4121 Opal St · Oakland, CA 94609

$1,995,000

10 bd · 10.0 ba · 5,904 sqft · MultiFamily public records · 97 Days on market

Built 1962 7,600 sqft lot $338/sqft · 21% above area Est $1646k · 21% over

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Marcus & Millichap is pleased to present 4121 Opal Street, a 10-unit apartment building ideally located in Oakland's highly desirable Temescal neighborhood, one of the East Bay's most vibrant and walkable districts. Offered at an attractive $208,000 per unit with nearly a 6% cap rate, the property presents a compelling investment opportunity with significant upside through cosmetic improvements. The asset benefits from exceptional walkability and immediate access to the shopping, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue, placing tenants in the center of one of Oaklands most dynamic urban corridors.

Key facts

• 7,600 sq ft lot
• 4 parking spots
• Built 1962

Tags

• 10 UNIT APARTMENT BUILDING
• TEMESCAL NEIGHBORHOOD
• EXCEPTIONAL WALKABILITY

What this means for you Summary

Snapshot

• This is a 10 × 10-bed/10.0-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $11k ($131k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $2.00M).
• Recommended offer: $1.82M (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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: Rents rising fast (+6.5%/yr); 85 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $32,040/mo this rent would consume 357% of the median local household income ($108k/yr) (locally 1721% 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 $14k of loan paydown is wiped out by about $60k 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 + 6.5% rent growth), your $559k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($1.82M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $1,815,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.54%
• DSCR: 2.05
• GRM: 5.2

CMA / ARV

• ARV (median comp): $1,645,859
• List price: $1,995,000
• Delta: 21.21%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.51% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 1.88×
• Total profit: $492,521
• Equity at exit: $297,461

10-year hold

• IRR: 31.2%
• Equity multiple: 4.31×
• Total profit: $1,847,515
• Equity at exit: $172,491

Cash invested: $558,600 (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 94609

• Rents YoY: 6.5%
• Active inventory: 85
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $32,040 medium
• Mortgage (P&I): −$10,462
• Tax from tax record: −$3,062 /mo · $36,741/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,728
• Net cashflow: $10,957

Break-even live

Break-even rent $18,171

Max offer price $1,995,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 10× units	10	10	$32,040
Total (10 units)			$32,040

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: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $1,995,000 Active 97 DOM
2. 2026-06-17
   days on market $1,995,000 Active 96 DOM
3. 2026-06-16
   days on market $1,995,000 Active 95 DOM
4. 2026-06-15
   days on market $1,995,000 Active 94 DOM
5. 2026-06-13
   days on market $1,995,000 Active 92 DOM
6. 2026-06-13
   days on market $1,995,000 Active 91 DOM
7. 2026-06-09
   days on market $1,995,000 Active 88 DOM
8. 2026-06-08
   days on market $1,995,000 Active 87 DOM
9. 2026-06-07
   days on market $1,995,000 Active 86 DOM
10. 2026-06-04
    days on market $1,995,000 Active 83 DOM
11. 2026-06-03
    days on market $1,995,000 Active 82 DOM
12. 2026-06-02
    days on market $1,995,000 Active 81 DOM
13. 2026-06-01
    days on market $1,995,000 Active 80 DOM
14. 2026-05-31
    days on market $1,995,000 Active 79 DOM
15. 2026-04-10
    price $1,995,000 648-char remark

    Show marketing remark (648 chars)

    Marcus & Millichap is pleased to present 4121 Opal Street, a 10-unit apartment building ideally located in Oakland's highly desirable Temescal neighborhood, one of the East Bay's most vibrant and walkable districts. Offered at an attractive $208,000 per unit with nearly a 6% cap rate, the property presents a compelling investment opportunity with significant upside through cosmetic improvements. The asset benefits from exceptional walkability and immediate access to the shopping, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue, placing tenants in the center of one of Oaklands most dynamic urban corridors.

16. 2026-04-10
    price $1,995,000 648-char remark

    Show marketing remark (648 chars)

    Marcus & Millichap is pleased to present 4121 Opal Street, a 10-unit apartment building ideally located in Oakland's highly desirable Temescal neighborhood, one of the East Bay's most vibrant and walkable districts. Offered at an attractive $208,000 per unit with nearly a 6% cap rate, the property presents a compelling investment opportunity with significant upside through cosmetic improvements. The asset benefits from exceptional walkability and immediate access to the shopping, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue, placing tenants in the center of one of Oaklands most dynamic urban corridors.

17. 2026-03-13
    listed $2,080,000 Active 648-char remark

    Show marketing remark (648 chars)

    Marcus & Millichap is pleased to present 4121 Opal Street, a 10-unit apartment building ideally located in Oakland's highly desirable Temescal neighborhood, one of the East Bay's most vibrant and walkable districts. Offered at an attractive $208,000 per unit with nearly a 6% cap rate, the property presents a compelling investment opportunity with significant upside through cosmetic improvements. The asset benefits from exceptional walkability and immediate access to the shopping, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue, placing tenants in the center of one of Oaklands most dynamic urban corridors.

18. 2026-03-13
    listed $2,080,000 Active 648-char remark

    Show marketing remark (648 chars)

    Marcus & Millichap is pleased to present 4121 Opal Street, a 10-unit apartment building ideally located in Oakland's highly desirable Temescal neighborhood, one of the East Bay's most vibrant and walkable districts. Offered at an attractive $208,000 per unit with nearly a 6% cap rate, the property presents a compelling investment opportunity with significant upside through cosmetic improvements. The asset benefits from exceptional walkability and immediate access to the shopping, dining, and entertainment along Telegraph Avenue, Broadway, and Piedmont Avenue, placing tenants in the center of one of Oaklands most dynamic urban corridors.

19. 2023-11-14
    soldstatus $1,900,000
20. 2012-12-27
    soldstatus $900,000
21. 1997-10-01
    soldstatus $485,000
22. 1995-08-08
    soldstatus $519,027
23. 1992-02-24
    soldstatus $555,000

ⓘ 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: $36,741 · $3,062/mo
• Projected year-2 tax: $36,741 · $3,062/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 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $384,480
• − Mortgage interest: −$111,751
• − Property taxes: −$36,741
• − Insurance: −$9,975
• − Repairs & maintenance: −$30,758
• − Management: −$30,758
• − Depreciation: −$58,036
• Taxable income: $106,459
• Est. tax owed @ 24.0%: −$25,550
• After-tax cash flow: $105,929/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): 23,928
• Household income: $107,834
• Rent vs Own: 67.1% rent · 32.9% own
• Severe rent burden: 1721.0

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 0.74)
• Race & ethnicity: White 41% Black 25% Hispanic / Latino 14% Two or more races 13% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 18% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 8% Other Indo-European 3% Chinese 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: ▼ -765.68%
• Current HPI: 327.2982
• Rent YoY: ▲ 6.51%
• 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

+259.5% since first listed

9 events — show timeline

• 2026-04-10 Price Changed $1,995,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-10 Price Changed $1,995,000 MLSListings
• 2026-03-13 Listed $2,080,000 MLSListings
• 2026-03-13 Listed $2,080,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-11-14 Sold (Public Records) $1,900,000 Public Records
• 2012-12-27 Sold (Public Records) $900,000 Public Records
• 1997-10-01 Sold (Public Records) $485,000 Public Records
• 1995-08-08 Sold (Public Records) $519,027 Public Records
• 1992-02-24 Sold (Public Records) $555,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $36,741 · +16.4% YoY. Source: county tax records.