863 35th St · Oakland, CA 94608

$415,000

7 bd · 2.0 ba · 2,176 sqft · MultiFamily public records · 25 Days on market

Built 1910 4,500 sqft lot $191/sqft · 83% below area

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +3.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Endless potential awaits in this vacant West Oakland duplex, perfectly suited for investors, developers, or savvy buyers ready to take on their next value-add opportunity. The generous lot offers numerous development options, including the possibility of adding an ADU, pursuing a lot split for an additional duplex or single-family residence (buyer to verify), or exploring condo conversion upon completion. Major structural upgrades have already begun, with new framing and windows in place. The property includes off-street parking and benefits from a commuter-friendly location with convenient access to Downtown Oakland, Lake Merritt, Emeryville, Berkeley, and San Francisco. Nearby amenities include Whole Foods, Home Depot, Target, BART, and a vibrant selection of local restaurants, breweries, bakeries, and cafs. This is a rare chance to take over a partially completed project with significant upsidebring your vision and maximize its full potential.

Key facts

• New framing
• Generous lot
• Development options

Tags

• GENEROUS LOT
• OFF-STREET PARKING
• COMMUTER-FRIENDLY LOCATION
• NEW FRAMING
• NEW WINDOWS
• DEVELOPMENT OPTIONS

What this means for you Summary

Snapshot

• This is a 7-bed/2.0-bath multifamily listed at $415k.

Deal economics

• At list price, monthly cash flow is $649 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $415k).
• Recommended offer: $409k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: Rents rising (+3.3%/yr); 154 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).
• This rent runs 44% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $408,775 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.07% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $2,448,289
• List price: $415,000
• Delta: -83.05%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 Brockhurst St	0.23mi	6/4.5 (-1)	2,218 (+2%)	1mo	$725,000	$327	71
2825 Market St	0.41mi	6/4.5 (-1)	2,293 (+5%)	3mo	$800,000	$349	55
3830 Clarke St	0.63mi	6/3.0 (-1)	2,298 (+6%)	5mo	$1,100,000	$479	48
3311 Martin Luther King JR Way	0.26mi	6/4.0 (-1)	1,849 (-15%)	7mo	$445,000	$241	44
3238 Adeline St	0.34mi	8/4.0 (+1)	2,479 (+14%)	8mo	$580,000	$234	42
836 Milton St	0.55mi	6/3.0 (-1)	2,080 (-4%)	20mo	$885,000	$425	41

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 · 3.29% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-24,532
• Equity at exit: $61,878

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $37,528
• Equity at exit: $35,882

Cash invested: $116,200 (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 94608

• Rents YoY: 3.3%
• Active inventory: 154
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $4,452 medium
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,225/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$935
• Net cashflow: $649

Break-even live

Break-even rent $3,630

Max offer price $415,000

Occupancy floor 80%

Sensitivity live

Price	-10% $936	-5% $793	+0% $649	+5% $506	+10% $362
Rent	-10% $297	-5% $473	+0% $649	+5% $825	+10% $1,001
Rate	-1.0pp $858	-0.5pp $755	base $649	+0.5pp $542	+1.0pp $432

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1941 Chestnut St Oakland, CA	6.0	3.5	1906	$5,000	$2.62	2d	1	0.95mi

Listing history 24 events

1. 2026-04-14
   status Active
2. 2026-03-10
   status Pending 960-char remark

   Show marketing remark (960 chars)

   Endless potential awaits in this vacant West Oakland duplex, perfectly suited for investors, developers, or savvy buyers ready to take on their next value-add opportunity. The generous lot offers numerous development options, including the possibility of adding an ADU, pursuing a lot split for an additional duplex or single-family residence (buyer to verify), or exploring condo conversion upon completion. Major structural upgrades have already begun, with new framing and windows in place. The property includes off-street parking and benefits from a commuter-friendly location with convenient access to Downtown Oakland, Lake Merritt, Emeryville, Berkeley, and San Francisco. Nearby amenities include Whole Foods, Home Depot, Target, BART, and a vibrant selection of local restaurants, breweries, bakeries, and cafs. This is a rare chance to take over a partially completed project with significant upsidebring your vision and maximize its full potential.

