184 13th St · Oakland, CA 94612

$11,500,000

74 bd · 88.0 ba · 76,562 sqft · MultiFamily public records · 279 Days on market

Built 1920 0.37 ac lot $150/sqft · 46% below area Est $21123k · 46% under

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Why this score? — see what drove the A- 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
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 98 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

184 13th Street is 98-unit multifamily investment opportunity in the heart of Downtown Oakland. This six-story, elevator-served building spans 76,562 square feet on a 16,000-square-foot corner parcel and features a well-balanced unit mix of studios, one-, two-, and three-bedroom apartments, along with secure lobby access, on-site laundry facilities, and a leasing office. The property has benefited from more than $500,000 in recent capital improvements, including electrical and plumbing upgrades, a new roof, and elevator modernization. Offered at just $126,020 per unit, the asset provides an exceptional entry point into one of Oakland’s most dynamic neighborhoods—less than three blocks from Lake Merritt. The property is being offered at a 33% discount to its 2022 sale price, creating an incredible basis and a rare opportunity to acquire a stabilized asset well below replacement cost.

Key facts

• Secure lobby access
• New roof
• 0.37 acre lot

Tags

• SECURE LOBBY ACCESS
• ON-SITE LAUNDRY FACILITIES
• RECENT CAPITAL IMPROVEMENTS
• NEW ROOF
• ELEVATOR MODERNIZATION

What this means for you Summary

Snapshot

• This is a 98 × 1-bed/1-bath units multifamily listed at $11.50M.

Deal economics

• At list price, monthly cash flow is $90k ($1.08M/yr) — positive. Per door: $922/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($231k rent vs $11.50M).
• Recommended offer: $10.12M (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 (+7.2%/yr); 37 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $230,689/mo this rent would consume 3739% of the median local household income ($74k/yr) (locally 2526% 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 $80k of loan paydown is wiped out by about $345k 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 + 7.2% rent growth), your $3.22M cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($10.12M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $10,120,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.01% ✓
• Cap rate: 15.72%
• Cash-on-cash: 33.66%
• DSCR: 2.50
• GRM: 4.2

CMA / ARV

• ARV (median comp): $21,122,583
• List price: $11,500,000
• Delta: -45.56%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.23% rent growth · sell at horizon

5-year hold

• IRR: 34.0%
• Equity multiple: 2.53×
• Total profit: $4,923,463
• Equity at exit: $1,714,687

10-year hold

• IRR: 43.3%
• Equity multiple: 6.07×
• Total profit: $16,323,227
• Equity at exit: $994,310

Cash invested: $3,220,000 (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 94612

• Home prices YoY: -2.5%
• Rents YoY: 7.2%
• Active inventory: 37
• Price-to-rent: 407.1×

Monthly cashflow live

• Estimated rent: $230,689 high
• Mortgage (P&I): −$60,307
• Tax from tax record: −$26,830 /mo · $321,963/yr
• Insurance: −$4,792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$48,445
• Net cashflow: $90,315

Break-even live

Break-even rent $116,366

Max offer price $11,500,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 98× units	1	1	$230,692
Total (98 units)			$230,689

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: $2,875,000
• Closing costs: $345,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $11,500,000 Active 279 DOM
2. 2026-06-17
   days on market $11,500,000 Active 278 DOM
3. 2026-06-16
   days on market $11,500,000 Active 277 DOM
4. 2026-06-15
   days on market $11,500,000 Active 276 DOM
5. 2026-06-13
   days on market $11,500,000 Active 274 DOM
6. 2026-06-13
   days on market $11,500,000 Active 273 DOM
7. 2026-06-09
   days on market $11,500,000 Active 270 DOM
8. 2026-06-08
   days on market $11,500,000 Active 269 DOM
9. 2026-06-07
   days on market $11,500,000 Active 268 DOM
10. 2026-06-04
    days on market $11,500,000 Active 265 DOM
11. 2026-06-03
    days on market $11,500,000 Active 264 DOM
12. 2026-06-02
    days on market $11,500,000 Active 263 DOM
13. 2026-06-01
    days on market $11,500,000 Active 262 DOM
14. 2026-05-31
    days on market $11,500,000 Active 261 DOM
15. 2025-11-04
    price $11,500,000 907-char remark

    Show marketing remark (907 chars)

    184 13th Street is 98-unit multifamily investment opportunity in the heart of Downtown Oakland. This six-story, elevator-served building spans 76,562 square feet on a 16,000-square-foot corner parcel and features a well-balanced unit mix of studios, one-, two-, and three-bedroom apartments, along with secure lobby access, on-site laundry facilities, and a leasing office. The property has benefited from more than $500,000 in recent capital improvements, including electrical and plumbing upgrades, a new roof, and elevator modernization. Offered at just $126,020 per unit, the asset provides an exceptional entry point into one of Oakland’s most dynamic neighborhoods—less than three blocks from Lake Merritt. The property is being offered at a 33% discount to its 2022 sale price, creating an incredible basis and a rare opportunity to acquire a stabilized asset well below replacement cost.

16. 2025-09-12
    listed $12,350,000 Active 907-char remark

    Show marketing remark (907 chars)

    184 13th Street is 98-unit multifamily investment opportunity in the heart of Downtown Oakland. This six-story, elevator-served building spans 76,562 square feet on a 16,000-square-foot corner parcel and features a well-balanced unit mix of studios, one-, two-, and three-bedroom apartments, along with secure lobby access, on-site laundry facilities, and a leasing office. The property has benefited from more than $500,000 in recent capital improvements, including electrical and plumbing upgrades, a new roof, and elevator modernization. Offered at just $126,020 per unit, the asset provides an exceptional entry point into one of Oakland’s most dynamic neighborhoods—less than three blocks from Lake Merritt. The property is being offered at a 33% discount to its 2022 sale price, creating an incredible basis and a rare opportunity to acquire a stabilized asset well below replacement cost.

17. 2022-04-26
    soldstatus $18,500,000
18. 1997-07-10
    soldstatus $1,650,000

ⓘ 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: $321,963 · $26,830/mo
• Projected year-2 tax: $321,963 · $26,830/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 · 14 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: $2,768,268
• − Mortgage interest: −$644,179
• − Property taxes: −$321,963
• − Insurance: −$57,500
• − Repairs & maintenance: −$221,461
• − Management: −$221,461
• − Depreciation: −$334,545
• Taxable income: $967,158
• Est. tax owed @ 24.0%: −$232,118
• After-tax cash flow: $851,664/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): 18,175
• Household income: $74,037
• Rent vs Own: 91.4% rent · 8.6% own
• Severe rent burden: 2526.0

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 0.76)
• Race & ethnicity: White 30% Asian 27% Black 26% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 32% · China, Canada, South Korea
• Languages at home: 65% English-only · Chinese 14% Spanish 5% Other Indo-European 3%

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: ▼ -5.34%
• Current HPI: 212.2879
• Rent YoY: ▲ 7.23%
• 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

+597.0% since first listed

4 events — show timeline

• 2025-11-04 Price Changed $11,500,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-09-12 Listed $12,350,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-04-26 Sold (Public Records) $18,500,000 Public Records
• 1997-07-10 Sold (Public Records) $1,650,000 Public Records

Property tax history

+13.2%/yr

Latest (2025): $321,963 · +6.0% YoY. Source: county tax records.