Triplex Multifamily
New
For Sale
$969,000
948 Karol Way, San Leandro, CA 94577
Multifamily property with ceiling fans, a space heater, and an attached garage door opener.
Property Size2,572 SF
Price / SF$376.75
Days on Market3
Property Features for 948 Karol Way
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Residential Income
Amenities
Ceiling Fan(s)
Space Heater
Garage Door Opener, Attached
Building Details
Building Size
2,572 SF
Year Built
1961
Listing Agency:
COMPASS
(510) 585-7009
Listed By:
Jenny Yang · License #01942023
(510) 585-7009
Source:
Evrealestate
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 5:46AM
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 triplex multifamily property in San Leandro was built in 1961. Interior features include ceiling fans and a space heater, while the exterior includes an attached garage door opener.
The property is located at 948 Karol Way in Alameda County, with directions from Haas Ave via Karol Way. The address is within the 94577 ZIP code.
The property is located at 948 Karol Way in Alameda County, with directions from Haas Ave via Karol Way. The address is within the 94577 ZIP code.
Key Highlights
- Triplex multifamily property
- Built in 1961
- 2,572 property size
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
$86,330
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
8.91%
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%
$1,726,600
$1.7M
Cap Rate 7%
$1,233,286
$1.2M
Cap Rate 9%
$959,222
$959.2K
Market Conditions
NOI Build-Up for 2,572 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
$131.2K $51.00/SF
− Vacancy
−$7.8K −$3.05/SF
EGI
$123.3K $47.95/SF
− OpEx
−$37.0K −$14.39/SF
NOI
$86.3K $33.57/SF
Area
Alameda County, CA
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,726,600
Cap Rate 7%
$1,233,286
Cap Rate 9%
$959,222
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.08M – $1.44M
NOI $86,330 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$532.3K
$465.7K – $621.0K
NOI $37,258 @ 7.0% cap · market cap 3.84%
Theoretical Best
Retail
$11.73M
$10.26M – $13.68M
NOI $820,793 @ 7.0% cap · market cap 84.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,072
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?
Triplex - Multifamily property with ceiling fans, a space heater, and an attached garage door opener.
Where is this triplex located?
The property is located at 948 Karol Way San Leandro, CA.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: Triplex multifamily property; Built in 1961; 2,572 property size
