Property Overview:
9326 Bancroft Ave is a 7-unit multifamily apartment building in Oakland, CA (Castlemont neighborhood), built in 1966. The property features six 1-bedroom/1-bath units (approx. 700 sq. ft. each) and one 2-bedroom/1-bath unit (approx. 1,000 sq. ft.). Total living space is ~4,432 sq. ft. The property includes six private garages (all vacant), on-site coin laundry, and private security gates. Major capital improvements include a new roof, double-pane windows, remodeled kitchens and baths, upgraded electrical/plumbing, and a full seismic retrofit. The property is separately metered for PG&E and is easy to manage.
Neighborhood Highlights:
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Location:
- In the Castlemont neighborhood between Fruitvale and Millsmont.
- Near HWY 580, Bishop O’Dowd High School, Mills College, Sequoyah Country Club, and Lake Chabot Golf Course.
- Close to public transportation, restaurants, and shopping.
- Downtown San Francisco is less than an hour away.
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Schools:
- Nearby: Reach Academy, Elmhurst United Middle, Castlemont High, Sojourner Truth Independent Study.
- Average SAT score: 975 (state average).
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Crime Rate:
- Personal crime risk: 27.7% (higher than state average of 11.8%).
- Property crime risk: 23% (higher than state average of 10.8%).
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Demographics:
- Population: 26,597 (0.8% growth since 2000).
- 74.8% families with children.
- Largest age group: 25-34 years (15.86%); next: 35-44 years (14.29%).
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Natural Disaster Risk:
- Low flood risk, low tornado risk, high earthquake risk.
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Weather:
- Average temperature: 45.4°F (January), 75.2°F (July).
- Average rainfall: 24.2 inches/year.
- Average snowfall: 0 inches/year.
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Cost of Living:
- Median household income: $40,467.
- Average annual spending: $37,455.
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Job Market:
- 53.4% blue-collar jobs, 46.6% white-collar jobs.
- Unemployment rate: 9.4% (higher than state average of 4.7%).
Property Features:
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Unit Mix:
- 6 x 1bd/1bth (approx. 700 sq. ft. each)
- 1 x 2bd/1bth (approx. 1,000 sq. ft.)
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Upgrades & Amenities:
- Extensively remodeled: new kitchens, bathrooms, flooring, paint, double-pane windows, upgraded electrical/plumbing, new roof, full seismic retrofit.
- Six private garages (all vacant; potential for ADU conversion or extra income).
- On-site coin-operated laundry.
- Private security gates.
- Separately metered for PG&E (low operating expenses).
- Section 8 and Abode Services tenants for stable income.
- Two units currently vacant (can be delivered vacant or rented at market rate).
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Financials:
- Current CAP Rate: 8.7% – 10.3% (varies by source).
- Current GRM: 7.25 – 8.12.
- Gross Rents: $6,000 – $14,000+/month (varies by source; verify with agent).
- Rents are ~30% below market; upside potential with capital improvements and rent increases.
- Located in an Opportunity Zone.
Location Benefits:
- High-demand rental market with strong tenant appeal.
- Potential to convert garages to ADUs for additional income.
- Minutes from parks, schools, and major employers.
- Easy access to San Leandro, Lake Merritt, and Downtown Oakland.
- Ideal for investors seeking cash flow, value-add, and long-term appreciation.
Contact:
- Steven Pinza, Esq. or David@PinzaGroup.com for a complete marketing package or private showing.
- More info: www.9326Bancroft.com
- Reports: Google Drive Link