2335
Market St.
Property Highlights
- Two buildings with protected motor court: exteriors, common areas, infrastructure, and all but one unit extensively refurbished
- Keyfob-secured entry gate with enclosed parking between buildings
- Unit A has been split into two units. B, D, E and F have the same opportunity.
- Fully upgraded units feature large-format slate tile throughout, recessed lighting, ductless mini-split climate control, and in-unit LG stacked washer/dryer
- Kitchens finished with quartz countertops and backsplash, white shaker cabinetry, Samsung stainless appliances, wine refrigerator, and dishwasher
- Bathrooms finished with floor-to-ceiling tile, frameless glass shower enclosures, rain head fixtures, floating vanities, and designer fixtures throughout
- Condominium Conversion Groundwork- The prior owner, initiated California’s formal condominium conversion process under DRE requirements, including a completed reserve study — the most time-intensive component of the filing. The regulatory groundwork has been laid. The property has six different APNs each assigned to the six main units. A buyer with interest in individual unit sales or resale optionality is starting significantly closer to the finish line than a conventional multifamily acquisition without this work done.
- Four 3BD units can be split into 2BD and 1BD units with minimal investment — Incredible ROI
Explore 2335 Market Street
Exterior
Renovated Interiors
Kitchen
Bathroom
Amenities
Storage
Floor Plan
Summary & Financial Overview
Investment Summary
2335 Market Street is a luxury multifamily property in Oakland, offered at $4.4 million. The property comprises two buildings with 11,412 SF of building area on a 9,371 SF lot. Six original units have six separate APNs; Unit A has been divided into A-1 and A-2, bringing the current rental configuration to seven units.
All units have been upgraded to luxury level, with extensive renovations to the exteriors, interiors, common areas, and infrastructure. Unit A is the only original unit already split into two residences, as shown in the interior photos. Its existing configuration provides the on-site example for the owner's next phase: splitting the remaining original units to increase their combined rental income from approximately $5,000 per month to a target of $7,000 per month for each split pair.
The current underwriting specifically models splits for Units B, D, E, and F at $15,000 each, or $60,000 in total. Each currently rents for $4,995 per month, with a projected combined rent of $7,000 after splitting. Unit C remains unsplit in the financial model, at a projected rent of $4,995. The owner's broader plan and these four budgeted projects are therefore distinct: the figures below reflect the work currently included in the underwriting.
Condominium Conversion Groundwork: The prior owner initiated California's formal condominium conversion process under DRE requirements, including a completed reserve study, described by the owner as the most time-intensive component of the filing. The six separate APNs are assigned to the six original main units. This existing groundwork gives a buyer interested in individual unit sales or resale optionality a more advanced starting point than an acquisition without that work. It represents preparation for a potential conversion, rather than a statement that conversion approval has been obtained.
Current monthly rent totals $30,115, compared with projected monthly income of $39,985 under the supplied model. At the listed annual operating expenses of $97,569.20, projected annual NOI is $382,250.80. Against the $4.4 million asking price plus the $60,000 project budget, this equates to approximately an 8.6% fully improved cap rate. Market Street combines luxury units already producing substantial rent with an on-site example of the split configuration and a defined next phase of income growth, subject to required approvals, unit availability, project completion, and leasing at the projected rents.
Rent Summary
| Unit | Status | Type | Size (SF) | Current Rents (Monthly) |
Market Rent | Cost to Upgrade | Coupon Payment ROI | Fully Improved Cap Rate |
|---|---|---|---|---|---|---|---|---|
| A-1 | Rented | 1BD | 700 | $2,645.00 | $2,995.00 | Upgraded | ||
| A-2 | Rented | 2BD 2BT | 1,300 | $3,495.00 | $3,995.00 | Upgraded | ||
| B | Rented | 3BD 3BT | 2,000 | $4,995.00 | $7,000.00 | $15,000 | 160% | |
| C | Rented | 3BD 3BT | 1,800 | $3,995.00 | $4,995.00 | Upgraded | ||
| D | Rented | 4BD 2BT | 1,800 | $4,995.00 | $7,000.00 | $15,000 | 160% | |
| E | Rented | 3BD 3BT | 1,800 | $4,995.00 | $7,000.00 | $15,000 | 160% | |
| F | Rented | 3BD 2BT | 1,901 | $4,995.00 | $7,000.00 | $15,000 | 160% | |
| Totals | $30,115.00 | $39,985.00 | $60,000 | 8.6% | ||||
Property Snapshot
Expense Summary (Annual)
| Expense Category | Annual Amount |
|---|---|
| Real Estate Tax (1.37%) | $60,280.00 |
| Yearly Special Assessment (Oakland) | $0.00 |
| Yearly Rent Adjust Board Fees & Business Tax | $4,339.20 |
| Yearly Property Management Fees | $0.00 |
| Insurance | $10,000.00 |
| Water & Sewer | $3,600.00 |
| Waste Management | $6,000.00 |
| Maintenance & Repairs | $0.00 |
| Superintendent | $5,000.00 |
| Business License & Other Fees | $2,350.00 |
| PG&E | $6,000.00 |
| Total Annual Operating Expenses | $97,569.20 |
Oakland Market
Oakland's challenges are not a secret. Any investor who has spent time in the Bay Area knows the city's reputation — and some of it is earned. What is less understood is that those same conditions created the environment in which this portfolio was built. This owner did not find premium rents in Oakland because the market handed them to him. He built the product, applied the discipline, and extracted returns that the surrounding market can not explain.
And now the market is beginning to move. In August 2026, Jeff Bezos' AI startup Project Prometheus signed a lease for 100,000 square feet in West Oakland. Tesla followed with 40,000 square feet at the same campus. Behring Capital announced plans for an AI data center in downtown Oakland, anchoring a 1.3-million-square-foot innovation campus on Broadway. These are not speculative bets. These are committed capital decisions by operators who do not make casual moves.
Across the Bay, San Francisco apartment rents rose 14% in four months. The AI workforce driving that surge needs somewhere to live that is not $5,000 a month for a one-bedroom. Oakland is 20 minutes from downtown San Francisco by BART. It always has been. What is different today is the employers are now coming to Oakland.
Oakland's Director of Economic Development put it plainly: when San Francisco booms, Oakland follows. There is always a lag. The question for an investor is not whether Oakland will benefit from the AI economy reshaping the Bay Area. The question is whether you want to be positioned before that lag closes — or after.
The Excedente Portfolio is already there. The product is built. The rents are proven. The remaining upside is documented and executable. The timing has met the preparation for a golden opportunity.
Let’s Start the Conversation
Scott Piper
Disclaimer: This Offering Memorandum has been prepared for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy. Information contained herein is subject to change and may contain errors or omissions. Prospective purchasers should conduct their own independent investigation and rely solely on their own due diligence, including verification through licensed professionals, before making any purchase decision. All financial information, including current and pro forma operating income, rent projections, expense estimates, market data, and other assumptions should be independently verified.