856 21st St · Oakland, CA 94607

$1,150,000

6 bd · 4.0 ba · 4,342 sqft · MultiFamily public records · 171 Days on market

Built 1885 3,969 sqft lot $265/sqft · at area comps Est $1175k · at est.

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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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +8.4/15.0
• 1% rule +7.6/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 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 (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Exceptional opportunity to own a well-located 4-unit multifamily property in the heart of Oakland. This income-producing 4-plex at 856 21st St offers strong rental potential with significant value-add upside for investors, developers, or owner-occupants seeking long-term wealth through real estate. Each unit provides solid functionality with room to enhance value through updates, improved rents, or strategic renovations. The property is ideally positioned near Downtown Oakland, Uptown, West Oakland BART, public transportation, schools, shopping, and major freeways, creating consistent tenant demand and excellent accessibility for commuters. Located in an area experiencing ongoing growth and redevelopment, this property offers both immediate cash flow potential and attractive future appreciation. A great opportunity for buyers looking to expand their investment portfolio or enter the Oakland multifamily market with a property that offers flexibility and upside.

Key facts

• 3,969 sq ft lot
• Garage
• Built 1885

Tags

• 4 UNIT MULTIFAMILY PROPERTY
• STRONG RENTAL POTENTIAL
• NEAR DOWNTOWN OAKLAND
• EXCELLENT ACCESSIBILITY
• IMMEDIATE CASH FLOW POTENTIAL
• EXPAND INVESTMENT PORTFOLIO

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $905/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.15M).
• Recommended offer: $1.01M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+3.2%/yr); 133 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $14,434/mo this rent would consume 183% of the median local household income ($95k/yr) (locally 2002% 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 $8k of loan paydown is wiped out by about $34k 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 + 3.2% rent growth), your $322k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($1.01M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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.
• Current owner paid $629k; list at $1.15M implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,012,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 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 1885 — 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: 1.26% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.49%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

• ARV (median comp): $1,174,544
• List price: $1,150,000
• Delta: -2.09%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.24% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $47,726
• Equity at exit: $171,469

10-year hold

• IRR: 13.6%
• Equity multiple: 2.10×
• Total profit: $353,204
• Equity at exit: $99,431

Cash invested: $322,000 (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 94607

• Rents YoY: 3.2%
• Active inventory: 133
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $14,434 medium
• Mortgage (P&I): −$6,031
• Tax from tax record: −$1,274 /mo · $15,294/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,031
• Net cashflow: $3,619

Break-even live

Break-even rent $9,854

Max offer price $1,150,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$14,432
Total (4 units)			$14,434

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $1,150,000 Active 171 DOM
2. 2026-06-17
   days on market $1,150,000 Active 170 DOM
3. 2026-06-16
   days on market $1,150,000 Active 169 DOM
4. 2026-06-15
   days on market $1,150,000 Active 168 DOM
5. 2026-06-13
   days on market $1,150,000 Active 166 DOM
6. 2026-06-13
   days on market $1,150,000 Active 165 DOM
7. 2026-06-09
   days on market $1,150,000 Active 162 DOM
8. 2026-06-08
   days on market $1,150,000 Active 161 DOM
9. 2026-06-07
   days on market $1,150,000 Active 160 DOM
10. 2026-06-04
    days on market $1,150,000 Active 157 DOM
11. 2026-06-03
    days on market $1,150,000 Active 156 DOM
12. 2026-06-02
    days on market $1,150,000 Active 155 DOM
13. 2026-06-01
    days on market $1,150,000 Active 154 DOM
14. 2026-05-31
    days on market $1,150,000 Active 153 DOM
15. 2025-12-29
    listed $1,150,000 Active 974-char remark

    Show marketing remark (974 chars)

    Exceptional opportunity to own a well-located 4-unit multifamily property in the heart of Oakland. This income-producing 4-plex at 856 21st St offers strong rental potential with significant value-add upside for investors, developers, or owner-occupants seeking long-term wealth through real estate. Each unit provides solid functionality with room to enhance value through updates, improved rents, or strategic renovations. The property is ideally positioned near Downtown Oakland, Uptown, West Oakland BART, public transportation, schools, shopping, and major freeways, creating consistent tenant demand and excellent accessibility for commuters. Located in an area experiencing ongoing growth and redevelopment, this property offers both immediate cash flow potential and attractive future appreciation. A great opportunity for buyers looking to expand their investment portfolio or enter the Oakland multifamily market with a property that offers flexibility and upside.

16. 2025-12-10
    historical
17. 2025-06-02
    listed Active
18. 2025-05-02
    historical
19. 2025-01-22
    listed Active
20. 2024-09-10
    historical
21. 2024-01-15
    listed Active
22. 2022-10-14
    historical
23. 2022-07-15
    listed New
24. 2018-01-24
    historical
25. 2004-12-17
    soldstatus $629,000
26. 2004-12-17
    soldstatus $629,000
27. 2004-10-25
    historical
28. 2004-10-06
    listed $629,000

ⓘ 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: $15,294 · $1,274/mo
• Projected year-2 tax: $15,294 · $1,274/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 ≥82°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $173,208
• − Mortgage interest: −$64,418
• − Property taxes: −$15,294
• − Insurance: −$5,750
• − Repairs & maintenance: −$13,857
• − Management: −$13,857
• − Depreciation: −$33,455
• Taxable income: $26,579
• Est. tax owed @ 24.0%: −$6,379
• After-tax cash flow: $37,043/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): 28,804
• Household income: $94,863
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 2002.0

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: Black 29% White 25% Asian 25% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 28% · China, Canada, Vietnam
• Languages at home: 65% English-only · Chinese 16% Spanish 8% Arabic 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: ▼ -170.49%
• Current HPI: 263.5885
• Rent YoY: ▲ 3.24%
• 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

+82.8% since first listed

14 events — show timeline

• 2025-12-29 Listed $1,150,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-10 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-06-02 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-05-02 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-22 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-09-10 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-15 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-10-14 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-07-15 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2018-01-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-12-17 Sold (Public Records) $629,000 Public Records
• 2004-12-17 Sold (MLS) $629,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-10-25 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-10-06 Listed $629,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+2.3%/yr

Latest (2025): $15,294 · +4.3% YoY. Source: county tax records.