Updated Apartment
550 Fairmount Ave, Oakland, CA 94611
For Sale
$2,295,000
Pending
Three-story multifamily property with eight renovated units, covered parking, and access to Grand Lake retail and transit.
Property Size6,632 SF
Days on Market54
Property Features for 550 Fairmount Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Listing Agency:
COMPASS
Listed By:
Willem Bos · License #CA 02013980
(916) 698-9954
Source:
Annnewtoncane
Added: Sep 16
Changed: Oct 31
Last Checked: Nov 6 at 5:12PM
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 COMPASS
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Investment Insights
Based on property information with market context.
This three-story apartment building, constructed in 1963, contains 10 units totaling 6,632 square feet on a 6,900-square-foot lot. The unit mix includes six 1BR/1BA apartments and four 2BR/1BA apartments, with eight residences already updated. Covered off-street parking provides five spaces and an additional income component.
Located at 550 Fairmount Ave in Oakland’s Grand Lake neighborhood, the property is near the Grand Avenue and Lakeshore retail corridors, Grand Lake Theatre, and Lake Merritt. MacArthur BART is one mile away, while immediate I-580 access connects the property with downtown Oakland and San Francisco.
The offering includes current 7.0% CAP and 9.3 GRM metrics, with a stated 10.1% CAP projected as units turn to market. Existing tenancies include occupancy dating to 2006, creating a defined rent-reset opportunity as apartments become available.
Located at 550 Fairmount Ave in Oakland’s Grand Lake neighborhood, the property is near the Grand Avenue and Lakeshore retail corridors, Grand Lake Theatre, and Lake Merritt. MacArthur BART is one mile away, while immediate I-580 access connects the property with downtown Oakland and San Francisco.
The offering includes current 7.0% CAP and 9.3 GRM metrics, with a stated 10.1% CAP projected as units turn to market. Existing tenancies include occupancy dating to 2006, creating a defined rent-reset opportunity as apartments become available.
Key Highlights
- 10‑unit apartment building with six 1BR/1BA and four 2BR/1BA units
- 6,632 SF building on a 6,900 SF lot
- Eight of 10 units have been updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$113,219
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,264,380
$2.3M
Cap Rate 7%
$1,617,414
$1.6M
Cap Rate 9%
$1,257,989
$1.3M
Market Conditions
NOI Build-Up for 6,632 SF
Gross rent
$214.9K $32.40/SF
− Vacancy
−$9.0K −$1.36/SF
EGI
$205.9K $31.04/SF
− OpEx
−$92.6K −$13.97/SF
NOI
$113.2K $17.07/SF
Area
ZIP 94611
Vacancy
4.20%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,264,380
Cap Rate 7%
$1,617,414
Cap Rate 9%
$1,257,989
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,219 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,564 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
6,619
Businesses Nearby
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Business Placement
Demographics for 94611, CA
40,262
Population
19,014
Households
2.1
Avg Household Size
44
Median Age
78%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,515
Density / Sq Mi
$176,517
Median Household Income
$105,393
Median Earnings
$2,274
Median Rent
$1,485,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Oakland, CA
Properties on Market for Apartment buildings in Oakland
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story multifamily property with eight renovated units, covered parking, and access to Grand Lake retail and transit.
Where is this apartment building located?
The property is located at 550 Fairmount Ave Oakland, CA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 10‑unit apartment building with six 1BR/1BA and four 2BR/1BA units; 6,632 SF building on a 6,900 SF lot; Eight of 10 units have been updated
