Triplex with Value-Add
For Sale
$789,000
Pending
515 28th St, Oakland, CA 94609
Triplex for sale in Oakland’s Pill Hill area, offered with potential for renovation and a flexible vacant delivery.
Property Size3,131 SF
Days on Market62
Property Features for 515 28th St
General Information
Standard status
Pending
Size
3,131 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1904
Listing Agency:
KW Advisors East Bay
(510) 917-2895
Listed By:
Robert Jones · License #01889386
(510) 917-2895
Source:
Exitrealty
Added: Jun 12
Changed: Aug 8
Last Checked: Jul 23 at 6:29AM
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 KW Advisors East Bay
Investment Insights
Based on property information with market context.
515 28th St is a triplex property being offered for sale in Oakland’s Pill Hill area. The property presents an opportunity for renovation-minded buyers and owner-users interested in repositioning a multi-unit residence. Public remarks indicate the triplex can be delivered vacant, which may provide flexibility for planned improvements and a revised leasing approach. Note that some AI-enhanced images are illustrative concept only, and buyers should verify the existing condition.
Pill Hill is described as offering convenient access to Uptown, Downtown Oakland, Temescal, and Lake Merritt. The remarks also cite proximity to BART and major medical facilities including Kaiser and Alta Bates/Summit, along with nearby shopping, dining, and major commuter routes.
This configuration may fit investors looking to acquire a residential income property they can renovate, or owner-users interested in a house-hack style setup. With delivery described as vacant, the property can support tenants or occupants aligned with the buyer’s renovation timeline and leasing strategy, subject to verification of condition and final plans.
Pill Hill is described as offering convenient access to Uptown, Downtown Oakland, Temescal, and Lake Merritt. The remarks also cite proximity to BART and major medical facilities including Kaiser and Alta Bates/Summit, along with nearby shopping, dining, and major commuter routes.
This configuration may fit investors looking to acquire a residential income property they can renovate, or owner-users interested in a house-hack style setup. With delivery described as vacant, the property can support tenants or occupants aligned with the buyer’s renovation timeline and leasing strategy, subject to verification of condition and final plans.
Key Highlights
- Triplex at 515 28th Street in Oakland’s Pill Hill neighborhood
- Built in 1904
- Vacant delivery available, offering flexibility for renovations and future leasing
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
$71,756
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
9.09%
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%
$1,435,120
$1.4M
Cap Rate 7%
$1,025,086
$1.0M
Cap Rate 9%
$797,289
$797.3K
Market Conditions
NOI Build-Up for 3,131 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
$107.1K $34.20/SF
− Vacancy
−$4.6K −$1.46/SF
EGI
$102.5K $32.74/SF
− OpEx
−$30.8K −$9.82/SF
NOI
$71.8K $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%
$1,435,120
Cap Rate 7%
$1,025,086
Cap Rate 9%
$797,289
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$897.0K – $1.20M
NOI $71,756 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$944.4K
$826.4K – $1.10M
NOI $66,111 @ 7.0% cap · market cap 8.38%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,431
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?
Triplex - Triplex for sale in Oakland’s Pill Hill area, offered with potential for renovation and a flexible vacant delivery.
Where is this triplex located?
The property is located at 515 28th St Oakland, CA.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Triplex at 515 28th Street in Oakland’s Pill Hill neighborhood; Built in 1904; Vacant delivery available, offering flexibility for renovations and future leasing
