OAKLAND — How far does $1 million go in the Bay Area’s unbelievable housing bubble?

In El Paso, it would get you a 7,000-square-foot gated house with an indoor swimming pool. In rapidly gentrifying West Oakland, it will get your a 130-year-old, graffiti-covered, boarded-up two-bedroom house.

Red Oak Realty has listed a 960-square foot house on Adeline and 18th streets across real estate platforms for $988,000 — about $1,000 per square foot. That’s double the average price per square foot in the San Francisco-Oakland-Hayward Metro area, according to real estate website Zillow.

Although the house that stands on the property is by no stretch a millionaire’s mansion, realtors say the value of the property is in what it could be: a five-unit apartment building. The little house sits on a 6,451-square foot lot, and the city has already approved plans for an apartment building.

Realtor Kevin Cunningham called it a “rare opportunity to buy and build in the heart of West Oakland.”

The Alameda County Assessor’s Office confirmed that the house was not foreclosed on and that it last changed hands in 1977.