2612 38th Ave · Oakland, CA 94619

$750,000

5 bd · 3.0 ba · 3,076 sqft · MultiFamily public records · 34 Days on market

Built 1940 3,591 sqft lot $244/sqft · 24% below area Est $993k · 24% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Presenting an investment opportunity at 2600–2612 38th Avenue, Oakland, CA. This is a well-located fourplex offering stable, in-place income and clear value-add potential. The property features four residential units on a spacious lot with designated parking. Three units are occupied for secured income. The corner unit is available for viewing and for potential market rent. As-Is condition, this property is an ideal opportunity for investors seeking a cash-flowing, long-term hold or a value-add multifamily asset in the Oakland market. The location is highly convenient, situated near major commuter routes (I-580 and I-880) for efficient access throughout the East Bay. Residents also be

Key facts

• Fourplex
• Corner unit
• Designated parking

Tags

• FOURPLEX
• DESIGNATED PARKING
• CORNER UNIT
• VALUE-ADD MULTIFAMILY ASSET
• HIGHLY CONVENIENT LOCATION
• EXCELLENT TRANSIT CONNECTIVITY

Property features AI

Exterior

• Parking: Total of 4 parking spaces; One assigned parking space for Unit 1
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex)
• Construction: Stucco exterior; Built in 1940
• Exterior features: Street parking; Lot approximately 0.08 acres

Interior

• Flooring: Tile; Vinyl; Carpet
• Bathrooms: Four units each with one bathroom
• Heating & cooling: Floor furnace; Wall furnace; Ceiling fan(s); No central air conditioning
• Interior features: Formal entry; Shower stall(s)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $750k).
• Recommended offer: $728k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 2.4% in Oakland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 90 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $14,771/mo this rent would consume 136% of the median local household income ($130k/yr) (locally 1071% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $257k; list at $750k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $727,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.97% ✓
• Cap rate: 17.16%
• Cash-on-cash: 38.81%
• DSCR: 2.73
• GRM: 4.2

CMA / ARV

• ARV (median comp): $993,350
• List price: $750,000
• Delta: -24.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3038 35th Ave	0.35mi	6/3.0 (+1)	2,682 (-13%)	8mo	$730,000	$272	51
3228 Dakota St	0.67mi	5/3.0	2,682 (-13%)	14mo	$1,010,000	$377	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.0%
• Equity multiple: 2.48×
• Total profit: $311,097
• Equity at exit: $111,827

10-year hold

• IRR: 41.8%
• Equity multiple: 4.94×
• Total profit: $828,073
• Equity at exit: $64,846

Cash invested: $210,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94619

• Active inventory: 90
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $14,771 medium
• Mortgage (P&I): −$3,933
• Tax from tax record: −$631 /mo · $7,577/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,102
• Net cashflow: $6,792

Break-even live

Break-even rent $6,173

Max offer price $750,000

Occupancy floor 49%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$14,772
Total (4 units)			$14,771

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2422 E 24th St Unit 1 Oakland, CA	5.0	1.0	2364	$3,500	$1.48	44d	1	1.12mi

Listing history 27 events

1. 2026-06-18
   days on market $750,000 Active 34 DOM
2. 2026-06-17
   days on market $750,000 Active 33 DOM
3. 2026-06-16
   days on market $750,000 Active 32 DOM
4. 2026-06-15
   days on market $750,000 Active 31 DOM
5. 2026-06-13
   days on market $750,000 Active 29 DOM
6. 2026-06-13
   days on market $750,000 Active 28 DOM
7. 2026-06-09
   days on market $750,000 Active 25 DOM
8. 2026-06-08
   days on market $750,000 Active 24 DOM
9. 2026-06-07
   days on market $750,000 Active 23 DOM
10. 2026-06-04
    days on market $750,000 Active 20 DOM
11. 2026-06-03
    days on market $750,000 Active 19 DOM
12. 2026-06-02
    days on market $750,000 Active 18 DOM
13. 2026-06-01
    days on market $750,000 Active 17 DOM
14. 2026-05-31
    days on market $750,000 Active 16 DOM
15. 2026-05-15
    listed $750,000 Active 868-char remark
16. 2026-04-13
    historical
17. 2026-01-24
    price
18. 2025-12-29
    listed Active
19. 2022-06-22
    historical
20. 2010-01-29
    soldstatus $257,000
21. 2009-05-13
    historical
22. 2009-02-19
    listed
23. 2006-05-24
    historical
24. 2006-04-26
    historical
25. 2005-08-05
    historical
26. 2001-04-24
    soldstatus $360,000
27. 2000-04-17
    soldstatus $230,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $7,577 · $631/mo
• Projected year-2 tax: $7,577 · $631/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $177,252
• − Mortgage interest: −$42,012
• − Property taxes: −$7,577
• − Insurance: −$3,750
• − Repairs & maintenance: −$14,180
• − Management: −$14,180
• − Depreciation: −$21,818
• Taxable income: $73,735
• Est. tax owed @ 24.0%: −$17,696
• After-tax cash flow: $63,809/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 26,831
• Household income: $129,867
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 1071.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.78)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Asian 17% Two or more races 14% Native American 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 2% Lithuanian 2% Portuguese 2%
• Foreign-born: 21% · Canada, China, Vietnam
• Languages at home: 67% English-only · Spanish 14% Chinese 8% Other Indo-European 2%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -835.69%
• Current HPI: 259.7097
• Rent YoY: —
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+226.1% since first listed

13 events — show timeline

• 2026-05-15 Listed $750,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-13 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-24 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-29 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-06-22 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-01-29 Sold (Public Records) $257,000 Public Records
• 2009-05-13 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-02-19 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2006-05-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2006-04-26 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2005-08-05 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2001-04-24 Sold (Public Records) $360,000 Public Records
• 2000-04-17 Sold (Public Records) $230,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $7,577 · +4.7% YoY. Source: county tax records.