Seven-Unit Apartment
For Sale
$1,688,000
825 San Leandro Boulevard, San Leandro, CA 94577
Well-located seven-unit apartment building on a 5,368 SF parcel along a major corridor.
Property Size4,264 SF
Price / SF$395.87
Days on Market100
Property Features for 825 San Leandro Boulevard
General Information
Standard status
Active
Size
4,264 SF
Property subtype
Commercial
Building Details
Year Built
1946
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
FRED RUBIO · License #01984041
Source:
Corcoran
Added: May 10
Changed: Jul 23
Last Checked: Aug 16 at 6:08AM
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
Investment Insights
Based on property information with market context.
825 San Leandro Blvd is a for-sale seven-unit apartment building built in 1946. The property includes a residential unit mix featuring one-bedroom apartments.
The building is situated on a 5,368 square foot parcel along a major corridor, with visibility and transit access cited in the offering. The property is presented as being located in the heart of San Leandro’s multifamily market, with proximity to key employment centers.
This midcentury apartment building offers an investor-focused option centered on a low-maintenance income approach and a one-bedroom unit mix.
The building is situated on a 5,368 square foot parcel along a major corridor, with visibility and transit access cited in the offering. The property is presented as being located in the heart of San Leandro’s multifamily market, with proximity to key employment centers.
This midcentury apartment building offers an investor-focused option centered on a low-maintenance income approach and a one-bedroom unit mix.
Key Highlights
- Seven‑unit apartment building built in 1946
- Sits on a 5,368 SF parcel along a major corridor
- Desirable one‑bedroom unit mix
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
$61,769
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
3.66%
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%
$1,235,380
$1.2M
Cap Rate 7%
$882,414
$882.4K
Cap Rate 9%
$686,322
$686.3K
Market Conditions
NOI Build-Up for 4,264 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
$119.2K $27.96/SF
− Vacancy
−$6.9K −$1.62/SF
EGI
$112.3K $26.34/SF
− OpEx
−$50.5K −$11.85/SF
NOI
$61.8K $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%
$1,235,380
Cap Rate 7%
$882,414
Cap Rate 9%
$686,322
Alternative Uses
Best Use
Apartment 5plus
$882.4K
$772.1K – $1.03M
NOI $61,769 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$19.44M
$17.01M – $22.68M
NOI $1,360,755 @ 7.0% cap · market cap 80.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,583
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?
Apartment building - Well-located seven-unit apartment building on a 5,368 SF parcel along a major corridor.
Where is this apartment building located?
The property is located at 825 San Leandro Boulevard San Leandro, CA.
What is the asking price?
The asking price for this property is $1,688,000.
What are key features of this property?
This property features: Seven‑unit apartment building built in 1946; Sits on a 5,368 SF parcel along a major corridor; Desirable one‑bedroom unit mix
