Shah Multifamily buys undervalued apartment buildings in Oakland and the East Bay, then turns them around by fixing the things that hold them back: poor management, deferred work and empty units.
Workforce housing, so cops, teachers and service workers can live in the city they work in.
We look for underperforming buildings in good neighborhoods: high vacancy, mismanagement or a motivated seller.
New management, unit renovations, adding units where the building allows, utility bill-back and fair lease-up.
We manage our buildings in-house, keep investors informed with regular updates, and refinance or sell when it makes sense.
A 57-unit property on MacArthur Boulevard (53 apartments plus 4 commercial spaces planned for conversion to apartments), acquired in November 2025 for $2,650,000 after years of mismanagement.
| At close, November 2025 | Today, as of Oct 11, 2026 | |
|---|---|---|
| Occupancy | 23 of 53 apartments occupied (about 57% vacant) | 98% occupied as of Oct 11, 2026 |
| Scheduled gross rent, monthly | About $32.9K/month | About $90K/month |
Figures are scheduled gross rent, not NOI or investor return. Operating costs, debt service and fees apply. Past performance is not indicative of future results.
Most of our work is unglamorous: replacing what is worn out, opening up tired layouts, and making units people are glad to come home to.
Exterior renovation: new paint, garage doors, windows and fencing.
We reworked the layout of a one-bedroom unit to create a second bedroom.
A unit renovation, from torn-out counters and bare floors to a finished kitchen, bath and living space.
A Saturday-morning foundation pour on an Oakland job site.
Ground-up construction of a new apartment building.
A renovated house with fresh paint, a new door and new fencing.
Plans to add affordable ADUs to an existing apartment building.
Turning a fire-damaged building into affordable units, part of the MacArthur project.
| Neighborhood / project | City | Units | Bought | Price (gross) | Sale / est. value (gross) | Value date | Status | Proj. IRR (at acq.) | Net IRR (unaudited) |
|---|---|---|---|---|---|---|---|---|---|
| Elmhurst | Oakland, CA | 4 | Feb 2014 | $350,000 | $925,000 | Dec 2024 | Unsold | 15% | 164% |
| Elmhurst | Oakland, CA | 5 | Oct 2014 | $525,000 | $1,245,000 | Jan 2025 | Sold | 10% | 33% |
| Elmhurst | Oakland, CA | 4 | Mar 2016 | $420,000 | $950,000 | Jun 2024 | Unsold | 15% | 40% |
| Elmhurst | Oakland, CA | 4 | Aug 2016 | $480,000 | $950,000 | Jun 2024 | Unsold | 15% | 42% |
| Elmhurst | Oakland, CA | 5 | Mar 2017 | $700,000 | $1,500,000 | Jul 2024 | Unsold | 15% | 75% |
| Elmhurst | Oakland, CA | 2 | Aug 2017 | $430,000 | $675,000 | Jun 2023 | Unsold | 20% | 22% |
| Elmhurst | Oakland, CA | 5 | Jan 2018 | $825,000 | $1,450,000 | Feb 2022 | Unsold | 15% | 122% |
| North Oakland / Temescal | Oakland, CA | 9 | Nov 2020 | $2,150,000 | $2,450,000 | not dated | Unsold | 15% | 12% |
| West Oakland | Oakland, CA | 14 | May 2021 | $2,200,000 | $2,850,000 | Jan 2024 | Unsold | 15% | 18% |
| Dimond | Oakland, CA | 8 | Sep 2021 | $1,250,000 | $1,625,000 | Jan 2023 | Sold | 20% | 8% |
| Uptown / Lake Merritt | Oakland, CA | 9 | May 2023 | $1,625,000 | $2,420,000 | Apr 2025 | Unsold | 15% | 20% |
| Sobrante | El Sobrante, CA | 12 | Sep 2025 | $3,010,000 | — | — | Unsold | — | — |
| MacArthur Park Apartments, Eastmont | Oakland, CA | 57 | Nov 2025 | $2,650,000 | — | — | Unsold | — | — |
"—" means not available.
Projected IRRs were the sponsor's estimates at acquisition, based on assumptions that may not hold. They are not guarantees, and actual results have differed and may differ materially.
Past performance is not indicative of, and is no guarantee of, future results. Figures are historical, unaudited and prepared by the sponsor. Purchase prices and values are gross, property-level figures. They are not investor returns and do not reflect debt, fees, expenses or carried interest. IRRs are net to investors, as reported by the sponsor. Method: Net of all fees and commissions; based on cash flow plus sale proceeds or, for unsold properties, estimated value (not an appraisal). Unsold properties' IRRs use estimated values, not appraisals. 11 of 13 properties have not been sold; their values are estimated values as of the dates shown, not appraisals. Any gain on them is unrealized and may never be achieved. The table shows Oakland / East Bay properties. Mr. Shah's role varied by property, and several were acquired with partners. Investments in real estate are speculative and illiquid and may result in the loss of your entire investment. Supporting documents are available on request.
Most investors see a half-empty building with broken management and keep driving. Saj Shah pulls over.
He cut his teeth in Detroit in 2009, buying and rehabbing homes in rough neighborhoods, on the hardest blocks, when almost nobody else would touch them. Seventeen years later he brings that same nerve to Oakland apartment buildings other buyers walk away from.
In a market where many say cash flow is impossible, Saj creates it through heavy value-add work. He re-tenants underperforming buildings, tackles years of deferred maintenance, restructures operations and finds the income hiding in plain sight. Squatters, fire damage, months of unpaid rent, broken management: the complex, messy, management-intensive deals that scare off other buyers are exactly where he goes to work.
At MacArthur, he took over a property that was about 57% vacant and grossing about $32.9K a month in scheduled rent at close in November 2025. Today it's 98% occupied and brings in about $90K a month in scheduled gross rent as of Oct 11, 2026. (Scheduled gross rent, not NOI or investor return. Past performance is not indicative of future results.)
A licensed California real estate broker, Saj now holds interests in about 125 units across 11 East Bay properties, and he runs them hands-on. Where others see a problem, he sees a building worth fixing. Then he fixes it.
Off the job, he’s usually found with a book and a strong coffee, on the ski slopes, riding a motorcycle somewhere across the world, or spending time with his daughter.
Also from Saj: iRentOakland.com for renters, and SellMyBayAreaHouse.com for owners who want to sell.
Every investor must be an accredited investor. Before anyone invests, their accredited status will be verified by a third party, as Rule 506(c) requires.
Submitting this form is not an investment and doesn't commit you to anything. It only adds you to our list.
Saj Shah, doing business as Shah Multifamily, and entities he sponsors may from time to time offer securities under Rule 506(c) of Regulation D. Any such offering will be made only by a confidential private placement memorandum and subscription documents, and only to accredited investors whose status has been verified as required by Rule 506(c). Nothing on this website is an offer to sell, or a solicitation of an offer to buy, any security, and it should not be relied on in making an investment decision. The securities have not been registered under the Securities Act of 1933 or any state securities law, have not been approved or disapproved by the SEC or any state regulator, and are subject to transfer restrictions. Investing in private real estate is speculative, illiquid and involves a high degree of risk, including the loss of your entire investment. Past performance is not indicative of future results. Consult your own legal, tax and financial advisers. See the full disclosure at the bottom of this page.