10-Unit Multifamily
For Sale
$3,400,000
2425 Grant St, Berkeley, CA 94703
Ten-unit building offers a mix of two-bedroom flats, a townhome-style unit, and a studio.
Property Size7,297 SF
Days on Market169
Property Features for 2425 Grant St
General Information
Standard status
Active
Size
7,297 SF
Property subtype
Multifamily
Building Details
Building Size
7,297 SF
Year Built
1962
Units
10
Listing Agency:
NAI Northern California
Listed By:
Kent Mitchell · License #CalDRE #01784628
(510) 919-4919
Source:
Nainorcal
Added: Apr 12
Changed: Sep 12
Last Checked: Sep 26 at 3:30AM
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 NAI Northern California
Investment Insights
Based on property information with market context.
This 10-unit multifamily property includes eight two-bedroom flats, one two-bedroom townhome-style unit, and one studio unit. Two of the units include large private backyards, including the townhome-style unit and one two-bedroom flat. Nine units have been upgraded with contemporary finishes.
Each unit except the studio is individually metered for water/sewer, gas, and electric, with separate water heaters, which can help limit owner utility expenses. The property also offers nine parking spaces in a secured parking area with an automatic gate, an on-site coin-operated laundry facility, a fenced front yard/outdoor lounge space, and an owner’s storage room.
Exterior capital improvements include new exterior paint (2023), new landscaping (2023), a seismic retrofit (2015), and sewer lateral compliance with the City of Berkeley’s sewer lateral ordinance (2014). The location is about two blocks from Downtown Berkeley and under one mile from the UC Berkeley campus, with proximity to BART and AC Transit routes.
Each unit except the studio is individually metered for water/sewer, gas, and electric, with separate water heaters, which can help limit owner utility expenses. The property also offers nine parking spaces in a secured parking area with an automatic gate, an on-site coin-operated laundry facility, a fenced front yard/outdoor lounge space, and an owner’s storage room.
Exterior capital improvements include new exterior paint (2023), new landscaping (2023), a seismic retrofit (2015), and sewer lateral compliance with the City of Berkeley’s sewer lateral ordinance (2014). The location is about two blocks from Downtown Berkeley and under one mile from the UC Berkeley campus, with proximity to BART and AC Transit routes.
Key Highlights
- 10‑unit multifamily at 2425 Grant Street, 8 two‑bedroom flats, 1 two‑bedroom townhome‑style unit, and 1 studio unit
- 9 units upgraded with contemporary finishes; townhome unit and one two‑bedroom flat feature large private backyards
- Most units are individually metered for water/sewer, gas, and electric (studio excluded) with individual water heaters to help minimize owner‑paid utilities
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
$145,034
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
4.27%
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%
$2,900,680
$2.9M
Cap Rate 7%
$2,071,914
$2.1M
Cap Rate 9%
$1,611,489
$1.6M
Market Conditions
NOI Build-Up for 7,297 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
$277.6K $38.04/SF
− Vacancy
−$13.9K −$1.90/SF
EGI
$263.7K $36.14/SF
− OpEx
−$118.7K −$16.26/SF
NOI
$145.0K $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%
$2,900,680
Cap Rate 7%
$2,071,914
Cap Rate 9%
$1,611,489
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.42M
NOI $145,034 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,544 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,942
Businesses Nearby
Explore this area
Business Placement
Demographics for 94703, CA
20,805
Population
9,654
Households
2.2
Avg Household Size
37
Median Age
71%
College-Educated
95%
High-School Grad
1.3 sq mi
ZIP Area
16,004
Density / Sq Mi
$108,922
Median Household Income
$66,261
Median Earnings
$2,257
Median Rent
$1,273,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit building offers a mix of two-bedroom flats, a townhome-style unit, and a studio.
Where is this apartment building located?
The property is located at 2425 Grant St Berkeley, CA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 10‑unit multifamily at 2425 Grant Street, 8 two‑bedroom flats, 1 two‑bedroom townhome‑style unit, and 1 studio unit; 9 units upgraded with contemporary finishes; townhome unit and one two‑bedroom flat feature large private backyards; Most units are individually metered for water/sewer, gas, and electric (studio excluded) with individual water heaters to help minimize owner‑paid utilities
