ZIP CODE 94538 // SAN FRANCISCO-OAKLAND-BERKELEY, CA // DATA AS OF 2026-09-30
Fremont, CA (94538) Rental Property Cap Rate & Cash Flow Report
Located in Alameda County (Fremont, CA), Zip Code 94538 ranks #467 of 500 within this selected sample (7th percentile) with a Zillow ZHVI typical home-value index of $1,254,332 (-1.7% YoY) and a ZORI observed market rent of $3,296/mo (+6.2% YoY). Requires at least 79.8% down payment at 6.5% interest to reach $0/mo break-even cash flow. This model combines different housing populations; it is not an observed average property return. Costs assume state-average tax, 0.5% annual insurance, 13% reserves and no HOA or management. Figures below follow your edits; this headline describes the original benchmark.
Net Monthly Cash Flow
-$4,740/mo
Annual: -$56,879/yr
Modeled Cap Rate
1.53%
NOI: $19,232/yr
Cash-on-Cash Return
-19.72%
Cash Needed: $288,496
1% Rule Ratio
0.26%
Gross Yield: 3.15%
Break-Even Rent
$8,744/mo
State Tax: 0.71%/yr
INTERACTIVE PRO-FORMA STATEMENT (ZIP 94538 BENCHMARK)
Edit any value
Purchase Price (ZHVI proxy)
Monthly Gross Rent (ZORI proxy)
Down Payment (%)
Interest Rate (30Y Fixed %)
Annual Property Tax (CA Avg 0.71%)
Annual Home Insurance ($)
Monthly HOA Fee ($)
Monthly Debt Service (P&I)
-$6,343/mo
Monthly Operating Expenses (Tax + Ins + 13% Reserves)
-$1,693/mo
HISTORICAL ZHVI PRICE VS. ZORI RENT TRAJECTORY (94538)
| Year | ZHVI Value | ZORI Rent | Gross Yield |
|---|---|---|---|
| 2021 | $1,093,269 | $2,800/mo | 3.07% |
| 2022 | $1,213,563 | $3,038/mo | 3.00% |
| 2023 | $1,179,277 | $2,967/mo | 3.02% |
| 2024 | $1,335,130 | $3,010/mo | 2.71% |
| 2025 | $1,275,475 | $3,103/mo | 2.92% |
| 2026 | $1,254,332 | $3,296/mo | 3.15% |
COMPARABLE U.S. RENTAL MARKETS
| Zip / City | Price | Rent | Cap Rate | Cash Flow |
|---|---|---|---|---|
| 95035 Milpitas, CA | $1,384,570 | $3,614/mo | 1.52% | -$5,253/mo |
| 92683 Westminster, CA | $1,093,863 | $2,851/mo | 1.51% | -$4,154/mo |
| 92020 El Cajon, CA | $824,128 | $2,124/mo | 1.48% | -$3,150/mo |
| 95123 San Jose, CA | $1,300,855 | $3,503/mo | 1.60% | -$4,842/mo |
| 90255 Huntington Park, CA | $668,582 | $1,807/mo | 1.61% | -$2,483/mo |
| 94015 Daly City, CA | $1,169,086 | $2,963/mo | 1.44% | -$4,513/mo |