2624 Foothill Blvd · Oakland, CA 94601

$6,995,000

24 bd · 38.0 ba · 29,423 sqft · MultiFamily public records · 70 Days on market

Built 1928 0.26 ac lot

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• 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: 1 unit. estimate disagrees with records

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

This very nostalgic 3 story marina style building property located at 2624 Foothill Blvd in Oakland California. Building description size is 29,423 square feet with 40 units. It is a great central business district location. It is in the heart of Oakland’s Fruitvale district close to Lake Merritt. It has a concrete foundation, wood frame on .26-acre lot. The majority of the units have been substantially renovated. With 37% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. The subject is a 40-unit apartment building which is three stories over a basement with 37% upside in the rents. The prior owner replaced reportedly rough half of the windows. The subject has a key fob entrance. There is a beautiful penthouse that has a view. The basement has a poured concrete foundation and perimeter walls and an open beam ceiling. The complex unit mix is 18 studios, 19 (1) bedrooms and 3 (2) bedrooms. The property is individually metered for gas and electricity. There is a laundry room generating extra monthly income and as a convenience for the residents. The interior finishes of the units contain carpet or wood flooring in living and be The soft story work is completed as well as the sewer lateral.

Key facts

• Open beam ceiling
• Laundry room
• Concrete foundation

Tags

• CONCRETE FOUNDATION
• WOOD FRAME
• SUBSTANTIALLY RENOVATED UNITS
• KEY FOB ENTRANCE
• OPEN BEAM CEILING
• LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 24-bed/38.0-bath multifamily listed at $7.00M.

Deal economics

• At list price, monthly cash flow is $9k ($106k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $6.79M (3.0% below list).
• Recommended offer: $6.58M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 (+3.9%/yr); 116 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $67,853/mo this rent would consume 1125% of the median local household income ($72k/yr) (locally 3603% 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 $48k of loan paydown is wiped out by about $210k 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 70 days — a 6% lower offer ($6.58M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y 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 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $6,575,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.89% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-512,546
• Equity at exit: $1,042,977

10-year hold

• IRR: 3.6%
• Equity multiple: 1.27×
• Total profit: $527,251
• Equity at exit: $604,800

Cash invested: $1,958,600 (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 94601

• Rents YoY: 3.9%
• Active inventory: 116
• Price-to-rent: 343.6×

Monthly cashflow live

• Estimated rent: $67,853 high
• Mortgage (P&I): −$36,683
• Tax from tax record: −$5,202 /mo · $62,420/yr
• Insurance: −$2,915
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,249
• Net cashflow: $8,805

Break-even live

Break-even rent $56,707

Max offer price $6,995,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 40× units	1	1	$67,840
Total (40 units)			$67,853

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: $1,748,750
• Closing costs: $209,850
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $6,995,000 Active 70 DOM
2. 2026-06-17
   days on market $6,995,000 Active 69 DOM
3. 2026-06-16
   days on market $6,995,000 Active 68 DOM
4. 2026-06-15
   days on market $6,995,000 Active 67 DOM
5. 2026-06-13
   days on market $6,995,000 Active 65 DOM
6. 2026-06-13
   days on market $6,995,000 Active 64 DOM
7. 2026-06-09
   days on market $6,995,000 Active 61 DOM
8. 2026-06-08
   days on market $6,995,000 Active 60 DOM
9. 2026-06-07
   days on market $6,995,000 Active 59 DOM
10. 2026-06-04
    days on market $6,995,000 Active 56 DOM
11. 2026-06-03
    days on market $6,995,000 Active 55 DOM
12. 2026-06-02
    days on market $6,995,000 Active 54 DOM
13. 2026-06-01
    days on market $6,995,000 Active 53 DOM
14. 2026-05-31
    days on market $6,995,000 Active 52 DOM
15. 2026-04-09
    listed $6,995,000 Active 1287-char remark

    Show marketing remark (1287 chars)

    This very nostalgic 3 story marina style building property located at 2624 Foothill Blvd in Oakland California. Building description size is 29,423 square feet with 40 units. It is a great central business district location. It is in the heart of Oakland’s Fruitvale district close to Lake Merritt. It has a concrete foundation, wood frame on .26-acre lot. The majority of the units have been substantially renovated. With 37% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot Oakland market. The subject is a 40-unit apartment building which is three stories over a basement with 37% upside in the rents. The prior owner replaced reportedly rough half of the windows. The subject has a key fob entrance. There is a beautiful penthouse that has a view. The basement has a poured concrete foundation and perimeter walls and an open beam ceiling. The complex unit mix is 18 studios, 19 (1) bedrooms and 3 (2) bedrooms. The property is individually metered for gas and electricity. There is a laundry room generating extra monthly income and as a convenience for the residents. The interior finishes of the units contain carpet or wood flooring in living and be The soft story work is completed as well as the sewer lateral.

16. 2025-04-25
    historical $1,695
17. 2025-04-11
    listed $1,695
18. 2025-04-11
    historical $1,495
19. 2025-03-04
    listed $1,495
20. 2025-02-10
    historical $1,495
21. 2025-01-24
    listed $1,495
22. 2025-01-18
    historical $1,495
23. 2025-01-12
    listed $1,495
24. 2024-02-18
    historical $1,445
25. 2024-01-20
    listed $1,445
26. 2023-10-25
    historical
27. 2023-10-07
    historical
28. 2023-10-06
    listed
29. 2023-09-28
    historical
30. 2023-08-30
    listed New
31. 2023-08-17
    listed

ⓘ 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: $62,420 · $5,202/mo
• Projected year-2 tax: $62,420 · $5,202/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 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $814,236
• − Mortgage interest: −$391,829
• − Property taxes: −$62,420
• − Insurance: −$34,975
• − Repairs & maintenance: −$65,139
• − Management: −$65,139
• − Depreciation: −$203,491
• Taxable loss: −$8,756
• Est. tax savings @ 24.0%: +$2,102
• After-tax cash flow: $107,763/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): 53,259
• Household income: $72,359
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3603.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 53% Asian 18% Black 13% White 11% Two or more races 10% Native American 3%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Italian 1% Scotch-Irish 1%
• Foreign-born: 40% · Canada, Vietnam, China
• Languages at home: 35% English-only · Spanish 46% Chinese 5% Vietnamese 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: ▼ -1045.52%
• Current HPI: 347.3256
• Rent YoY: ▲ 3.89%
• 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

+483983.0% since first listed

17 events — show timeline

• 2026-04-09 Listed $6,995,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-04-25 Rental Removed $1,695 RENTALBEAST
• 2025-04-11 Listed for Rent $1,695 RENTALBEAST
• 2025-04-11 Rental Removed $1,495 RENTALBEAST
• 2025-03-04 Listed for Rent $1,495 RENTALBEAST
• 2025-02-10 Rental Removed $1,495 RENTALBEAST
• 2025-01-24 Listed for Rent $1,495 RENTALBEAST
• 2025-01-18 Rental Removed $1,495 RENTALBEAST
• 2025-01-12 Listed for Rent $1,495 RENTALBEAST
• 2024-02-18 Rental Removed $1,445 TURBOTENANT
• 2024-01-20 Listed for Rent $1,445 TURBOTENANT
• 2023-10-25 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-10-07 Rental Removed — TURBOTENANT
• 2023-10-06 Listed for Rent — TURBOTENANT
• 2023-09-28 Rental Removed — TURBOTENANT
• 2023-08-30 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-08-17 Listed for Rent — TURBOTENANT

Property tax history

+1.7%/yr

Latest (2025): $62,420 · +5.7% YoY. Source: county tax records.