128 Catron Dr · Oakland, CA 94603

$825,000

6 bd · 4.0 ba · 3,038 sqft · MultiFamily public records · 153 Days on market

Built 1965 5,879 sqft lot $272/sqft · 6% below area Est $877k · 6% under

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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 +21.3/30.0
• ARV discount +10.2/15.0
• DSCR +6.8/10.0
• 1% rule +5.9/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• 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 MLS

Welcome to this exceptional 4-plex located just minutes away from the bustling Oakland Airport! This well-maintained property is a remarkable investment opportunity, offering low expenses and significant recent capital improvements. Each unit provides comfortable living spaces with modern amenities, ensuring tenant satisfaction and long-term occupancy. The property features a versatile unit mix, catering to a variety of tenant needs with two units delivered vacant. Inside, each unit is designed for functionality and comfort, with spacious layouts that include bright living areas, fully equipped kitchens, and generous bedroom sizes. Financially, this property stands out with an estimated total rental income of $8,350 per month. It boasts a Gross Rent Multiplier (GRM) of 8.98 and a cap rate of 7.24%, making it an attractive option for both investors looking to invest in Oakland's robust housing market or owner-occupants looking to house-hack and reduce housing costs. With its low maintenance costs due to recent upgrades and market rents, this property promises a steady and profitable rental income.

Key facts

• 5,879 sq ft lot
• Built 1965
• Listed 152 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $825k).
• Recommended offer: $726k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+1.6%/yr); 98 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $8,954/mo this rent would consume 140% of the median local household income ($77k/yr) (locally 2061% 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 $25k 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 153 days — a 12% lower offer ($726k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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.

Recommended offer $726,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.09% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 7.7

CMA / ARV

• ARV (median comp): $876,757
• List price: $825,000
• Delta: -5.90%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-68,789
• Equity at exit: $123,010

10-year hold

• IRR: -0.7%
• Equity multiple: 0.96×
• Total profit: $-9,753
• Equity at exit: $71,331

Cash invested: $231,000 (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 94603

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 30.7×

Monthly cashflow live

• Estimated rent: $8,954 high
• Mortgage (P&I): −$4,326
• Tax from tax record: −$1,190 /mo · $14,282/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,880
• Net cashflow: $1,213

Break-even live

Break-even rent $7,418

Max offer price $825,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,956
Total (4 units)			$8,954

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $825,000 Active 153 DOM
2. 2026-06-17
   days on market $825,000 Active 152 DOM
3. 2026-06-16
   days on market $825,000 Active 151 DOM
4. 2026-06-15
   days on market $825,000 Active 150 DOM
5. 2026-06-13
   days on market $825,000 Active 148 DOM
6. 2026-06-13
   days on market $825,000 Active 147 DOM
7. 2026-06-09
   days on market $825,000 Active 144 DOM
8. 2026-06-08
   days on market $825,000 Active 143 DOM
9. 2026-06-07
   days on market $825,000 Active 142 DOM
10. 2026-06-04
    days on market $825,000 Active 139 DOM
11. 2026-06-03
    days on market $825,000 Active 138 DOM
12. 2026-06-02
    days on market $825,000 Active 137 DOM
13. 2026-06-01
    days on market $825,000 Active 136 DOM
14. 2026-05-31
    days on market $825,000 Active 135 DOM
15. 2026-03-09
    price $825,000 1115-char remark

    Show marketing remark (1115 chars)

    Welcome to this exceptional 4-plex located just minutes away from the bustling Oakland Airport! This well-maintained property is a remarkable investment opportunity, offering low expenses and significant recent capital improvements. Each unit provides comfortable living spaces with modern amenities, ensuring tenant satisfaction and long-term occupancy. The property features a versatile unit mix, catering to a variety of tenant needs with two units delivered vacant. Inside, each unit is designed for functionality and comfort, with spacious layouts that include bright living areas, fully equipped kitchens, and generous bedroom sizes. Financially, this property stands out with an estimated total rental income of $8,350 per month. It boasts a Gross Rent Multiplier (GRM) of 8.98 and a cap rate of 7.24%, making it an attractive option for both investors looking to invest in Oakland's robust housing market or owner-occupants looking to house-hack and reduce housing costs. With its low maintenance costs due to recent upgrades and market rents, this property promises a steady and profitable rental income.

