13-Unit Apartment
For Sale
$1,950,000
Pending
2510 Le Conte Ave, Berkeley, CA 94709
COMM RI MULTI-UNITS 5+, Berkeley, CA
Property Size7,566 SF
Lot Size0.23 Acres
Days on Market48
Property Features for 2510 Le Conte Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3H
Rooms
Basement
Parking features
Parking Lot
Appliances
Gas Water Heater
Subdivision
NORTH CAMPUS
Lot features
Corner Lot, Premium Lot
Standard status
Pending
APN
58219914
Size
7,566 SF
Lot size
0.23 Acres
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Water source
Public
Building Details
Year built
1927
Flooring type
Hardwood, Unfinished
Building materials
Brick
Listing Agency:
BHG RE Reliance Partners · Better Homes and Gardens Real Estate
(510) 868-1400
Listed By:
Mark Hardwicke · License #01352634
(510) 501-0713
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 23 at 4:06PM
MLS# 41140657
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1927, this 7,566-square-foot brick apartment property occupies 0.2296 acres and is configured as 13 residential units. Interior finish materials and fixtures have been removed, leaving the building positioned for rehabilitation or redevelopment. Existing features include unfinished and hardwood flooring, radiant natural-gas heating, a gas water heater, a parking lot, a basement, public water, and public sewer service.
The property is located two blocks from UC Berkeley in Berkeley’s Northside neighborhood. Euclid and Hearst Avenues, the Gourmet Ghetto, Downtown Berkeley, AC Transit, and Downtown Berkeley BART are identified nearby. The R-3H zoning designation is described as Multiple-Family Residential with a Hillside Overlay, with future work subject to applicable zoning, state housing legislation, and City of Berkeley planning policies.
The property is located two blocks from UC Berkeley in Berkeley’s Northside neighborhood. Euclid and Hearst Avenues, the Gourmet Ghetto, Downtown Berkeley, AC Transit, and Downtown Berkeley BART are identified nearby. The R-3H zoning designation is described as Multiple-Family Residential with a Hillside Overlay, with future work subject to applicable zoning, state housing legislation, and City of Berkeley planning policies.
Key Highlights
- 13 residential units in a 7,566‑square‑foot building
- 0.2296‑acre parcel in Berkeley’s Northside neighborhood
- R‑3H Multiple‑Family Residential/Hillside Overlay zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$150,381
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,007,620
$3.0M
Cap Rate 7%
$2,148,300
$2.1M
Cap Rate 9%
$1,670,900
$1.7M
Market Conditions
NOI Build-Up for 7,566 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$287.8K $38.04/SF
− Vacancy
−$14.4K −$1.90/SF
EGI
$273.4K $36.14/SF
− OpEx
−$123.0K −$16.26/SF
NOI
$150.4K $19.88/SF
Area
Berkeley, CA
Vacancy
5.00%
Lease Rate
$38.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,007,620
Cap Rate 7%
$2,148,300
Cap Rate 9%
$1,670,900
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,381 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.93M
$2.56M – $3.41M
NOI $204,827 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
2,710
Businesses Nearby
Explore this area
Business Placement
Demographics for 94709, CA
12,514
Population
6,139
Households
2
Avg Household Size
29
Median Age
80%
College-Educated
96%
High-School Grad
0.7 sq mi
ZIP Area
17,877
Density / Sq Mi
$95,223
Median Household Income
$42,958
Median Earnings
$1,988
Median Rent
$1,240,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Existing 13-unit structure requires rehabilitation, with redevelopment potential subject to zoning and applicable planning requirements.
Where is this apartment building located?
The property is located at 2510 Le Conte Ave Berkeley, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 13 residential units in a 7,566‑square‑foot building; 0.2296‑acre parcel in Berkeley’s Northside neighborhood; R‑3H Multiple‑Family Residential/Hillside Overlay zoning
