Duplex with Bonus
For Sale
$799,000
961-963 37th Street, Oakland, CA 94608
Vacant residential income property with a duplex layout and additional studio space.
Property Size1,932 SF
Price / SF$413.56
Days on Market79
Property Features for 961-963 37th Street
General Information
Standard status
Active
Size
1,932 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Building Details
Year Built
1911
Listing Agency:
eXp Realty of California
(888) 584-9427
Listed By:
Eric Jun Kang · License #02071081
(510) 500-5880
Source:
Exitrealty
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 31 at 5:08PM
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 eXp Realty of California
Investment Insights
Based on property information with market context.
Located at 961-963 37th Street, this 1,932-square-foot Oakland property is configured as a duplex with an additional studio, creating multiple residential living arrangements within one asset. The property is vacant and has been recently refreshed, with naturally lit interiors and outdoor space suitable for relaxing or gardening.
Built in 1911, the property is positioned near local shops, dining, transit, and commuter routes. Its combination of two primary units and bonus studio space provides a flexible residential configuration for an owner-user, extended household, or rental strategy, subject to applicable requirements.
Built in 1911, the property is positioned near local shops, dining, transit, and commuter routes. Its combination of two primary units and bonus studio space provides a flexible residential configuration for an owner-user, extended household, or rental strategy, subject to applicable requirements.
Key Highlights
- Duplex configuration with an additional bonus studio
- 1,932 SF property
- Vacant residential property
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
$44,277
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
5.54%
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%
$885,540
$885.5K
Cap Rate 7%
$632,529
$632.5K
Cap Rate 9%
$491,967
$492.0K
Market Conditions
NOI Build-Up for 1,932 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
$66.1K $34.20/SF
− Vacancy
−$2.8K −$1.46/SF
EGI
$63.3K $32.74/SF
− OpEx
−$19.0K −$9.82/SF
NOI
$44.3K $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%
$885,540
Cap Rate 7%
$632,529
Cap Rate 9%
$491,967
Alternative Uses
Best Use
Multifamily LT 5
$632.5K
$553.5K – $738.0K
NOI $44,277 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$582.8K
$509.9K – $679.9K
NOI $40,794 @ 7.0% cap · market cap 5.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,828
Businesses Nearby
Explore this area
Business Placement
Demographics for 94608, CA
33,073
Population
17,956
Households
1.8
Avg Household Size
36
Median Age
64%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
11,812
Density / Sq Mi
$116,306
Median Household Income
$73,845
Median Earnings
$2,561
Median Rent
$826,900
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?
Duplex - Vacant residential income property with a duplex layout and additional studio space.
Where is this duplex located?
The property is located at 961-963 37th Street Oakland, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Duplex configuration with an additional bonus studio; 1,932 SF property; Vacant residential property
