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603 22nd St, Oakland, CA 94612
Turn-key, new construction 9-unit multifamily property in Oakland.
Property Size6,150 SF
Price / SF$398.37
Days on Market112
Property Features for 603 22nd St
General Information
Standard status
Active
Size
6,150 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$168,849
Building Details
Year Built
2021
Units
9
Listing Agency:
NAI Northern California - HQ
Listed By:
Grant Chappell · License #CA 01700439
(415) 246-4314
Source:
Crexi
Added: May 14
Changed: Aug 31
Last Checked: Sep 1 at 4:50PM
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 NAI Northern California - HQ
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a turn-key, brand-new construction 9-unit multifamily asset in Oakland. Completed in early 2021, the property was constructed with quality and has been fully rented since day one. The property offers the benefits of institutional-grade new construction with the flexibility to optimize rents. With zero vacancy and minimal capital needs, this property is suited for a buyer seeking stability and growth. Located at 603 22nd Street, the property is situated in Oakland's uptown neighborhood, minutes from Downtown Oakland and Jack London Square. This walkable, transit-oriented location offers access to BART, AC Transit, and major thoroughfares connecting to Berkeley and San Francisco. Surrounded by cafes, markets, and neighborhood amenities, the property attracts professionals seeking urban convenience and modern living. The area experiences rental demand and growth, making it one of Oakland's multifamily submarkets. The property size is 6,150 square feet.
Key Highlights
- Brand‑new construction (2021) 9‑unit multifamily asset in Oakland.
- Fully rented since day one with zero vacancy.
- Located in Oakland's vibrant uptown neighborhood, near Downtown Oakland and Jack London Square.
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
$129,858
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
5.30%
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%
$2,597,160
$2.6M
Cap Rate 7%
$1,855,114
$1.9M
Cap Rate 9%
$1,442,867
$1.4M
Market Conditions
NOI Build-Up for 6,150 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
$247.2K $40.20/SF
− Vacancy
−$11.1K −$1.81/SF
EGI
$236.1K $38.39/SF
− OpEx
−$106.2K −$17.28/SF
NOI
$129.9K $21.12/SF
Area
Oakland, CA
Vacancy
4.50%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,597,160
Cap Rate 7%
$1,855,114
Cap Rate 9%
$1,442,867
Alternative Uses
Best Use
Apartment 5plus
$1.86M
$1.62M – $2.16M
NOI $129,858 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.01M
$1.76M – $2.35M
NOI $140,944 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 94612, CA
19,773
Population
11,928
Households
1.7
Avg Household Size
38
Median Age
54%
College-Educated
87%
High-School Grad
1.0 sq mi
ZIP Area
19,773
Density / Sq Mi
$77,069
Median Household Income
$70,221
Median Earnings
$1,936
Median Rent
$814,000
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?
Apartment building - Turn-key, new construction 9-unit multifamily property in Oakland.
Where is this apartment building located?
The property is located at 603 22nd St Oakland, CA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Brand‑new construction (2021) 9‑unit multifamily asset in Oakland.; Fully rented since day one with zero vacancy.; Located in Oakland's vibrant uptown neighborhood, near Downtown Oakland and Jack London Square.
