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    2923 Wheeler Street Berkeley, CA 94705

    View on Map
    For Sale
    $1,495,000

    MULTI_FAMILY - Berkeley, CA

    Property size:
    2,819 SF
    Lot size:
    0.12 Acres
    Added:
    Feb 19, 2026
    Days on Market:
    40
    Last Refresh:
    Mar 31 at 10:06 pm

    Property Features for 2923 Wheeler Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    4
    Parking features
    Off Street, Parking Lot
    Window features
    Window Coverings
    Interior features
    Shower Stall(s), Tub w/Shower Over
    Exterior features
    Back Yard, Side Yard
    Appliances
    Dryer, Washer, Gas Water Heater
    Standard status
    Active
    APN
    52158221
    Size
    2,819 SF
    Lot size
    0.12 Acres

    Utilities

    Heating system
    Wall Furnace

    Building Details

    Year built
    1910
    Flooring type
    Laminate, Tile
    Building materials
    Stucco, Wood Siding

    We can help!

    Listing Contact
    Carrie McAlister

    Listing agent Carrie McAlister

    Listing office KW Advisors East Bay 4937 Telegraph Ave. Ste.# A, Oakland, CA

    Listing date Feb 19, 2026

    MLS# 41124503 Listing URL

    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.

    Overview

    Berkeley Fourplex Near U.C. Berkeley

    This early 1900s fourplex is located in Berkeley, moments from U.C. Berkeley, Elmwood cafes and shops, Berkeley Bowl, Whole Foods, and major transit options. The property contains four 1-bedroom, 1-bathroom units with classic details. Two units are currently vacant. The property has separate PG&E meters. Unit D has laundry in the unit, and there is space for laundry in unit C. Off-street parking is available, with potential for future development. The property is located near campus, parks, and the Berkeley Farmer's Market. The lot size is 0.1225 acres. The property size is 2819 square feet. There is an ample parking area in the back of the parcel. This fourplex offers an investment opportunity in the East Bay.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Berkeley
    County
    Alameda
    State
    California
    Longitude
    -122.26444
    Latitude
    37.856199

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    FAQs

    What type of property is this?
    Quadplex - Fourplex in prime Berkeley location with development potential.
    Where is this quadplex located?
    The property is located at 2923 Wheeler Street Berkeley, CA.
    What is the asking price?
    The asking price for this property is $1,495,000.
    What are key features of this property?
    This property features: Prime Berkeley location, moments from U.C. Berkeley, Elmwood, Berkeley Bowl, Whole Foods, and major transit.; Two units currently vacant, offering immediate rental income potential or owner‑occupancy opportunity.; Four 1BD/1BA units with classic details.
    (510) 292-7838
    We can help!
    Listing Contact
    Carrie McAlister
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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