Value-Add Multifamily Property in
For Sale
$2,750,000
1213 San Pablo AVE, Berkeley, CA 94706
14-unit multifamily property in desirable West Berkeley location.
Property Size5,216 SF
Price / SF$527.22
Days on Market209
Property Features for 1213 San Pablo AVE
General Information
Standard status
Active
Size
5,216 SF
Property subtype
Commercial
Amenities
Regular
Vinyl Flooring
Wall Furnace Heating
Wall to Wall Carpet Flooring
Building Details
Year Built
1958
Listing Agency:
HIGHLAND REALTY GROUP INC.
(510) 900-9596
Listed By:
SAM LAM
Source:
Corcoran
Added: Jan 13
Changed: Aug 8
Last Checked: Aug 8 at 5:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HIGHLAND REALTY GROUP INC.
Investment Insights
Based on property information with market context.
Located in a desirable West Berkeley location bordering Albany, this 14-unit multifamily property at 1213 San Pablo Avenue offers a value-add opportunity. Situated one block north of Gilman Street in the Gilman District, the property provides tenants with walkability and connectivity. The property has a Walk Score of 93 and a Bike Score of 98, placing residents near everyday essentials, retail, and restaurants. Nearby amenities include Whole Foods, Philz Coffee, REI, Walgreens, Tokyo Fish Market, Sprouts, and Chipotle. UC Village, Solano Ave, and 4th Street retail are also in close proximity. Significant capital improvements have been completed on more than half of the units.
Key Highlights
- Prime value‑add opportunity at $197,000 per unit.
- Desirable West Berkeley location bordering Albany, one block north of Gilman Street.
- Excellent walkability (Walk Score of 93) and bikeability (Bike Score of 98).
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
$103,673
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
3.77%
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%
$2,073,460
$2.1M
Cap Rate 7%
$1,481,043
$1.5M
Cap Rate 9%
$1,151,922
$1.2M
Market Conditions
NOI Build-Up for 5,216 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
$198.4K $38.04/SF
− Vacancy
−$9.9K −$1.90/SF
EGI
$188.5K $36.14/SF
− OpEx
−$84.8K −$16.26/SF
NOI
$103.7K $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%
$2,073,460
Cap Rate 7%
$1,481,043
Cap Rate 9%
$1,151,922
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,673 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.02M
$1.77M – $2.35M
NOI $141,208 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,383
Businesses Nearby
Explore this area
Business Placement
Demographics for 94706, CA
21,134
Population
8,386
Households
2.5
Avg Household Size
37
Median Age
77%
College-Educated
97%
High-School Grad
1.5 sq mi
ZIP Area
14,089
Density / Sq Mi
$136,961
Median Household Income
$75,849
Median Earnings
$2,394
Median Rent
$1,188,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 14-unit multifamily property in desirable West Berkeley location.
Where is this apartment building located?
The property is located at 1213 San Pablo AVE Berkeley, CA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Prime value‑add opportunity at $197,000 per unit.; Desirable West Berkeley location bordering Albany, one block north of Gilman Street.; Excellent walkability (Walk Score of 93) and bikeability (Bike Score of 98).
