Restored Queen Anne
For Sale
$1,645,000
550 Vernon St, Oakland, CA 94610
Two-unit property combines an available upper residence with a tenant-occupied lower apartment.
Property Size3,430 SF
Price / SF$479.59
Days on Market76
Property Features for 550 Vernon St
General Information
Standard status
Active
Size
3,430 SF
Property subtype
Multi Family
Units
Unit Mix
3BR/1.5BA, 2BR/1BA
Multifamily Units
2
Amenities
covered porch
rooftop deck
rear deck
mature gardens
workshop
solar system with battery backup
Building Details
Year Built
1898
Buildings
1
Construction
Queen Anne
Listing Agency:
Cush Real Estate
(415) 906-9298
Listed By:
Lauren Kilbourne · License #02020609
(415) 906-9298
Source:
Exitrealty
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 31 at 4:46PM
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 Cush Real Estate
Investment Insights
Based on property information with market context.
Built in 1898, this Queen Anne duplex pairs restored architectural detail with updated building systems. The vacant upper residence measures approximately 2,184 square feet with 3 bedrooms and 1.5 baths, oak floors, a loft-style bedroom, rooftop deck, covered porch, and custom cabinetry. The lower apartment provides approximately 1,284 square feet with 2 bedrooms and 1 bath; its kitchen and bathroom have been remodeled, and the unit is occupied by a tenant paying market rent.
Major improvements include a concrete foundation, updated plumbing and electrical, new windows, and a leased solar system with battery backup. The property also includes a two-car garage, workshop, tandem driveway parking, rear deck, and mature gardens. It is located near Grand Lake, Lakeshore shops and restaurants, the farmers market, and Morcom Rose Garden.
Major improvements include a concrete foundation, updated plumbing and electrical, new windows, and a leased solar system with battery backup. The property also includes a two-car garage, workshop, tandem driveway parking, rear deck, and mature gardens. It is located near Grand Lake, Lakeshore shops and restaurants, the farmers market, and Morcom Rose Garden.
Key Highlights
- Upper residence: approximately 2,184 SF with 3 bedrooms and 1.5 baths
- Lower apartment: approximately 1,284 SF with 2 bedrooms and 1 bath
- 1898 construction with concrete foundation, updated plumbing and electrical, and new windows
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
$78,608
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
4.78%
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%
$1,572,160
$1.6M
Cap Rate 7%
$1,122,971
$1.1M
Cap Rate 9%
$873,422
$873.4K
Market Conditions
NOI Build-Up for 3,430 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
$117.3K $34.20/SF
− Vacancy
−$5.0K −$1.46/SF
EGI
$112.3K $32.74/SF
− OpEx
−$33.7K −$9.82/SF
NOI
$78.6K $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%
$1,572,160
Cap Rate 7%
$1,122,971
Cap Rate 9%
$873,422
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$982.6K – $1.31M
NOI $78,608 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$1.03M
$905.3K – $1.21M
NOI $72,425 @ 7.0% cap · market cap 4.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,117
Businesses Nearby
Explore this area
Business Placement
Demographics for 94610, CA
31,261
Population
17,926
Households
1.7
Avg Household Size
39
Median Age
73%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
14,886
Density / Sq Mi
$130,435
Median Household Income
$90,577
Median Earnings
$2,184
Median Rent
$1,324,500
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?
Duplex - Two-unit property combines an available upper residence with a tenant-occupied lower apartment.
Where is this duplex located?
The property is located at 550 Vernon St Oakland, CA.
What is the asking price?
The asking price for this property is $1,645,000.
What are key features of this property?
This property features: Upper residence: approximately 2,184 SF with 3 bedrooms and 1.5 baths; Lower apartment: approximately 1,284 SF with 2 bedrooms and 1 bath; 1898 construction with concrete foundation, updated plumbing and electrical, and new windows
