Downtown San Leandro. The property features a mix of three-bedroom, two-bedroom, and one-bedroom units. Recent exterior improvements include a new roof, asphalt, lighting, gutters, railing screens, and a new exterior facade and paint. Interior improvements include updated electrical panels in all units, new luxury flooring, updated lighting and ceiling fans, new blinds and appliances, and fresh interior paint. Onsite coin-operated laundry machines provide additional income. The property includes 1:1 closed parking with potential for ADU conversion. The property size is 3900 square feet.
Key Highlights
- Walking distance to Downtown San Leandro.
- Recent exterior improvements including new roof, asphalt, lighting, gutters, railing screens, exterior facade and paint.
- Recent interior improvements including updated electrical panels, new luxury flooring, updated lighting and ceiling fans, new blinds and appliances, and fresh interior paint.
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
$56,496
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
3.54%
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%
$1,129,920
$1.1M
Cap Rate 7%
$807,086
$807.1K
Cap Rate 9%
$627,733
$627.7K
Market Conditions
NOI Build-Up for 3,900 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
$109.0K $27.96/SF
− Vacancy
−$6.3K −$1.62/SF
EGI
$102.7K $26.34/SF
− OpEx
−$46.2K −$11.85/SF
NOI
$56.5K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /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%
$1,129,920
Cap Rate 7%
$807,086
Cap Rate 9%
$627,733
Alternative Uses
Best Use
Apartment 5plus
$807.1K
$706.2K – $941.6K
NOI $56,496 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$17.78M
$15.56M – $20.74M
NOI $1,244,593 @ 7.0% cap · market cap 78.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 94577, CA
48,868
Population
17,681
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
6,033
Density / Sq Mi
$110,989
Median Household Income
$56,382
Median Earnings
$2,199
Median Rent
$824,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property near Downtown San Leandro with recent improvements.
Where is this apartment building located?
The property is located at 483 Joaquin Ave San Leandro, CA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Walking distance to Downtown San Leandro.; Recent exterior improvements including new roof, asphalt, lighting, gutters, railing screens, exterior facade and paint.; Recent interior improvements including updated electrical panels, new luxury flooring, updated lighting and ceiling fans, new blinds and appliances, and fresh interior paint.
