184 13th St

Oakland, CA 94612

$11,500,000A-

74 bd · 88.0 ba · 76,562 sqft · Built 1920 · MultiFamily · Active · 279 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $230,689/mo
• Mortgage (P&I): −$60,307
• Tax + insurance: −$31,622
• HOA: −$0
• Vac / Maint / Mgmt: −$48,445
• Net cashflow: $90,315/mo
• Annual: $1,083,782/yr
• Cap rate: 15.72%
• Cash-on-cash: 33.66%
• DSCR: 2.50
• 1% rule: 2.01%
• Cash to close: $3,220,000

Investor read

• This is a 98 × 1-bed/1-bath units multifamily listed at $11.50M.
• 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).
• It's been on market 279 days — a 12% lower offer ($10.12M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $10.12M (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?