16. 2026-01-16
    listed $849,999 Active 1115-char remark

    Show marketing remark (1115 chars)

    Welcome to this exceptional 4-plex located just minutes away from the bustling Oakland Airport! This well-maintained property is a remarkable investment opportunity, offering low expenses and significant recent capital improvements. Each unit provides comfortable living spaces with modern amenities, ensuring tenant satisfaction and long-term occupancy. The property features a versatile unit mix, catering to a variety of tenant needs with two units delivered vacant. Inside, each unit is designed for functionality and comfort, with spacious layouts that include bright living areas, fully equipped kitchens, and generous bedroom sizes. Financially, this property stands out with an estimated total rental income of $8,350 per month. It boasts a Gross Rent Multiplier (GRM) of 8.98 and a cap rate of 7.24%, making it an attractive option for both investors looking to invest in Oakland's robust housing market or owner-occupants looking to house-hack and reduce housing costs. With its low maintenance costs due to recent upgrades and market rents, this property promises a steady and profitable rental income.

17. 2024-03-22
    soldstatus $775,000 Closed 231-char remark

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

18. 2024-03-22
    soldstatus $775,000 231-char remark

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

19. 2024-03-22
    soldstatus $775,000

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

20. 2024-03-02
    status Pending 231-char remark

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

21. 2024-02-23
    listed $799,000 Active 231-char remark

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

22. 2024-02-23
    listed $799,000 231-char remark

    Show marketing remark (231 chars)

    Professionally managed investment property near Sobrante Park. Spacious 2 one-bedroom and 2 two-bedroom units featuring laminate flooring, and two-bedroom units with washer/dryer hookups. 2 of the 4 units currently tenant-occupied.

23. 2016-09-09
    soldstatus $500,000 Sold
24. 2016-09-09
    soldstatus $500,000
25. 2016-09-09
    soldstatus $500,000
26. 2016-07-01
    status Pending
27. 2016-05-28
    price $550,000
28. 2016-05-27
    listed $350,000 New
29. 2016-05-27
    listed $550,000
30. 2015-07-29
    soldstatus $602,000
31. 2012-04-26
    historical
32. 2012-01-24
    listed New
33. 2010-05-18
    soldstatus $155,000
34. 2009-02-10
    historical
35. 2008-07-19
    listed
36. 2007-08-28
    historical
37. 2007-01-03
    soldstatus $550,000
38. 2006-11-08
    historical
39. 1997-01-22
    soldstatus $145,000
40. 1993-07-23
    soldstatus $80,000
41. 1988-10-12
    soldstatus $38,000
42. 1988-10-12
    soldstatus $38,000
43. 1988-08-18
    soldstatus $28,000

ⓘ 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: $14,282 · $1,190/mo
• Projected year-2 tax: $14,282 · $1,190/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: $107,448
• − Mortgage interest: −$46,213
• − Property taxes: −$14,282
• − Insurance: −$4,125
• − Repairs & maintenance: −$8,596
• − Management: −$8,596
• − Depreciation: −$24,000
• Taxable income: $1,637
• Est. tax owed @ 24.0%: −$393
• After-tax cash flow: $14,167/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): 35,742
• Household income: $76,723
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2061.0

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Black 25% Two or more races 11% Asian 5% White 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 51%
• Foreign-born: 37% · Canada, China, Vietnam
• Languages at home: 37% English-only · Spanish 56% Other Asian/Pacific 2% Chinese 1%

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: ▼ -665.46%
• Current HPI: 396.0247
• Rent YoY: ▲ 1.58%
• 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

+2846.4% since first listed

29 events — show timeline

• 2026-03-09 Price Changed $825,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-16 Listed $849,999 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-22 Sold (Public Records) $775,000 Public Records
• 2024-03-22 Sold (MLS) $775,000 San Francisco MLS
• 2024-03-22 Sold (MLS) $775,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-02 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-02-23 Listed $799,000 San Francisco MLS
• 2024-02-23 Listed $799,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-09-09 Sold (Public Records) $500,000 Public Records
• 2016-09-09 Sold (MLS) $500,000 SDMLS
• 2016-09-09 Sold (MLS) $500,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-07-01 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-05-28 Price Changed $550,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-05-27 Listed $350,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-05-27 Listed $550,000 SDMLS
• 2015-07-29 Sold (Public Records) $602,000 Public Records
• 2012-04-26 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2012-01-24 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-05-18 Sold (Public Records) $155,000 Public Records
• 2009-02-10 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2008-07-19 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2007-08-28 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2007-01-03 Sold (Public Records) $550,000 Public Records
• 2006-11-08 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1997-01-22 Sold (Public Records) $145,000 Public Records
• 1993-07-23 Sold (Public Records) $80,000 Public Records
• 1988-10-12 Sold (Public Records) $38,000 Public Records
• 1988-10-12 Sold (Public Records) $38,000 Public Records
• 1988-08-18 Sold (Public Records) $28,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $14,282 · +28.8% YoY. Source: county tax records.