Waterfront Multi-Unit Income
For Sale
$2,290,000
512 Central Ave, Alameda, CA 94501
Rare Alameda waterfront property with four units and bay-facing ADU.
Property Size3,250 SF
Price / SF$704.62
Days on Market460
Property Features for 512 Central Ave
General Information
Standard status
Active
Size
3,250 SF
Building Details
Year Built
1956
Listing Agency:
BAY HOME INVESTMENTS AND LOANS
Listed By:
MING ZHOU · License #01408951
Source:
Corcoran
Added: Jun 9, 2025
Changed: Mar 16
Last Checked: Apr 12 at 7:51PM
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 BAY HOME INVESTMENTS AND LOANS
Investment Insights
Based on property information with market context.
This multi-unit building features four units: two 2-bedroom, 2-bathroom units and two 1-bedroom, 1-bathroom units, plus a legal 690-square-foot bay-facing Accessory Dwelling Unit (ADU). The property is located in Alameda, California, near Webster Street shops and restaurants, with freeway access and proximity to schools. The building offers a total size of 3250 square feet. Two of the 2-bedroom units include balconies that offer water views. All units feature updated interiors. This property is intended for use as a residential income property.
Key Highlights
- Rare waterfront income property with 4 units plus a legal ADU.
- Stunning water views from balconies in two 2BD/2BA units.
- Updated interiors in all units.
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
$109,087
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
4.76%
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%
$2,181,740
$2.2M
Cap Rate 7%
$1,558,386
$1.6M
Cap Rate 9%
$1,212,078
$1.2M
Market Conditions
NOI Build-Up for 3,250 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
$165.8K $51.00/SF
− Vacancy
−$9.9K −$3.05/SF
EGI
$155.8K $47.95/SF
− OpEx
−$46.8K −$14.39/SF
NOI
$109.1K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$2,181,740
Cap Rate 7%
$1,558,386
Cap Rate 9%
$1,212,078
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $109,087 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$672.6K
$588.5K – $784.7K
NOI $47,080 @ 7.0% cap · market cap 2.06%
Theoretical Best
Retail
$14.82M
$12.96M – $17.29M
NOI $1,037,161 @ 7.0% cap · market cap 45.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 94501, CA
64,116
Population
27,117
Households
2.4
Avg Household Size
41
Median Age
58%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
8,015
Density / Sq Mi
$119,500
Median Household Income
$75,514
Median Earnings
$2,362
Median Rent
$1,213,100
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?
Quadplex - Rare Alameda waterfront property with four units and bay-facing ADU.
Where is this quadplex located?
The property is located at 512 Central Ave Alameda, CA.
What is the asking price?
The asking price for this property is $2,290,000.
What are key features of this property?
This property features: Rare waterfront income property with 4 units plus a legal ADU.; Stunning water views from balconies in two 2BD/2BA units.; Updated interiors in all units.
