After two weeks of private tours, an exclusive off-market fourplex in Rockridge is now officially in contract. We received multiple offers, and the accepted offer came in over the asking price with clean, simple terms.
This outcome was no surprise. The property checked every box buyers are looking for right now: an exceptional location, strong rental income, and upgraded units that are ready to lease. Buyer demand remains strong, and this marks the second fourplex transaction I’ve worked on this spring.
I continue to meet qualified buyers actively searching for multi-unit buildings throughout the East Bay.
Off-Market Fourplex Details: Rockridge
This was a rare opportunity to own a fourplex in one of the most desirable neighborhoods in the East Bay—just half a block from Rockridge BART and Market Hall.
Property highlights:
- Over $11,800 in gross monthly rent
- Listing price: $1,649,000
- Current cap rate: 5.6%
- Market cap rate: 6.3%
- Current GRM: 11.6
- Market GRM: 10.7
Three of the units had been upgraded and were vacant at the time of contract, allowing the new owner to select tenants or pursue an owner-occupant or family move-in strategy.
For listing details, see: 328 Forest Street Fourplex
To view recent listings, closed sales, and previous market updates, visit East Bay Apartment Advisors.
Current Market Valuations
With interest rates remaining elevated, buyers and sellers are largely aligned on current valuations. While it may take some time to fully understand how rate fluctuations affect pricing, early signals suggest stability for well-performing assets.
When the Federal Reserve announces the timing of future rate reductions, we expect an increase in activity. Historically, lower mortgage rates allow buyers to pay slightly more due to improved cash flow.
Sellers continue to receive strong offers for properties that:
- Are located in prime neighborhoods
- Have stable rental income
- Show little to no deferred maintenance
Outlook for East Bay Rents
The East Bay rental market remains solid and is expected to strengthen as we move closer to summer. Bay Area employers continue to support return-to-office and hybrid work models, which drives consistent rental demand.
At the same time, new apartment construction has slowed significantly. Reduced supply should result in increased interest for available units and help keep vacancy rates low as weather and leasing season improve.
If you’re having difficulty filling a vacancy or have questions about rent strategy, feel free to reach out. In many cases, offering a temporary rent concession is more effective than permanently lowering rent.
Current Sales Market
If you’re considering selling in the next 6–12 months, now is a good time to begin planning. Buyers are still underwriting deals based on income levels similar to pre-COVID conditions.
A common question sellers ask is how to defer capital gains taxes. Two common strategies include:
- Delaware Statutory Trusts (DST)
- 1031 Tax-Deferred Exchanges
I also recently presented on increasing rental revenue at the East Bay Rental Housing Association. You can view highlights here: Maximizing the Return on Your Investment.
Another recent fourplex transaction in Oakland went into contract at list price with a short closing and no issues—further proof that pricing and marketing strategy matter.
Guidance Matters
If you’re thinking about selling your apartment building, I can help with valuation, strategy, and guidance throughout the process.
I work closely with top East Bay multi-unit lenders who are actively closing transactions. Buyers with solid down payments can still secure financing, and I can help navigate the process from start to finish.
Experienced representation is critical. Comprehensive marketing—across listing platforms, broker networks, and targeted email campaigns—can expose your property to tens of thousands of qualified buyers.