Six-Plex with ADU
For Sale
$1,625,000
954 Park St, Alameda, CA 94501
Investment property with potential for additional units and increased income.
Property Size4,104 SF
Price / SF$395.96
Days on Market366
Property Features for 954 Park St
General Information
Standard status
Active
Size
4,104 SF
Property subtype
Multi Family
Building Details
Year Built
1910
Listing Agency:
BHHS Drysdale Properties
(510) 381-3434
Listed By:
Rich Krinks · License #01095444
(510) 381-3434
Source:
Exitrealty
Added: Sep 1, 2025
Changed: Aug 25
Last Checked: Aug 31 at 4:53PM
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 BHHS Drysdale Properties
Investment Insights
Based on property information with market context.
This six-plex investment property features one-bedroom, one-bath units with hardwood floors, high ceilings, and upgraded electrical systems. Each unit contains charming details. The landlord is responsible for water and garbage expenses, while tenants cover electric and gas. A large shared yard and parking area are located at the rear of the property, measuring approximately 50' x 54'. In addition to the main driveway, a walkway runs along the north side of the property. There is potential to build two Accessory Dwelling Units (ADUs) in the backyard.
Key Highlights
- SixPlex investment property with potential to build two Accessory Dwelling Units (ADUs).
- Potential for increased NOI to $161,500 and CAP rate to 9.94% with ADU development (buyer to verify).
- Recently upgraded electrical system.
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
$59,451
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%
$1,189,020
$1.2M
Cap Rate 7%
$849,300
$849.3K
Cap Rate 9%
$660,567
$660.6K
Market Conditions
NOI Build-Up for 4,104 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
$114.7K $27.96/SF
− Vacancy
−$6.7K −$1.62/SF
EGI
$108.1K $26.34/SF
− OpEx
−$48.6K −$11.85/SF
NOI
$59.5K $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%
$1,189,020
Cap Rate 7%
$849,300
Cap Rate 9%
$660,567
Alternative Uses
Best Use
Apartment 5plus
$849.3K
$743.1K – $990.9K
NOI $59,451 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$18.71M
$16.37M – $21.83M
NOI $1,309,695 @ 7.0% cap · market cap 80.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,411
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 - Investment property with potential for additional units and increased income.
Where is this apartment building located?
The property is located at 954 Park St Alameda, CA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: SixPlex investment property with potential to build two Accessory Dwelling Units (ADUs).; Potential for increased NOI to $161,500 and CAP rate to 9.94% with ADU development (buyer to verify).; Recently upgraded electrical system.
