| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 82nd | Best |
| Amenities | 47th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 121 2nd St, Oakland, CA, 94607, US |
| Region / Metro | Oakland |
| Year of Construction | 2006 |
| Units | 100 |
| Transaction Date | 2011-12-01 |
| Transaction Price | $38,000,000 |
| Buyer | Invesco |
| Seller | The Harborview Company LLC |
121 2nd St Oakland Multifamily Investment
Workforce renter demand remains durable in this Inner Suburb location, supported by a high neighborhood renter concentration and proximity to major employers, according to WDSuite’s CRE market data.
Neighborhood and Livability
Located in Oakland’s Inner Suburb, the property benefits from neighborhood dynamics that are competitive among Oakland-Berkeley-Livermore neighborhoods (rank 129 of 469, B+ rating). Restaurant density is strong (top decile nationally), and grocery access also scores well, while parks are plentiful. By contrast, cafes and pharmacies are comparatively sparse. This mix supports daily needs and dining-driven foot traffic without overreliance on discretionary retail.
Vintage matters for leasing: built in 2006, the asset is newer than the neighborhood’s average construction year (1983). That positions the property competitively versus older local stock while still warranting typical mid-life capital planning for systems and common areas.
Tenure patterns in the immediate neighborhood show a meaningful share of housing units are renter-occupied (53% renter concentration). For investors, this indicates a deeper tenant base and supports demand for professionally managed multifamily housing. At the same time, neighborhood occupancy has eased in recent years; keeping amenities current and pricing disciplined should help sustain leasing velocity.
Within a 3-mile radius, demographics point to a larger tenant base over time: population and households have grown, with households increasing faster than population, and forecasts call for continued population growth and more households by 2028. This trend suggests a gradual renter pool expansion, which typically supports occupancy stability and measured rent growth. Elevated home values in the neighborhood (high-cost ownership market) further reinforce reliance on multifamily rentals, a useful context for commercial real estate analysis.
Income levels in the area are high by national standards, yet rent-to-income in the neighborhood reads as manageable. For operators, that combination tends to support retention and measured pricing power, though effective rent strategy should still account for unit quality segmentation and competitive new supply downtown and along transit corridors.
Safety Context
Safety indicators for the neighborhood sit around the national middle overall, with conditions that are less favorable than many higher-performing Bay Area neighborhoods. However, recent year-over-year data from WDSuite shows notable improvement trends, with both property and violent offense rates moving lower. Interpreting ranks within the Oakland-Berkeley-Livermore metro (469 neighborhoods total), this area is not among the top quartile for safety, but improving momentum is a constructive signal to monitor.
For underwriting, a practical approach is to calibrate operating assumptions to reflect current conditions while recognizing the recent downward trend. Asset-level measures such as access control, lighting, and community engagement can further support resident experience and retention.
Nearby corporate offices provide a strong white-collar employment base that supports renter demand and short commute times, particularly to Downtown Oakland and San Francisco. Key employers include Clorox, Gap, AIG, Charles Schwab, and Salesforce.
- Clorox — consumer products HQ (0.8 miles) — HQ
- Gap — retail apparel HQ (6.7 miles) — HQ
- AIG — insurance (6.8 miles)
- Charles Schwab — financial services (6.8 miles) — HQ
- Salesforce — enterprise software (6.9 miles) — HQ
Investment Thesis
This 100-unit, 2006-vintage asset aligns with a high-demand renter landscape. Neighborhood data indicates strong dining and grocery access, newer-than-average competitive positioning versus local stock, and a renter-occupied housing base that supports depth of demand. Within a 3-mile radius, household and population growth, alongside forecasts for further expansion, point to a gradually enlarging tenant base that supports occupancy stability over the long term. Elevated ownership costs in the area further reinforce reliance on rental housing.
According to CRE market data from WDSuite, the neighborhood’s rent levels and income profile suggest manageable rent-to-income dynamics that can aid retention, while recent softening in neighborhood occupancy and safety metrics warrants disciplined operations and ongoing asset enhancements. Proximity to major employers across Downtown Oakland and San Francisco underpins leasing, though operators should remain attentive to competitive supply and evolving urban demand patterns.
- 2006 vintage offers competitive positioning versus older local stock, with clear mid-life CapEx planning opportunities
- Renter concentration and high-cost ownership market support depth of demand and potential pricing power
- 3-mile radius shows population and household growth, indicating a larger tenant base ahead
- Proximity to major employers (Clorox, Gap, Salesforce) supports commuting convenience and leasing stability
- Risks: neighborhood safety sits below top-tier Bay Area areas and occupancy has eased; prudent operations and amenity refreshes recommended