Historic 10-Unit Apartment
For Sale
$2,900,000
739 Santa Clara Ave, Alameda, CA 94501
Three-story 10-unit apartment building with updated interiors, onsite laundry, and gas wall heater heat.
Property Size8,804 SF
Lot Size0.22 Acres
Price / SF$329.40
Days on Market104
Property Features for 739 Santa Clara Ave
General Information
Standard status
Active
Size
8,804 SF
Total Parking Spaces
10
Lot size
0.22 Acres
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
10
Amenities
laundry room
storage room
Well maintained 10 units + Parking and Storage
Incredible location – walk to downtown Alameda
Lovely units with period details and hardwood floors
Onsite Laundry for tenants
Building Details
Building Size
8,804 SF
Year Built
1905
Stories
3
Units
10
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Angelo Baglieri · License #License(s): CA: 01996324
(415) 625-2111
Source:
Marcusmillichap
Added: May 27
Changed: Sep 2
Last Checked: Sep 6 at 4:08AM
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 - San Francisco
Investment Insights
Based on property information with market context.
This 3-story, 10-unit apartment building was constructed in 1905 and totals approximately 8,804 square feet. The property features many upgraded units, with interior details including hardwood floors, bay windows, and molding elements. Heating is provided via gas wall heaters, and tenants have access to an onsite laundry room. Off-street parking is available with 10 parking spots behind the building, and a large storage room is included that may be used as an additional income opportunity.
The property is located just off Webster Street and in the downtown Alameda area.
The building offers a blend of historic period features and recent unit turn improvements, supported by on-site amenities including laundry access and enclosed storage space.
The property is located just off Webster Street and in the downtown Alameda area.
The building offers a blend of historic period features and recent unit turn improvements, supported by on-site amenities including laundry access and enclosed storage space.
Key Highlights
- 1905‑built, 3‑story 10‑unit apartment building totaling approx. 8,804 SF on a 9,570 SF lot
- Includes 10 parking spots behind the building plus an on‑site storage room that may allow for an ADU (rental income potential)
- Many units have been significantly upgraded as they turned, with the property described as in good condition
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
$127,535
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
4.40%
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%
$2,550,700
$2.6M
Cap Rate 7%
$1,821,929
$1.8M
Cap Rate 9%
$1,417,056
$1.4M
Market Conditions
NOI Build-Up for 8,804 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
$246.2K $27.96/SF
− Vacancy
−$14.3K −$1.62/SF
EGI
$231.9K $26.34/SF
− OpEx
−$104.3K −$11.85/SF
NOI
$127.5K $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%
$2,550,700
Cap Rate 7%
$1,821,929
Cap Rate 9%
$1,417,056
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.13M
NOI $127,535 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$40.14M
$35.12M – $46.83M
NOI $2,809,590 @ 7.0% cap · market cap 96.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,233
Businesses Nearby
Explore this area
Business Placement
Demographics for 94501, CA
64,116
Population
27,117
Households
2.4
Avg Household Size
41
Median Age
58%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
8,015
Density / Sq Mi
$119,500
Median Household Income
$75,514
Median Earnings
$2,362
Median Rent
$1,213,100
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?
Apartment building - Three-story 10-unit apartment building with updated interiors, onsite laundry, and gas wall heater heat.
Where is this apartment building located?
The property is located at 739 Santa Clara Ave Alameda, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 1905‑built, 3‑story 10‑unit apartment building totaling approx. 8,804 SF on a 9,570 SF lot; Includes 10 parking spots behind the building plus an on‑site storage room that may allow for an ADU (rental income potential); Many units have been significantly upgraded as they turned, with the property described as in good condition
