Quadplex with Attached Guest
For Sale
$1,095,000
Pending
4989 SHAFTER AVENUE, Oakland, CA 94609
Residential Income, Oakland, CA
Property Size2,452 SF
Lot Size0.16 Acres
Days on Market102
Property Features for 4989 SHAFTER AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
Parking features
Parking Lot, Off Street
Exterior features
Back Yard, Front Yard, Garden/Play, Side Yard, Garden, Landscape Back, Landscape Front
Fencing
Fenced
Appliances
Dryer, Washer, Gas Water Heater
Subdivision
Temescal
Lot features
2 Houses / 1 Lot, Rectangular Lot, Front Yard, Garden, Landscaped
Directions
51st St to Shafter.
Standard status
Pending
APN
1311467
Size
2,452 SF
Lot size
0.16 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Floor Furnace, Wall Furnace
Water source
Public
Building Details
Year built
1918
Number of units
4
Flooring type
Hardwood, Linoleum, Vinyl
Building materials
Stucco, Wood Shingles
Roof type
Composition
Listing Agency:
KW Advisors East Bay · Keller Williams Realty
(510) 775-1079
Listed By:
David Gunderman · License #01313613
(510) 205-4369
Added: May 13
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# 41134547
Copyright © 2026 Bay East. 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 quadplex-style residential compound features two Craftsman homes on an oversized lot totaling 2,452 SF. Both homes are currently configured with attached private guest apartments, providing flexibility for multigenerational living, guests, income use, or future reimagining.
The front home includes 2 bedrooms and 1 bathroom plus a studio/1 bathroom apartment, with a bright living room, hardwood flooring, crown molding, and updated bathroom finishes. The studio apartment has its own separate entrance and includes a full-height basement bonus space for additional flexibility and storage.
The second home is a redwood-shingled cottage with 1 bedroom and 1 bathroom plus an additional 1 bedroom and 1 bathroom configuration, featuring hardwood floors, mullioned picture windows, and a private upstairs balcony overlooking the gardens. A non-conforming 1-bedroom apartment downstairs adds further versatility.
Outdoor spaces include gardens, patios, raised garden beds, multiple seating areas, and an established orchard with orange, plum, quince, and fig trees. The property is served by public water and public sewer, has a composition roof, and was built in 1918. Off-street parking for several vehicles is available, and it’s located moments from BART, the Temescal Farmers’ Market, and the Telegraph and College Avenue corridors.
The front home includes 2 bedrooms and 1 bathroom plus a studio/1 bathroom apartment, with a bright living room, hardwood flooring, crown molding, and updated bathroom finishes. The studio apartment has its own separate entrance and includes a full-height basement bonus space for additional flexibility and storage.
The second home is a redwood-shingled cottage with 1 bedroom and 1 bathroom plus an additional 1 bedroom and 1 bathroom configuration, featuring hardwood floors, mullioned picture windows, and a private upstairs balcony overlooking the gardens. A non-conforming 1-bedroom apartment downstairs adds further versatility.
Outdoor spaces include gardens, patios, raised garden beds, multiple seating areas, and an established orchard with orange, plum, quince, and fig trees. The property is served by public water and public sewer, has a composition roof, and was built in 1918. Off-street parking for several vehicles is available, and it’s located moments from BART, the Temescal Farmers’ Market, and the Telegraph and College Avenue corridors.
Key Highlights
- Two Craftsman homes totaling 2,452 SF configured with attached private guest apartments
- Lot size of 0.1607 acres with established orchard including orange, plum, quince, and fig trees
- Front home: 2BD/1BA main plus Studio/1BA attached guest apartment
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
$56,194
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
5.13%
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%
$1,123,880
$1.1M
Cap Rate 7%
$802,771
$802.8K
Cap Rate 9%
$624,378
$624.4K
Market Conditions
NOI Build-Up for 2,452 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
$83.9K $34.20/SF
− Vacancy
−$3.6K −$1.46/SF
EGI
$80.3K $32.74/SF
− OpEx
−$24.1K −$9.82/SF
NOI
$56.2K $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%
$1,123,880
Cap Rate 7%
$802,771
Cap Rate 9%
$624,378
Alternative Uses
Best Use
Multifamily LT 5
$802.8K
$702.4K – $936.6K
NOI $56,194 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$739.6K
$647.2K – $862.9K
NOI $51,774 @ 7.0% cap · market cap 4.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Quadplex - Two Craftsman homes on a 0.1607-acre lot with attached private guest apartments and off-street parking.
Where is this quadplex located?
The property is located at 4989 SHAFTER AVENUE Oakland, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Two Craftsman homes totaling 2,452 SF configured with attached private guest apartments; Lot size of 0.1607 acres with established orchard including orange, plum, quince, and fig trees; Front home: 2BD/1BA main plus Studio/1BA attached guest apartment
