Triplex With Potential ADU
For Sale
$1,200,000
615 Jackson Street, Albany, CA 94706
Fully occupied triplex with two two-bedroom units and one three-bedroom unit, plus downstairs storage and a large backyard.
Property Size3,240 SF
Price / SF$370.37
Days on Market27
Property Features for 615 Jackson Street
General Information
Standard status
Active
Size
3,240 SF
Property subtype
Triplex
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$11,413
Building Details
Building Size
3,240 SF
Year Built
1966
Tenancy
Multi
Abandoned
No
Listing Agency:
Golden Gate Sotheby's International Realty
(510) 725-1948
Listed By:
Steven Bailey
(510) 725-1948
Source:
Gregglynn
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 9 at 11:38AM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
This triplex features three fully occupied units: two identical two-bedroom, two-bathroom units and a third three-bedroom, two-bathroom unit. Built in 1966, the property includes 3,240 SF and offers a practical opportunity to expand through a potential fourth unit or ADU using the downstairs storage area and access into the large backyard.
The home is close to Albany schools and shopping on Solano Avenue and San Pablo Avenue, and near the El Cerrito BART/Plaza. The Cerrito/Little Hill Park entry is also right up the street.
Ideal for buyers seeking a stable, income-generating residential structure with a configuration that supports future add-on possibilities.
The home is close to Albany schools and shopping on Solano Avenue and San Pablo Avenue, and near the El Cerrito BART/Plaza. The Cerrito/Little Hill Park entry is also right up the street.
Ideal for buyers seeking a stable, income-generating residential structure with a configuration that supports future add-on possibilities.
Key Highlights
- 3 fully occupied units: two two‑bedroom, two‑bath units plus one three‑bedroom, two‑bath unit
- Potential fourth unit or ADU via downstairs storage into the large backyard
- 3,240 SF triplex built in 1966
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
$108,751
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
9.06%
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%
$2,175,020
$2.2M
Cap Rate 7%
$1,553,586
$1.6M
Cap Rate 9%
$1,208,344
$1.2M
Market Conditions
NOI Build-Up for 3,240 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
$165.2K $51.00/SF
− Vacancy
−$9.9K −$3.05/SF
EGI
$155.4K $47.95/SF
− OpEx
−$46.6K −$14.39/SF
NOI
$108.8K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$2,175,020
Cap Rate 7%
$1,553,586
Cap Rate 9%
$1,208,344
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.36M – $1.81M
NOI $108,751 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$670.5K
$586.7K – $782.3K
NOI $46,935 @ 7.0% cap · market cap 3.91%
Theoretical Best
Retail
$14.77M
$12.92M – $17.23M
NOI $1,033,970 @ 7.0% cap · market cap 86.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,038
Businesses Nearby
Explore this area
Business Placement
Demographics for 94706, CA
21,134
Population
8,386
Households
2.5
Avg Household Size
37
Median Age
77%
College-Educated
97%
High-School Grad
1.5 sq mi
ZIP Area
14,089
Density / Sq Mi
$136,961
Median Household Income
$75,849
Median Earnings
$2,394
Median Rent
$1,188,100
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 - Fully occupied triplex with two two-bedroom units and one three-bedroom unit, plus downstairs storage and a large backyard.
Where is this triplex located?
The property is located at 615 Jackson Street Albany, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3 fully occupied units: two two‑bedroom, two‑bath units plus one three‑bedroom, two‑bath unit; Potential fourth unit or ADU via downstairs storage into the large backyard; 3,240 SF triplex built in 1966
