2401 - 2415 San Pablo Ave · Oakland, CA 94607

$2,850,000

None bd · None ba · 12,418 sqft · MultiFamily · 80 Days on market

Built 2001 7,301 sqft lot $230/sqft · at area comps

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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 (5+ Unit). Listing-text estimate: 13 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

Turn-key mixed-use investment with strong in-place income and exceptional upside through rent-control exemption, ideally located along the San Pablo Ave corridor near 19th Street BART, Hwy 980, Downtown Oakland, Uptown, and Berkeley. Originally built in 1910 and substantially renovated in 2007, 2415 San Pablo Ave features 5 residential units and 1 ground-floor commercial space occupied by a long-term tattoo studio tenant of over 8 years. The residential unit mix includes one large 1-bedroom and four large 2-bedroom units, each approximately 900 SF, with modern layouts, updated flooring, contemporary kitchens, and strong natural light. Tenants also enjoy a large shared rooftop deck with panoramic views of Downtown Oakland and San Francisco. The building benefits from modern systems and major upgrades including fire sprinklers, extensive seismic improvements, exterior siding upgrades, full exterior paint completed in 2025, and various unit improvements over time. A rare low-maintenance investment with stable mixed-use income and long-term growth potential. Can also be sold with adjacent 7-unit apartment building at 2401 San Pablo Ave.

Key facts

• Uptown
• Hwy 980
• Downtown oakland

Tags

• NEAR 19TH STREET BART
• HWY 980
• DOWNTOWN OAKLAND
• UPTOWN
• BERKELEY
• 13 UNIT RESIDENTIAL

What this means for you Summary

Snapshot

• This is a 13 × 2-bed/?-bath units multifamily listed at $2.85M.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $508/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $2.85M).
• Recommended offer: $2.68M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 (+3.2%/yr); 133 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $33,285/mo this rent would consume 421% of the median local household income ($95k/yr) (locally 2002% 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 $20k of loan paydown is wiped out by about $86k 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 80 days — a 6% lower offer ($2.68M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y ago; this cycle's ask has dropped $150k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $575k; list at $2.85M implies a 396% gain — meaningful room to come down on a strong offer.

Recommended offer $2,679,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.17% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $1,487,636
• List price: $2,850,000
• Delta: -12.61%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 Sycamore St	0.36mi	11/9.0	13,500 (+9%)	18mo	$1,280,000	$95	54

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 · 3.24% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-32,942
• Equity at exit: $424,944

10-year hold

• IRR: 8.9%
• Equity multiple: 1.69×
• Total profit: $547,809
• Equity at exit: $246,416

Cash invested: $798,000 (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 94607

• Rents YoY: 3.2%
• Active inventory: 133
• Price-to-rent: 92.8×

Monthly cashflow live

• Estimated rent: $33,285 high
• Mortgage (P&I): −$14,946
• Tax est. 1.5%: −$3,562 /mo · $42,750/yr
• Insurance: −$1,188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,990
• Net cashflow: $6,599

Break-even live

Break-even rent $24,931

Max offer price $2,850,000

Occupancy floor 75%

Sensitivity live

Price	-10% $8,569	-5% $7,584	+0% $6,599	+5% $5,615	+10% $4,630
Rent	-10% $3,970	-5% $5,285	+0% $6,599	+5% $7,914	+10% $9,229
Rate	-1.0pp $8,035	-0.5pp $7,324	base $6,599	+0.5pp $5,861	+1.0pp $5,110

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

Units	Beds	Baths	Est. rent
▸ 13× units	2	—	$33,280
Total (13 units)			$33,285

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: $712,500
• Closing costs: $85,500
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $2,850,000 Active 80 DOM
2. 2026-06-17
   days on market $2,850,000 Active 79 DOM
3. 2026-06-16
   days on market $2,850,000 Active 78 DOM
4. 2026-06-15
   days on market $2,850,000 Active 77 DOM
5. 2026-06-13
   days on market $2,850,000 Active 75 DOM
6. 2026-06-13
   days on market $2,850,000 Active 74 DOM
7. 2026-06-09
   days on market $2,850,000 Active 71 DOM
8. 2026-06-08
   days on market $2,850,000 Active 70 DOM
9. 2026-06-07
   pricedays on marketlisting id $2,850,000 Active 69 DOM
10. 2026-06-04
    days on market $1,300,000 Active 66 DOM
11. 2026-06-03
    days on market $1,300,000 Active 65 DOM
12. 2026-06-02
    days on market $1,300,000 Active 64 DOM
13. 2026-06-01
    days on market $1,300,000 Active 63 DOM
14. 2026-05-31
    days on market $1,300,000 Active 62 DOM
15. 2026-03-30
    listed $1,300,000 Active 1150-char remark

    Show marketing remark (1197 chars)

    Rare opportunity to acquire two adjacent investment properties along the San Pablo Ave corridor, offered together or separately. Ideally located near 19th Street BART, Hwy 980, Downtown Oakland, Uptown, and Berkeley, 2401 and 2415 San Pablo Ave combine for a unique 13-unit residential + mixed-use investment with strong in-place income and extensive capital improvements. 2401 San Pablo Ave is a turn-key 7-unit apartment building featuring a diverse mix of large 1BR, 2BR, and studio units, several with townhouse-style layouts and ceilings over 12 feet. The property has undergone significant renovations including a new commercial roof in 2024, exterior paint in 2025, multiple unit remodels, secured 1:1 parking, and separate gas, electric, and water meters. 2415 San Pablo Ave is a modern mixed-use asset consisting of 5 residential units and 1 ground-floor commercial space occupied by a long-term tattoo studio tenant, providing stable income. Residential units feature modern layouts, updated interiors, and access to a shared rooftop deck with panoramic views. 2415 also benefits from fire sprinklers, major seismic upgrades, exterior improvements, and strong long-term income potential.

