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3420 Delaware St
Oakland, CA

3420 Delaware St

$880,000
6 bd • 5 ba • 2,671 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$880,000

Price/Sq.Ft

$329

Year Built

1965

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This triplex in Oakland's Laurel District offers excellent value at $329.46/sqft, which is approximately 20% below the Oakland average of $411/sqft for multi-family properties. With 2,671 sqft, it's spacious and provides versatile living arrangements with two 2-bed/2-bath units and one 2-bed/1-bath unit. The property includes valuable amenities like three attached garages and on-site coin laundry, which can generate additional income. Its location in the desirable Laurel District adds to its appeal, with a median household income of $115,087, indicating a stable rental market. The property's minimal flood (1/10) and fire (1/10) risk scores are significantly better than Oakland averages, potentially leading to lower insurance costs.

The Bad

The property, built in 1965, may require updates to major systems soon. The lack of central air conditioning could be a drawback for some tenants, especially considering the moderate heat risk (3/10) with 7 hot days per year. The nearby schools have below-average ratings (Fruitvale Elementary 2/10, Bret Harte Middle 3/10), which might affect the tenant pool for families. The property's price history shows multiple price reductions and listing removals since 2023, indicating potential challenges in selling or possible underlying issues.

The Ugly

The severe air quality risk (8/10) with 14 bad air days per year is a significant concern, potentially affecting tenant health and satisfaction. The property's extensive price history, with numerous price changes and listing removals since 2023, suggests possible underlying issues or overpricing. The current price of $880,000 is still 22% lower than its initial 2023 listing at $1,100,000, indicating a substantial market correction or potential problems with the property. The wall furnace heating system is outdated and may need replacement soon, a potentially costly upgrade for a triplex of this size.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for experienced real estate investors looking for a value-add opportunity in a desirable Oakland neighborhood. It's ideal for those with a household income of $200,000+ (based on a 28% front-end DTI ratio for a $704,000 loan at current rates). The triplex structure appeals to investors seeking steady cash flow from multiple units, with potential for forced appreciation through upgrades. It's also suitable for owner-occupants who can live in one unit and rent out the others, leveraging rental income to offset mortgage costs.

Not For

This property is not suitable for first-time homebuyers due to its complexity as a triplex and potential for significant maintenance and management responsibilities. It's not ideal for investors seeking a turnkey property, as it may require updates and ongoing maintenance given its age. The property may not appeal to families prioritizing top-rated schools, given the below-average school ratings in the immediate area. Those with respiratory issues should be cautious due to the high air quality risk score.
Demographics
Area Median Income

$115,087

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Risk Assessment

Climate Risks

airSEVERE

14 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 84°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The severe air quality risk (8/10) could lead to increased HVAC upgrade costs and potential tenant health concerns. The property's age (built 1965) suggests imminent major system replacements, including plumbing, electrical, and roofing, potentially costing $50,000-$75,000 in the next 5-10 years. The frequent price changes and listing removals since 2023 may indicate hidden issues or market resistance, potentially affecting future resale value. The outdated wall furnace heating system may need replacement soon, estimated at $15,000-$20,000 for a triplex of this size. Potential zoning changes or increased regulation of multi-family properties in Oakland could impact future value or rental income.
Insurance
Annual Cost

$3,168

$264 per month

Financials

Monthly Costs

Price History

Property Taxes

$15,834
2024 Tax Assessment
4.5%from previous year
Assessed Value$1,003,950
Tax Rate1.58%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,220,000

38.6% above list price

Median Price

$1,300,000

Based on 3 recent sales

Price per Sq.Ft

$481

Comparable Properties

3178 Birdsall Ave, Oakland, CA 94619
Price: $1,300,000
Sq.Ft: 2,686
Beds/Baths: /
$/Sq.Ft:
$48446.9%
Sale Date: 10/29/2024
3178 Birdsall Ave, Oakland, CA 94619
Price: $1,300,000
Sq.Ft: 2,686
Beds/Baths: 6/4
$/Sq.Ft:
$48446.9%
Sale Date: 10/28/2024
2568 Scenic Ave, Oakland, CA 94602
Price: $1,060,000
Sq.Ft: 2,225
Beds/Baths: 6/
$/Sq.Ft:
$47644.6%
Sale Date: 9/19/2024

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