2802 38th Ave · Oakland, CA 94619

$799,888

7 bd · 3.5 ba · 3,171 sqft · MultiFamily · 49 Days on market

Built 1925 3,493 sqft lot $252/sqft · 22% below area Est $1029k · 22% under

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Why this score? — see what drove the B- 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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

Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

Key facts

• 3,493 sq ft lot
• Built 1925
• Listed 49 days

Property features AI

Finance

• Financial info: Four total units

Exterior

• Parking: One uncovered parking space; Carport; No garage; On-street parking
• Utilities: Public water; Sewer connected; Natural gas connected; Individual electric and gas meters
• Home design: Residential income property — quadruplex; Built in 1925
• Construction: Concrete, stucco, wood frame with wood and shingle siding
• Exterior features: Patio and balcony/patio; Fenced; Corner lot

Interior

• Kitchen: Gas water heater (appliance)
• Flooring: Concrete; Laminate; Tile; Carpet
• Bathrooms: Unit 1: half bathroom; Unit 2: one bathroom; Unit 3: one bathroom; Unit 4: one bathroom
• Heating & cooling: Heating available (electric and natural gas); Room air cooling
• Interior features: Window coverings; Concrete, laminate, tile and carpet flooring
• Laundry & utility: Separate electric, gas and water meters

🏷️ Possibly a rental listed for sale. The $799,888 price doesn't fit this home's estimated sale value (~$1,028,867) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 7-bed/3.5-bath multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: 90 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $9,588/mo this rent would consume 89% of the median local household income ($130k/yr) (locally 1071% 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 $6k of loan paydown is wiped out by about $24k 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 + 3.0% rent growth), your $224k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $775,891 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.97%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

• ARV (median comp): $1,028,867
• List price: $799,888
• Delta: -22.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3121 Coolidge Ave	0.67mi	7/5.0	3,344 (+6%)	2mo	$850,000	$254	52
3719 Redding St	0.45mi	7/4.0	2,866 (-10%)	11mo	$640,000	$223	52
3608 Midvale Ave	0.61mi	8/4.0 (+1)	3,264 (+3%)	16mo	$1,037,000	$318	46
3201 Suter St	0.55mi	8/5.0 (+1)	3,528 (+11%)	23mo	$855,200	$242	26

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $882
• Equity at exit: $119,266

10-year hold

• IRR: 9.8%
• Equity multiple: 1.76×
• Total profit: $169,207
• Equity at exit: $69,160

Cash invested: $223,969 (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 94619

• Active inventory: 90
• Price-to-rent: 28.5×

Monthly cashflow live

• Estimated rent: $9,588 high
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $11,998/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,013
• Net cashflow: $2,047

Break-even live

Break-even rent $6,997

Max offer price $799,888

Occupancy floor 74%

Sensitivity live

Price	-10% $2,599	-5% $2,323	+0% $2,047	+5% $1,770	+10% $1,494
Rent	-10% $1,289	-5% $1,668	+0% $2,047	+5% $2,425	+10% $2,804
Rate	-1.0pp $2,449	-0.5pp $2,250	base $2,047	+0.5pp $1,839	+1.0pp $1,629

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,008
1× unit	3	1	$2,579
Total (4 units)			$9,588

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: $199,972
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $799,888 Active 49 DOM
2. 2026-06-17
   days on market $799,888 Active 48 DOM
3. 2026-06-16
   days on market $799,888 Active 47 DOM
4. 2026-06-15
   days on market $799,888 Active 46 DOM
5. 2026-06-13
   days on market $799,888 Active 44 DOM
6. 2026-06-13
   days on market $799,888 Active 43 DOM
7. 2026-06-09
   days on market $799,888 Active 40 DOM
8. 2026-06-08
   days on market $799,888 Active 39 DOM
9. 2026-06-07
   days on market $799,888 Active 38 DOM
10. 2026-06-04
    days on market $799,888 Active 35 DOM
11. 2026-06-03
    days on market $799,888 Active 34 DOM
12. 2026-06-02
    days on market $799,888 Active 33 DOM
13. 2026-06-01
    days on market $799,888 Active 32 DOM
14. 2026-05-31
    days on market $799,888 Active 31 DOM
15. 2026-04-30
    listed $799,888 Active 1264-char remark
16. 2025-01-30
    soldstatus $795,000 956-char remark

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

17. 2025-01-30
    soldstatus $795,000 Closed 956-char remark

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

18. 2024-12-23
    status Pending 956-char remark

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

19. 2024-11-20
    historical

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

20. 2024-11-20
    listed $800,000 956-char remark

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

21. 2024-11-20
    listed $800,000 Active 956-char remark

    Show marketing remark (960 chars)

    Oakland’s 2802 38th Avenue is nothing short of a rare find. Split between two 2BR/1BA units, one 3BR/1BA unit, and one commercial space, this is a unique, blended property that will generate an astounding $7,500 per month from day one (with future income potential as high as $90,384). Nestled within the lively Allendale neighborhood, this property is a commuters delight; its proximity to I-580 makes accessing Downtown Oakland or San Francisco a breeze. Close to a collection of parks (Dimond Park, Joaquin Miller Park, etc.), schools (Allendale Elementary, Laurel Elementary, etc.), and the vibrant shopping of both Fruitvale Avenue and MacArthur Boulevard, tenants with families will especially love the versatility of this residence. From a property management standpoint, this is a no-frills investment that requires little in the way of regular expenses because tenants pay for all utilities (excluding garbage). Listed at a very modest $800,000.

22. 2024-11-14
    listed Active
23. 2010-04-07
    historical
24. 2009-10-07
    listed $570,000 Active

ⓘ 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: $115,056
• − Mortgage interest: −$44,806
• − Property taxes: −$11,998
• − Insurance: −$3,999
• − Repairs & maintenance: −$9,204
• − Management: −$9,204
• − Depreciation: −$23,269
• Taxable income: $12,574
• Est. tax owed @ 24.0%: −$3,018
• After-tax cash flow: $21,542/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): 26,831
• Household income: $129,867
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 1071.0

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: White 32% Hispanic / Latino 23% Black 19% Asian 17% Two or more races 14% Native American 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 2% Lithuanian 2% Portuguese 2%
• Foreign-born: 21% · Canada, China, Vietnam
• Languages at home: 67% English-only · Spanish 14% Chinese 8% Other Indo-European 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: ▼ -835.69%
• Current HPI: 259.7097
• Rent YoY: —
• 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

-0.0% since first listed

6 events — show timeline

• 2026-04-30 Listed $799,888 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-30 Sold (MLS) $795,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-12-23 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-11-20 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-11-20 Listed $800,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-11-14 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR