You might want to talk with a real builder / contractor for that. PLs be advised not to "overbuild" for the area. You may not be able to sell the property later for a profit.
Let me know if you want to discuss more details.
As stated by Antoine, there are too many variables to provide cut and dried answers in this format â€“ especially of Realtors. Even though Iâ€™m also a licensed general contractor, without a lot more specific information, Iâ€™d have no place to even begin providing numbers.
Iâ€™d recommend you locate a good commercial contractor.
This is a tough one to answer without some more information. The Oakland market is extremely diverse and location has a huge impact on the pricing of a property.
A few other factors impact pricing. When looking at a complex the size of the complex will affect the lending. A 4 unit building will be able to be purchased with residential financing. Larger complexes require a commercial loan and the interest rates of the two types of loans can vary and therefore impact the pricing of the particular apartment building.
Other factors to consider are the size and make up of the of the units in the complex. The rent for a studio will be different than a 1 bedroom or 2 bedroom. Is the complex fully occupied? How long have all the tenants been in the property? Oakland has rent control, so this can affect the profitability of a complex. Another factor to consider is condition. If the property has a lot of deferred maintenance with repairs eminent, this will also affect the value of the property.
As you can see there are many factors that affect the price of an apartment building and it is possible to give you the average price per square foot for the city overall, but this does not take into account all of the factors that are involved when pricing an apartment complex.
I hope this helps!
Alain Pinel Realtors
Dollars per square foot is not a reliable measure. It's useful if all other details of properties are comparable, age, quality, location, view etc, but as a general guide it's overused and not reliable.
If you intend to buy an apt building, I would rely more on the cap costs. This is a return on investment based on rental income, expenses, vacancies etc. An agent familiar with these properties can calculate this for you. You will also want to know the effective age of the building, recent expenses, vacancy rates and a host of other details. Find an agent who focuses on Apartments and other commercial property.