3562 Seminary Ave · Oakland, CA 94605

$900,000

4 bd · 4.0 ba · 2,652 sqft · MultiFamily public records · 17 Days on market

Built 1951 6,099 sqft lot Est $1151k · 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.7/5.0
• 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: 4 units. confirmed

Listing remarks

Beautifully situated in Oakland’s Millsmont neighborhood, this fourplex offers a great investment opportunity with convenient access to Interstate 580 for easy commuting. Conveniently located near shopping, schools, parks, public transportation, and Oakland International Airport.

Key facts

• Near schools
• Near shopping
• Convenient access

Tags

• MILLSMONT NEIGHBORHOOD
• INVESTMENT OPPORTUNITY
• CONVENIENT ACCESS
• NEAR SHOPPING
• NEAR SCHOOLS
• NEAR PARKS

Property features AI

Finance

• Other: Building total area approximately 2,652 (area units available but not listed in interior/exterior per instructions); Lot approximately 0.14 acres
• Financial info: No financial details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Attached parking; Total of 3 parking spaces
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex); Built in 1951
• Construction: Brick construction
• Exterior features: Front yard; Side yard

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: 4-unit property (individual unit bedroom counts not provided)
• Flooring: No flooring information provided
• Bathrooms: Each unit has 1 bathroom (4 total)
• Heating & cooling: Electric heating; No air conditioning
• Interior features: Gas water heater
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $667/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $900k).
• Recommended offer: $886k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 flat; 186 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $11,280/mo this rent would consume 128% of the median local household income ($106k/yr) (locally 2086% 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 $27k 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 17 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 38% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $886,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.25% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $1,150,968
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3440 Seminary Ave	0.12mi	5/3.0 (+1)	2,488 (-6%)	8mo	$675,000	$271	69
3835 Buell St	0.60mi	4/5.0	2,273 (-14%)	12mo	$987,000	$434	34

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 · 0.65% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-1,696
• Equity at exit: $134,193

10-year hold

• IRR: 6.9%
• Equity multiple: 1.46×
• Total profit: $116,178
• Equity at exit: $77,816

Cash invested: $252,000 (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 94605

• Rents YoY: 0.7%
• Active inventory: 186
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $11,280 medium
• Mortgage (P&I): −$4,720
• Tax from tax record: −$1,147 /mo · $13,764/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,369
• Net cashflow: $2,669

Break-even live

Break-even rent $7,901

Max offer price $900,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$11,280
Total (4 units)			$11,280

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5875 Picardy Dr Oakland, CA	4.0	2.5	1906	$5,200	$2.73	43d	1	0.57mi
5307 Hillen Dr Oakland, CA	3.0	2.0	1831	$3,895	$2.13	5d	1	0.76mi
6252 Ridgemont Dr Oakland, CA	3.0	2.5	1885	$5,495	$2.92	1d	1	0.85mi
4254 Gregory St Oakland, CA	3.0	3.0	1949	$4,500	$2.31	43d	1	0.99mi
6297 Rocky Point Ct Oakland, CA	4.0	4.0	2513	$4,750	$1.89	1d	1	1.01mi
6492 Bayview Dr Oakland, CA	4.0	3.0	2349	$4,999	$2.13	24d	1	1.03mi
7625 Lockwood St Oakland, CA	5.0	3.0	2115	$1,199	$0.57	43d	1	1.23mi

Listing history 17 events

1. 2026-06-13
   days on market $900,000 Active 17 DOM
2. 2026-06-13
   days on market $900,000 Active 16 DOM
3. 2026-06-09
   days on market $900,000 Active 13 DOM
4. 2026-06-08
   days on market $900,000 Active 12 DOM
5. 2026-06-07
   pricedays on market $900,000 Active 11 DOM
6. 2026-06-04
   days on market $650,000 Active 8 DOM
7. 2026-06-03
   days on market $650,000 Active 7 DOM
8. 2026-06-02
   days on market $650,000 Active 6 DOM
9. 2026-06-01
   days on market $650,000 Active 5 DOM
10. 2026-05-31
    days on market $650,000 Active 4 DOM
11. 2026-05-27
    listed $650,000 Active
12. 2026-01-14
    historical $1,499
13. 2026-01-01
    listed $1,499
14. 2025-12-21
    historical $1,499
15. 2025-12-18
    listed $1,499
16. 2025-11-23
    historical $1,499
17. 2025-11-06
    listed $1,499

ⓘ 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: $13,764 · $1,147/mo
• Projected year-2 tax: $13,764 · $1,147/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 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: $135,360
• − Mortgage interest: −$50,414
• − Property taxes: −$13,764
• − Insurance: −$4,500
• − Repairs & maintenance: −$10,829
• − Management: −$10,829
• − Depreciation: −$26,182
• Taxable income: $18,842
• Est. tax owed @ 24.0%: −$4,522
• After-tax cash flow: $27,511/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): 44,103
• Household income: $106,068
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 2086.0

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 0.73)
• Race & ethnicity: Black 40% Hispanic / Latino 27% White 17% Two or more races 11% Asian 9%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Italian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · Canada, China, Vietnam
• Languages at home: 70% English-only · Spanish 21% Chinese 2% Other Asian/Pacific 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: ▼ -793.09%
• Current HPI: 294.5467
• Rent YoY: ▲ 0.65%
• 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

+43262.2% since first listed

7 events — show timeline

• 2026-05-27 Listed $650,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-14 Rental Removed $1,499 BRIDGEMLS
• 2026-01-01 Listed for Rent $1,499 BRIDGEMLS
• 2025-12-21 Rental Removed $1,499 BRIDGEMLS
• 2025-12-18 Listed for Rent $1,499 BRIDGEMLS
• 2025-11-23 Rental Removed $1,499 BRIDGEMLS
• 2025-11-06 Listed for Rent $1,499 BRIDGEMLS

Property tax history

+10.1%/yr

Latest (2025): $13,764 · +155.0% YoY. Source: county tax records.