Four-Unit Apartment
For Sale
$1,250,000
873 Erie ST, Oakland, CA 94610
Updated systems, individual garages, private laundry, and a basement workshop support flexible residential income use.
Property Size3,962 SF
Price / SF$315.50
Days on Market8
Property Features for 873 Erie ST
General Information
Standard status
Active
Size
3,962 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Amenities
in-unit laundry
back yard patio
workshop/storage in basement
Building Details
Year Built
1924
Buildings
1
Listing Agency:
The GRUBB Company
(510) 339-0400
Listed By:
Ed Kuo · License #01034071
(510) 919-0707
Source:
Exitrealty
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 15 at 6:23AM
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 The GRUBB Company
Investment Insights
Based on property information with market context.
Built in 1924, this four-unit apartment property combines traditional character with substantial system improvements. The building includes craftsman-style built-ins, hardwood flooring, detailed wood trim, in-unit laundry, and a garage with remote access for each residence. Major updates include a newer roof, upgraded electrical infrastructure, copper plumbing improvements, and earthquake retrofitting.
One residence is vacant and has a remodeled open kitchen with a breakfast bar, newer appliances, and granite countertops, creating an option for an owner occupant or a future rental. Exterior amenities include a backyard patio, while the basement provides additional workshop and storage space. The property is located two blocks from the Lakeshore Avenue Shopping District in Oakland’s Lakeshore neighborhood.
One residence is vacant and has a remodeled open kitchen with a breakfast bar, newer appliances, and granite countertops, creating an option for an owner occupant or a future rental. Exterior amenities include a backyard patio, while the basement provides additional workshop and storage space. The property is located two blocks from the Lakeshore Avenue Shopping District in Oakland’s Lakeshore neighborhood.
Key Highlights
- Four residential units in a 3,962‑square‑foot apartment building
- Constructed in 1924 with extensive earthquake retrofit work
- Newer roof plus upgraded electrical and copper plumbing systems
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
$90,800
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
7.26%
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%
$1,816,000
$1.8M
Cap Rate 7%
$1,297,143
$1.3M
Cap Rate 9%
$1,008,889
$1.0M
Market Conditions
NOI Build-Up for 3,962 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
$135.5K $34.20/SF
− Vacancy
−$5.8K −$1.46/SF
EGI
$129.7K $32.74/SF
− OpEx
−$38.9K −$9.82/SF
NOI
$90.8K $22.92/SF
Area
Oakland, CA
Vacancy
4.27%
Lease Rate
$34.20 /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%
$1,816,000
Cap Rate 7%
$1,297,143
Cap Rate 9%
$1,008,889
Alternative Uses
Best Use
Multifamily LT 5
$1.30M
$1.14M – $1.51M
NOI $90,800 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.39M
NOI $83,658 @ 7.0% cap · market cap 6.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 94610, CA
31,261
Population
17,926
Households
1.7
Avg Household Size
39
Median Age
73%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
14,886
Density / Sq Mi
$130,435
Median Household Income
$90,577
Median Earnings
$2,184
Median Rent
$1,324,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated systems, individual garages, private laundry, and a basement workshop support flexible residential income use.
Where is this quadplex located?
The property is located at 873 Erie ST Oakland, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four residential units in a 3,962‑square‑foot apartment building; Constructed in 1924 with extensive earthquake retrofit work; Newer roof plus upgraded electrical and copper plumbing systems
