12-Unit Apartment
New
For Sale
$1,645,000
6114-6120 Foothill Boulevard, Oakland, CA 94605
The building contains a mix of one- and two-bedroom apartments and reports an in-place 8.23% cap rate.
Property Size5,242 SF
Price / SF$313.81
Days on Market5
Property Features for 6114-6120 Foothill Boulevard
General Information
Standard status
Active
Size
5,242 SF
Property subtype
Commercial
Units
Unit Mix
11 x 1BR, 1 x 2BR
Multifamily Units
12
Additional Details
Cap Rate
8.23%
Amenities
Common Garage
Flat/Low Pitch Roof
Handicapped Bathroom Features
On Street
Building Details
Year Built
1922
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
FRED RUBIO · License #(S):CA:01984041
(650) 391-1734
Source:
Corcoran
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:22PM
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
Located at 6114-6120 Foothill Boulevard in Oakland, this 5,242-square-foot apartment property was built in 1922. Its 12 residences comprise eleven one-bedroom units and one two-bedroom unit.
The property reports an in-place cap rate of 8.23% and current rents with loss-to-lease. An assumable loan carries a 5.5% interest rate; its principal balance is not included here.
The property reports an in-place cap rate of 8.23% and current rents with loss-to-lease. An assumable loan carries a 5.5% interest rate; its principal balance is not included here.
Key Highlights
- 12 apartments: eleven one‑bedroom units and one two‑bedroom unit
- 5,242 square feet; built in 1922
- In‑place cap rate of 8.23%
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
$95,115
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
5.78%
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%
$1,902,300
$1.9M
Cap Rate 7%
$1,358,786
$1.4M
Cap Rate 9%
$1,056,833
$1.1M
Market Conditions
NOI Build-Up for 5,242 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
$182.4K $34.80/SF
− Vacancy
−$9.5K −$1.81/SF
EGI
$172.9K $32.99/SF
− OpEx
−$77.8K −$14.85/SF
NOI
$95.1K $18.14/SF
Area
ZIP 94605
Vacancy
5.20%
Lease Rate
$34.80 /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%
$1,902,300
Cap Rate 7%
$1,358,786
Cap Rate 9%
$1,056,833
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,115 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.52M
$1.33M – $1.77M
NOI $106,108 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 94605, CA
44,294
Population
17,686
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
5,033
Density / Sq Mi
$101,043
Median Household Income
$62,590
Median Earnings
$1,867
Median Rent
$840,700
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 - The building contains a mix of one- and two-bedroom apartments and reports an in-place 8.23% cap rate.
Where is this apartment building located?
The property is located at 6114-6120 Foothill Boulevard 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: 12 apartments: eleven one‑bedroom units and one two‑bedroom unit; 5,242 square feet; built in 1922; In‑place cap rate of 8.23%
