Building Details

Building Size 5,975 SF

Year Built 1966

Listing Agency: KW Advisors East Bay

Listed By: Stephanie Christmas · License #01308253 Show Phone

Source: Annnewtoncane

Added: Jul 30 Changed: Oct 7 Last Checked: Oct 16 at 5:37PM

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Investment Insights

Based on property information with market context.

The property at 1246 Berkeley Way comprises two separate apartment buildings with 7 units and approximately 5,975 sqft of living space on an 8,497 sqft lot. The configuration includes four 3-bed x 1-bath apartments, one 3-bed x 2-bath apartment, and two studio units. Studio unit A is vacant, and off-street parking is available for 7 vehicles. Built in 1966, the property offers a combination of larger apartments and studio units within one multifamily asset.

The Berkeley location is just off University Ave and near North Berkeley BART, UC Berkeley, Berkeley Bowl, 4th St restaurants and shopping, parks, public transportation, and the 80 Freeway. The property is available individually or as part of a portfolio sale that includes multifamily properties in Oakland.

Key Highlights

• 7‑unit apartment building with two separate buildings
• Unit mix includes four 3‑bed x 1‑bath units, one 3‑bed x 2‑bath unit, and two studio units
• Approximately 5,975 sqft of living space on an 8,497 sqft lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$118,759

Cap Rate

7.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,375,180 $2.4M

Cap Rate 7%

$1,696,557 $1.7M

Cap Rate 9%

$1,319,544 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,975 SF

Gross rent

$227.3K $38.04/SF

− Vacancy

−$11.4K −$1.90/SF

EGI

$215.9K $36.14/SF

− OpEx

−$97.2K −$16.26/SF

NOI

$118.8K $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 Rate 5%

$2,375,180

Cap Rate 7%

$1,696,557

Cap Rate 9%

$1,319,544

Alternative Uses

Best Use

Apartment 5plus

$1.70M

$1.48M – $1.98M (±1% cap)

NOI $118,759 @ 7.0% cap · market cap 7.05%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.31M

$2.02M – $2.70M (±1% cap)

NOI $161,755 @ 7.0% cap · market cap 9.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store Pharmacy Butcher Fish Market HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,955

Businesses Nearby

Explore this area Business Placement

Demographics for 94702, CA

17,637

Population

8,209

Households

2.1

Avg Household Size

39

Median Age

65%

College-Educated

95%

High-School Grad

1.3 sq mi

ZIP Area

13,567

Density / Sq Mi

$99,135

Median Household Income

$66,516

Median Earnings

$1,974

Median Rent

$1,168,200

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-building multifamily property with varied unit mix, off-street parking, and one vacant studio.

Where is this apartment building located?

The property is located at 1246 Berkeley Way Berkeley, CA.

What is the asking price?

The asking price for this property is $1,685,000.

What are key features of this property?

This property features: 7‑unit apartment building with two separate buildings; Unit mix includes four 3‑bed x 1‑bath units, one 3‑bed x 2‑bath unit, and two studio units; Approximately 5,975 sqft of living space on an 8,497 sqft lot