Triplex with Covered
For Sale
$789,000
Pending
515 28th St, Oakland, CA 94609
MULTI_FAMILY - Oakland, CA
Property Size3,131 SF
Lot Size0.21 Acres
Days on Market63
Property Features for 515 28th St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Covered
Exterior features
Back Yard, Side Yard, Yard Space
Subdivision
Pill Hill
Lot features
Level
Directions
Telegraph Ave -> 28th St
Standard status
Pending
APN
969051
Size
3,131 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1904
Number of units
3
Flooring type
Linoleum, Hardwood, Painted/stained
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
KW Advisors East Bay
(510) 775-1079
Listed By:
Robert Jones · License #01889386
(510) 917-2895
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 12 at 7:06AM
MLS# 41137949
Copyright © 2026 Contra Costa Association of REALTORS®. 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 three-unit residential income property includes 3,131 square feet on a 0.213-acre lot. Built in 1904, the building has wood siding, a composition roof, covered parking, and back, side, and general yard areas. Interior finishes include hardwood, linoleum, and painted or stained flooring. Public water and sewer serve the property, and the seller indicates it can be delivered vacant for renovation planning or future leasing.
The property is located at 515 28th St in Oakland’s Pill Hill neighborhood, with stated proximity to Uptown, Downtown Oakland, Temescal, Lake Merritt, BART, Kaiser, Alta Bates/Summit medical facilities, shopping, dining, and major commuter routes. Existing-condition details should be verified by the buyer, particularly where conceptual renovation imagery has been used.
The property is located at 515 28th St in Oakland’s Pill Hill neighborhood, with stated proximity to Uptown, Downtown Oakland, Temescal, Lake Merritt, BART, Kaiser, Alta Bates/Summit medical facilities, shopping, dining, and major commuter routes. Existing-condition details should be verified by the buyer, particularly where conceptual renovation imagery has been used.
Key Highlights
- 3,131 square feet on a 0.213‑acre lot
- Three‑unit residential income property built in 1904
- Can be delivered vacant, subject to buyer verification
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
Multi-tenant
Tenancy
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 - Three-unit property with yard areas, public utilities, and the potential for 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: 3,131 square feet on a 0.213‑acre lot; Three‑unit residential income property built in 1904; Can be delivered vacant, subject to buyer verification