16. 2026-03-30
    listed $3,000,000 Active 1197-char remark

    Show marketing remark (1197 chars)

    Rare opportunity to acquire two adjacent investment properties along the San Pablo Ave corridor, offered together or separately. Ideally located near 19th Street BART, Hwy 980, Downtown Oakland, Uptown, and Berkeley, 2401 and 2415 San Pablo Ave combine for a unique 13-unit residential + mixed-use investment with strong in-place income and extensive capital improvements. 2401 San Pablo Ave is a turn-key 7-unit apartment building featuring a diverse mix of large 1BR, 2BR, and studio units, several with townhouse-style layouts and ceilings over 12 feet. The property has undergone significant renovations including a new commercial roof in 2024, exterior paint in 2025, multiple unit remodels, secured 1:1 parking, and separate gas, electric, and water meters. 2415 San Pablo Ave is a modern mixed-use asset consisting of 5 residential units and 1 ground-floor commercial space occupied by a long-term tattoo studio tenant, providing stable income. Residential units feature modern layouts, updated interiors, and access to a shared rooftop deck with panoramic views. 2415 also benefits from fire sprinklers, major seismic upgrades, exterior improvements, and strong long-term income potential.

17. 2021-03-10
    historical
18. 2015-12-10
    historical
19. 2010-07-01
    soldstatus $575,000 Sold
20. 2010-06-29
    soldstatus $575,000 Closed
21. 2010-06-29
    soldstatus $575,000 Closed
22. 2010-06-29
    soldstatus $575,000
23. 2010-06-16
    status Pending
24. 2010-06-16
    status Pending
25. 2010-06-12
    status Pending
26. 2010-05-24
    price $649,000 Active
27. 2010-05-24
    status Active
28. 2010-05-22
    listed $649,000 Active
29. 2010-05-19
    listed $649,000 New
30. 2010-05-18
    historical
31. 2010-05-18
    listed $649,000
32. 2010-03-28
    status Contingent - Show
33. 2010-03-23
    price $799,000
34. 2010-01-30
    price Price Change
35. 2009-12-29
    price $899,000
36. 2009-12-23
    price Price Change
37. 2009-12-03
    listed $929,000 Active
38. 2009-12-01
    price Price Change
39. 2009-11-02
    listed New
40. 2004-08-10
    soldstatus $410,000
41. 2004-06-16
    historical
42. 2004-01-01
    listed $360,000

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

Taxation est. · year 1

• Rental income: $399,420
• − Mortgage interest: −$159,644
• − Property taxes: −$42,750
• − Insurance: −$14,250
• − Repairs & maintenance: −$31,954
• − Management: −$31,954
• − Depreciation: −$82,909
• Taxable income: $35,959
• Est. tax owed @ 24.0%: −$8,630
• After-tax cash flow: $70,563/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): 28,804
• Household income: $94,863
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 2002.0

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: Black 29% White 25% Asian 25% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 28% · China, Canada, Vietnam
• Languages at home: 65% English-only · Chinese 16% Spanish 8% Arabic 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: ▼ -170.49%
• Current HPI: 263.5885
• Rent YoY: ▲ 3.24%
• 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

+733.3% since first listed

28 events — show timeline

• 2026-03-30 Listed $3,000,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-30 Listed $1,300,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-03-10 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-12-10 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-07-01 Sold (MLS) $575,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-06-29 Sold (MLS) $575,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-06-29 Sold (MLS) $575,000 San Francisco MLS
• 2010-06-29 Sold (MLS) $575,000 San Francisco MLS
• 2010-06-16 Pending — San Francisco MLS
• 2010-06-16 Pending — San Francisco MLS
• 2010-06-12 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-05-24 Relisted — San Francisco MLS
• 2010-05-24 Price Changed $649,000 San Francisco MLS
• 2010-05-22 Listed $649,000 San Francisco MLS
• 2010-05-19 Listed $649,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-05-18 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-05-18 Listed $649,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-03-28 Pending — San Francisco MLS
• 2010-03-23 Price Changed $799,000 San Francisco MLS
• 2010-01-30 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-12-29 Price Changed $899,000 San Francisco MLS
• 2009-12-23 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-12-03 Listed $929,000 San Francisco MLS
• 2009-12-01 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-11-02 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-08-10 Sold (MLS) $410,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-06-16 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-01-01 Listed $360,000 bridgeMLS, Bay East AOR, or Contra Costa AOR