Four-Unit Multifamily
For Sale
$1,495,000
68 Oakes Blvd., San Leandro, CA 94577
Fully occupied residential income property with spacious units, covered parking, private garage, and shared laundry facilities.
Property Size4,999 SF
Lot Size0.18 Acres
Price / SF$299.06
Days on Market114
Property Features for 68 Oakes Blvd.
General Information
Standard status
Active
Size
4,999 SF
Total Parking Spaces
6
Lot size
0.18 Acres
Property subtype
Investment
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BD/2BA, 3 x 2BD/2BA
Multifamily Units
4
Amenities
shared coin-operated laundry
Building Details
Year Built
1975
Buildings
1
Units
4
Listed By:
Michelle Miller
(510) 701-3442
Source:
Elliman
Added: May 12
Changed: Aug 31
Last Checked: Aug 31 at 5:27PM
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 Michelle Miller
Investment Insights
Based on property information with market context.
Built in 1975, this fourplex at 68 Oakes Boulevard contains 4,999 square feet on a 7,991-square-foot lot. The configuration includes one 3BD/2BA residence and three 2BD/2BA residences. The property is fully occupied and includes a shared coin-operated laundry room, four covered carports, storage closets serving the three 2BD units, and a private two-car garage for the 3BD/2BA unit. A shared gas meter supplies the common water heater, while the units have separately metered electric-only interiors.
The property is located on a tree-lined residential street near Downtown San Leandro, with BART less than one mile away. Dining, shopping, and the city’s weekly Farmers Market are also nearby. Walk Score is 84, Bike Score is 72, and Transit Score is 58. The property offers a projected 5.33% cap rate.
The property is located on a tree-lined residential street near Downtown San Leandro, with BART less than one mile away. Dining, shopping, and the city’s weekly Farmers Market are also nearby. Walk Score is 84, Bike Score is 72, and Transit Score is 58. The property offers a projected 5.33% cap rate.
Key Highlights
- 4,999‑square‑foot fourplex on a 7,991‑square‑foot lot
- Unit mix: one 3BD/2BA and three 2BD/2BA units
- Fully occupied property built in 1975
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
$72,416
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
4.84%
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%
$1,448,320
$1.4M
Cap Rate 7%
$1,034,514
$1.0M
Cap Rate 9%
$804,622
$804.6K
Market Conditions
NOI Build-Up for 4,999 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
$139.8K $27.96/SF
− Vacancy
−$8.1K −$1.62/SF
EGI
$131.7K $26.34/SF
− OpEx
−$59.2K −$11.85/SF
NOI
$72.4K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /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%
$1,448,320
Cap Rate 7%
$1,034,514
Cap Rate 9%
$804,622
Alternative Uses
Best Use
Multifamily LT 5
$2.40M
$2.10M – $2.80M
NOI $167,792 @ 7.0% cap · market cap 11.22%
Second Best
Apartment 5plus
$1.03M
$905.2K – $1.21M
NOI $72,416 @ 7.0% cap · market cap 4.84%
Theoretical Best
Retail
$22.79M
$19.94M – $26.59M
NOI $1,595,313 @ 7.0% cap · market cap 106.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,940
Businesses Nearby
Explore this area
Business Placement
Demographics for 94577, CA
48,868
Population
17,681
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
6,033
Density / Sq Mi
$110,989
Median Household Income
$56,382
Median Earnings
$2,199
Median Rent
$824,900
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?
Quadplex - Fully occupied residential income property with spacious units, covered parking, private garage, and shared laundry facilities.
Where is this quadplex located?
The property is located at 68 Oakes Blvd. San Leandro, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 4,999‑square‑foot fourplex on a 7,991‑square‑foot lot; Unit mix: one 3BD/2BA and three 2BD/2BA units; Fully occupied property built in 1975
