Victorian Multifamily Apartment
For Sale
$1,000,000
931 Chestnut Street, Alameda, CA 94501
Victorian-style apartment building with a mixed unit roster and recent interior, electrical, and sewer lateral improvements.
Property Size3,491 SF
Price / SF$286.45
Days on Market112
Property Features for 931 Chestnut Street
General Information
Standard status
Active
Size
3,491 SF
Property subtype
5+ Units / Five or More Units
Taxes and HOA fees
Annual Taxes
$16,190
Amenities
Attached Garage
Building Details
Year Built
1904
Buildings
1
Listing Agency:
Compass
Listed By:
Rachel Ivers · License #02106194
(650) 576-8294
Source:
Compass
Added: May 16
Changed: Sep 4
Last Checked: Aug 11 at 7:12AM
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 Compass
Investment Insights
Based on property information with market context.
This Victorian-style apartment property includes (2) studio units, (2) 1BR/1BA units, and (1) 2BR/1BA unit. One unit (Unit E) was recently renovated from a studio into a true 1BR/1BA layout. Recent capital improvements and interior upgrades include new LVP flooring and interior paint in Units C and D, along with updates to common areas. Major electrical work includes brand-new main panels and subpanels, as well as replacement of existing knob-and-tube wiring. A sewer lateral inspection has also been completed.
Located in Alameda’s Bronze Coast neighborhood, the property has vacant units that support immediate lease-up at market rents, with a projected 6.70% cap rate upon occupancy of the vacant units.
In addition to the existing unit interiors, the property offers garage and off-street parking, and it presents an opportunity to add shared laundry for units that currently do not have in-unit washer/dryers.
Located in Alameda’s Bronze Coast neighborhood, the property has vacant units that support immediate lease-up at market rents, with a projected 6.70% cap rate upon occupancy of the vacant units.
In addition to the existing unit interiors, the property offers garage and off-street parking, and it presents an opportunity to add shared laundry for units that currently do not have in-unit washer/dryers.
Key Highlights
- Victorian‑style apartment building built in 1904
- Unit mix includes 2 studios, 2 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit
- Unit E recently renovated from a studio to a true 1BR/1BA
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
$50,571
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
5.06%
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%
$1,011,420
$1.0M
Cap Rate 7%
$722,443
$722.4K
Cap Rate 9%
$561,900
$561.9K
Market Conditions
NOI Build-Up for 3,491 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
$97.6K $27.96/SF
− Vacancy
−$5.7K −$1.62/SF
EGI
$91.9K $26.34/SF
− OpEx
−$41.4K −$11.85/SF
NOI
$50.6K $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%
$1,011,420
Cap Rate 7%
$722,443
Cap Rate 9%
$561,900
Alternative Uses
Best Use
Apartment 5plus
$722.4K
$632.1K – $842.9K
NOI $50,571 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$15.92M
$13.93M – $18.57M
NOI $1,114,071 @ 7.0% cap · market cap 111.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,432
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 - Victorian-style apartment building with a mixed unit roster and recent interior, electrical, and sewer lateral improvements.
Where is this apartment building located?
The property is located at 931 Chestnut Street Alameda, CA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Victorian‑style apartment building built in 1904; Unit mix includes 2 studios, 2 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit; Unit E recently renovated from a studio to a true 1BR/1BA
