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 Market505
Property Features for 512 Central Ave
General Information
Standard status
Active
Size
3,250 SF
Site & Location
Neighborhood
Gold Coast
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
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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 / Yr
$109,087
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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.