3. 2026-02-18
   status Pending
4. 2026-02-12
   listed $415,000 Active

   Show marketing remark (960 chars)

   Endless potential awaits in this vacant West Oakland duplex, perfectly suited for investors, developers, or savvy buyers ready to take on their next value-add opportunity. The generous lot offers numerous development options, including the possibility of adding an ADU, pursuing a lot split for an additional duplex or single-family residence (buyer to verify), or exploring condo conversion upon completion. Major structural upgrades have already begun, with new framing and windows in place. The property includes off-street parking and benefits from a commuter-friendly location with convenient access to Downtown Oakland, Lake Merritt, Emeryville, Berkeley, and San Francisco. Nearby amenities include Whole Foods, Home Depot, Target, BART, and a vibrant selection of local restaurants, breweries, bakeries, and cafs. This is a rare chance to take over a partially completed project with significant upsidebring your vision and maximize its full potential.

5. 2026-02-12
   listed $415,000 Active 960-char remark

   Show marketing remark (960 chars)

   Endless potential awaits in this vacant West Oakland duplex, perfectly suited for investors, developers, or savvy buyers ready to take on their next value-add opportunity. The generous lot offers numerous development options, including the possibility of adding an ADU, pursuing a lot split for an additional duplex or single-family residence (buyer to verify), or exploring condo conversion upon completion. Major structural upgrades have already begun, with new framing and windows in place. The property includes off-street parking and benefits from a commuter-friendly location with convenient access to Downtown Oakland, Lake Merritt, Emeryville, Berkeley, and San Francisco. Nearby amenities include Whole Foods, Home Depot, Target, BART, and a vibrant selection of local restaurants, breweries, bakeries, and cafs. This is a rare chance to take over a partially completed project with significant upsidebring your vision and maximize its full potential.

6. 2025-05-11
   historical
7. 2025-03-22
   historical
8. 2025-03-22
   historical
9. 2024-11-05
   listed
10. 2020-05-04
    soldstatus $688,000 Sold
11. 2020-05-04
    soldstatus $688,000
12. 2020-05-04
    soldstatus $688,000
13. 2020-03-24
    status Pending (Do Not Show)
14. 2020-03-06
    status Active
15. 2020-03-06
    historical Contingent
16. 2020-02-21
    status Pending (Do Not Show)
17. 2020-02-15
    listed $499,000
18. 2020-02-15
    listed $499,000 Active
19. 2020-01-27
    soldstatus $430,000
20. 2019-01-17
    historical
21. 2014-09-24
    historical
22. 2014-06-24
    listed New
23. 2014-06-23
    listed $399,000
24. 1989-06-22
    soldstatus $122,000

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

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 ≥82°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: $53,425
• − Mortgage interest: −$23,246
• − Property taxes: −$6,225
• − Insurance: −$2,075
• − Repairs & maintenance: −$4,274
• − Management: −$4,274
• − Depreciation: −$12,073
• Taxable income: $1,258
• Est. tax owed @ 24.0%: −$302
• After-tax cash flow: $7,488/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): 34,395
• Household income: $120,239
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2495.0

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 0.75)
• Race & ethnicity: White 39% Black 23% Asian 16% Hispanic / Latino 13% Two or more races 11% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 72% English-only · Spanish 8% Chinese 6% Other Indo-European 4%

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: ▼ -861.08%
• Current HPI: 314.3464
• Rent YoY: ▲ 3.29%
• 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

+240.2% since first listed

24 events — show timeline

• 2026-04-14 Relisted — San Francisco MLS
• 2026-03-10 Pending — San Francisco MLS
• 2026-02-18 Pending — San Francisco MLS
• 2026-02-12 Listed $415,000 San Francisco MLS
• 2026-02-12 Listed $415,000 San Francisco MLS
• 2025-05-11 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-03-22 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-03-22 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-11-05 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-05-04 Sold (Public Records) $688,000 Public Records
• 2020-05-04 Sold (MLS) $688,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-05-04 Sold (MLS) $688,000 MLSListings
• 2020-03-24 Pending — MLSListings
• 2020-03-06 Relisted — MLSListings
• 2020-03-06 Contingent — MLSListings
• 2020-02-21 Pending — MLSListings
• 2020-02-15 Listed $499,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-02-15 Listed $499,000 MLSListings
• 2020-01-27 Sold (Public Records) $430,000 Public Records
• 2019-01-17 Listing Removed — SDMLS
• 2014-09-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-06-24 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-06-23 Listed $399,000 SDMLS
• 1989-06-22 Sold (Public Records) $122,000 Public Records

Property tax history

+12.2%/yr

Latest (2025): $22,939 · +56.6% YoY. Source: county tax records.