Victorian Fourplex Value-Add
For Sale
$749,000
874 Isabella St, Oakland, CA 94607
Oakland fourplex with high vacancy and upside potential.
Property Size2,861 SF
Price / SF$261.80
Days on Market236
Property Features for 874 Isabella St
General Information
Standard status
Active
Size
2,861 SF
Property subtype
Multi Family
Building Details
Year Built
1885
Listing Agency:
Jonathan Fleming & Assoc
(800) 611-0291
Listed By:
Jonathan Fleming · License #01361748
(510) 681-7771
Source:
Exitrealty
Added: Jan 23
Changed: Sep 9
Last Checked: Sep 15 at 6:10AM
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 Jonathan Fleming & Assoc
Investment Insights
Based on property information with market context.
This Victorian fourplex, situated on a large gated lot, presents a value-add opportunity. The property features classic Victorian architecture and offers potential through vacancy leasing and unit improvements. The lot provides 10+ on-site parking spaces. Two units are currently vacant, allowing for immediate repositioning. The other two units are occupied by long-term, month-to-month tenants at below-market rents. The gated access and abundant parking provide flexibility for future enhancements and tenant appeal. The property is located near Downtown Oakland and major transportation corridors. It is very walkable (walk score 87), bikeable (bike score 64) and has good transit (transit score 54). Buyer to verify unit mix, square footage, parking count, and rent regulations.
Key Highlights
- 50% Vacancy: Immediate opportunity for repositioning and increased rental income.
- Large, Gated Lot with 10+ On‑Site Parking Spaces: A rare and valuable amenity in Oakland.
- Classic Victorian Architecture: Character‑rich property with strong aesthetic appeal.
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
$65,568
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
8.75%
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%
$1,311,360
$1.3M
Cap Rate 7%
$936,686
$936.7K
Cap Rate 9%
$728,533
$728.5K
Market Conditions
NOI Build-Up for 2,861 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
$97.8K $34.20/SF
− Vacancy
−$4.2K −$1.46/SF
EGI
$93.7K $32.74/SF
− OpEx
−$28.1K −$9.82/SF
NOI
$65.6K $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%
$1,311,360
Cap Rate 7%
$936,686
Cap Rate 9%
$728,533
Alternative Uses
Best Use
Multifamily LT 5
$936.7K
$819.6K – $1.09M
NOI $65,568 @ 7.0% cap · market cap 8.75%
Second Best
Apartment 5plus
$863.0K
$755.1K – $1.01M
NOI $60,410 @ 7.0% cap · market cap 8.07%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 94607, CA
31,067
Population
14,362
Households
2.2
Avg Household Size
38
Median Age
47%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
5,266
Density / Sq Mi
$87,937
Median Household Income
$67,107
Median Earnings
$1,875
Median Rent
$744,600
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 - Oakland fourplex with high vacancy and upside potential.
Where is this quadplex located?
The property is located at 874 Isabella St Oakland, CA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 50% Vacancy: Immediate opportunity for repositioning and increased rental income.; Large, Gated Lot with 10+ On‑Site Parking Spaces: A rare and valuable amenity in Oakland.; Classic Victorian Architecture: Character‑rich property with strong aesthetic appeal.
