3601 West St · Oakland, CA 94608

$950,000

8 bd · 4.0 ba · 3,603 sqft · MultiFamily public records · 27 Days on market

Built 1965 3,348 sqft lot Est $821k · 16% over

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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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

3601 West Street delivers a fully-occupied five-unit apartment building at the signalized corner of 36th and West Street, three blocks from MacArthur BART. Priced at $950,000 — $190,000 per unit and $264 per square foot — the property generates $124,296 in current annual income at a 7.8% in-place cap rate. Four of five units are backed by Section 8 HAP contracts. Unit mix: one 1BR and four 2BR units, 3,603 SF total. Five assigned parking spaces include two garages and three covered carports, all included in rents. Move-in dates span 2004 to 2021 — proven retention, low turnover. Recent capital investment of $25,000+ across 2024–2025. Built for 1031 trade-ups and inco

Key facts

• 3,348 sq ft lot
• Garage
• Built 1965

Property features AI

Finance

• Other: Zoning: RM-2

Exterior

• Parking: Total of 5 parking spaces; Carports (2 or more); Parking lot; Garage faces side; On-street parking available
• Utilities: Public water; Public sewer; Individual electric and gas meters
• Home design: Multi-unit apartment complex (5+ units); Apt Complex; Built in 1965
• Construction: Stucco and wood siding exterior
• Exterior features: Balcony/patio; Partial fencing; Corner lot; Paved lot

Interior

• Kitchen: No specific kitchen appliances listed
• Bedrooms: Five units total: one 1-bed unit and four units with 2 beds (individual unit breakdown included below); Unit breakdown: one 1-bed unit (Unit 1), one 1-bed unit (Unit 2 type indicates 1 unit with 2 bedrooms? — see units for confirmed bedroom counts), Unit 2: 2 bedrooms, Unit 3: 2 bedrooms, Unit 4: 2 bedrooms
• Flooring: Hardwood; Tile; Carpet
• Bathrooms: Each of Units 1–4 has 1 bathroom (unit-level counts indicate 1 bath per listed unit)
• Heating & cooling: Natural gas heating; Wall furnace; Has heating
• Interior features: Gas water heater; Hardwood, tile and carpet flooring
• Laundry & utility: Separate meters for electric, gas and water

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 4×2bd/1ba units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $650/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $950k).
• Recommended offer: $936k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+3.3%/yr); 149 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $12,110/mo this rent would consume 121% of the median local household income ($120k/yr) (locally 2495% 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 $7k of loan paydown is wiped out by about $28k 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 + 3.3% rent growth), your $266k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($936k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $330k; list at $950k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $935,750 (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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $821,484
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3850 Market St	0.23mi	9/4.0 (+1)	3,734 (+4%)	2mo	$725,000	$194	77
843 47th St	0.66mi	8/4.0	3,286 (-9%)	14mo	$750,000	$228	43

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 · 3.29% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.21×
• Total profit: $56,663
• Equity at exit: $141,648

10-year hold

• IRR: 15.1%
• Equity multiple: 2.24×
• Total profit: $330,674
• Equity at exit: $82,139

Cash invested: $266,000 (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 94608

• Rents YoY: 3.3%
• Active inventory: 149
• Price-to-rent: 36.2×

Monthly cashflow live

• Estimated rent: $12,110 high
• Mortgage (P&I): −$4,982
• Tax from tax record: −$872 /mo · $10,466/yr
• Insurance: −$396
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,543
• Net cashflow: $3,251

Break-even live

Break-even rent $7,995

Max offer price $950,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$2,184
▸ 4× units	2	1	$9,928
Total (5 units)			$12,110

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   status $950,000 Pending 27 DOM
2. 2026-06-17
   days on market $950,000 Active 27 DOM
3. 2026-06-16
   days on market $950,000 Active 26 DOM
4. 2026-06-15
   days on market $950,000 Active 25 DOM
5. 2026-06-13
   days on market $950,000 Active 23 DOM
6. 2026-06-13
   days on market $950,000 Active 22 DOM
7. 2026-06-09
   days on market $950,000 Active 19 DOM
8. 2026-06-08
   days on market $950,000 Active 18 DOM
9. 2026-06-07
   days on market $950,000 Active 17 DOM
10. 2026-06-04
    days on market $950,000 Active 14 DOM
11. 2026-06-03
    days on market $950,000 Active 13 DOM
12. 2026-06-02
    days on market $950,000 Active 12 DOM
13. 2026-06-01
    days on market $950,000 Active 11 DOM
14. 2026-05-31
    days on market $950,000 Active 10 DOM
15. 2026-05-21
    listed $950,000 Active
16. 2024-01-16
    historical
17. 2023-08-31
    historical
18. 2023-08-30
    listed New
19. 2023-06-16
    listed New
20. 2022-08-30
    historical
21. 2022-08-29
    historical
22. 2022-04-27
    listed New
23. 2000-07-20
    soldstatus $330,000
24. 1998-07-31
    soldstatus $150,000

ⓘ 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: $10,466 · $872/mo
• Projected year-2 tax: $10,466 · $872/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 8/10 Severe FEMA zone X (unshaded) · 78% 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: $145,320
• − Mortgage interest: −$53,215
• − Property taxes: −$10,466
• − Insurance: −$5,548
• − Repairs & maintenance: −$11,626
• − Management: −$11,626
• − Depreciation: −$27,636
• Taxable income: $25,204
• Est. tax owed @ 24.0%: −$6,049
• After-tax cash flow: $32,958/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): 34,395
• Household income: $120,239
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2495.0

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 0.75)
• Race & ethnicity: White 39% Black 23% Asian 16% Hispanic / Latino 13% Two or more races 11% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 72% English-only · Spanish 8% Chinese 6% Other Indo-European 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: ▼ -861.08%
• Current HPI: 314.3464
• Rent YoY: ▲ 3.29%
• 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

+533.3% since first listed

10 events — show timeline

• 2026-05-21 Listed $950,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-16 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-08-31 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-08-30 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-06-16 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-08-30 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-08-29 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-04-27 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2000-07-20 Sold (Public Records) $330,000 Public Records
• 1998-07-31 Sold (Public Records) $150,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $10,466 · +4.6% YoY. Source: county tax records.