
Oakland, California 94606
This Quadruplex Residential Income Asset represents a Strong Value Opportunity, listed at $938,000—positioned well below the $1,031,535 Fair Market Value by 9%. This valuation gap offers $93,535 in Instant Equity. With a Condition Rating of 4, the property provides immediate cash flow with significant upside through ADU development on the 7,000 sqft lot. Featuring a private deck and proximity to transit, this is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to leverage rental income.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2223 E 23rd St Subject | $938,000* List Price | 0 | 0 | 3,981 | $259 | - |
A 2828 22nd Avenue Pending | $750,000 List Price | 0 | 0 | 3,648 | $206 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1898, the property is functional but significantly dated. Interior images show popcorn ceilings, older wall heaters, and surface-mounted lighting, suggesting renovations are likely 20+ years old. Exterior shows visible wear including a large crack in the retaining wall and cracked concrete in the parking area, indicating a need for minor repairs and modernization.
Elementary School: Crocker Highlands Elementary School (9/10).
With a cap rate exceeding 8% and a monthly gross income of $7,830, this property offers immediate, high-yield returns that are rare for the Oakland market.
The oversized 7,000 square foot lot presents a prime opportunity for ADU development, allowing investors to further increase density and rental revenue.
Originally built in 1898, the property may require more intensive long-term maintenance and capital expenditures compared to newer multifamily assets.
While some local schools are highly rated, several assigned middle and high schools in the immediate area have low performance scores (2/10), which may deter family-oriented tenants.
A rare and compelling income-producing opportunity in the heart of Oakland — this well-maintained 4-unit multifamily building offers 3,981 square feet of living space on a 7,000 square foot lot, delivering strong day-one cash flow with significant long-term upside. Currently generating $7,900 in monthly gross rental income with a cap rate exceeding 8%, the numbers speak for themselves — this is one of Oakland’s most attractive investment opportunities to hit the market in recent memory. The property features a desirable mix of spacious units with coin laundry on-site, providing additional income and convenience for tenants. The generous 7,000 square foot lot also presents an exceptional ADU development opportunity — adding a unit would further increase rental income and drive long-term asset appreciation. Whether you’re a seasoned investor looking to expand your portfolio or an owner-occupant seeking to live in one unit while the others pay your mortgage, this versatile asset offers a strategy for every type of buyer. Ideally situated in the vibrant Highland Terrace neighborhood of Oakland, the property enjoys outstanding walk ability and unbeatable access to Fruitvale BART Station, Lake Merritt, Laney College, Highland Hospital, I-880 and I-580 freeways, Oakland International Airport, and the waterfront dining and entertainment of Jack London Square. With Oakland’s ongoing urban growth and strong rental demand, this is the kind of asset that builds generational wealth — don’t miss it.
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades K-5 • 0.4 mi
Grades K-5 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 2.0 |
| Square foot | 3,981 | 2,547 |
| Lot Size | 7,000 | 4,475 |
| Price | $938.0K | $860.2K |
| Price per sq ft | $236 | $344 |
| Built year | 1898 | 1920 |
| HOA | $0 | $0 |
| Days on market | 11 | 56 |
Jul 11, 2026
$938,000
Initial Listing
Dec 8, 2016
$806,000
Public Record
Sep 8, 2006
$938,000
Public Record
Jun 6, 2003
$630,000
Public Record
Jul 21, 2000
$453,000
Public Record
Oct 19, 1999
$170,000
Public Record