Six-Unit Apartment
For Sale
$1,475,000
939 Channing Way, Berkeley, CA 94710
Renovated apartment property with one- and two-bedroom units, modern finishes, and parking amenities.
Property Size3,657 SF
Days on Market33
Property Features for 939 Channing Way
General Information
Standard status
Active
Size
3,657 SF
Property subtype
Multifamily
Occupancy
98%
Units
Unit Mix
1 x 2BR/1BA, 5 x 1BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
Ideal unit mix of (5) 1-Bed/1-Bath units
Two units have been renovated with vinyl plank flooring, new cabinets, quartz countertops, stainless steel appliances, and in-unit washer/dryer
Brand new roof, windows, & paint
Three blocks from the 4th Street shopping district, offering nearby popular retailers, restaurants, and everyday conveniences
93 Walk Score and 95 Bike Score, allowing daily errands, dining, and neighborhood amenities to be easily accomplished on foot or by bike
Building Details
Building Size
3,657 SF
Units
6
Listing Agency:
Marcus & Millichap - San Francisco
(415) 625-2160
Listed By:
Emil Jellinek · License #License(s): CA: 02242403
(415) 625-2160
Source:
Marcusmillichap
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 30 at 12:53PM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
939 Channing Way is a six-unit apartment building in Berkeley, California, constructed in 1953. The property includes one upgraded two-bedroom, one-bathroom unit and five one-bedroom units. The apartments have been renovated with modern amenities and high-quality finishes, and the property includes parking amenities.
The property is located in Berkeley, with access to public transportation and proximity to the city’s cultural, educational, culinary, and arts offerings. Walk Score is 86, rated Very Walkable; Bike Score is 95, rated Biker’s Paradise; and Transit Score is 64, rated Good Transit. The unit mix and renovated interiors provide a defined multifamily configuration within the Berkeley rental market.
The property is located in Berkeley, with access to public transportation and proximity to the city’s cultural, educational, culinary, and arts offerings. Walk Score is 86, rated Very Walkable; Bike Score is 95, rated Biker’s Paradise; and Transit Score is 64, rated Good Transit. The unit mix and renovated interiors provide a defined multifamily configuration within the Berkeley rental market.
Key Highlights
- Six‑unit apartment building constructed in 1953
- Unit mix includes one upgraded 2‑Bed/1‑Bath unit and (5) one‑bedroom units
- Renovated apartments with modern amenities and high‑quality finishes
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
$72,686
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
4.93%
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%
$1,453,720
$1.5M
Cap Rate 7%
$1,038,371
$1.0M
Cap Rate 9%
$807,622
$807.6K
Market Conditions
NOI Build-Up for 3,657 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
$139.1K $38.04/SF
− Vacancy
−$7.0K −$1.90/SF
EGI
$132.2K $36.14/SF
− OpEx
−$59.5K −$16.26/SF
NOI
$72.7K $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%
$1,453,720
Cap Rate 7%
$1,038,371
Cap Rate 9%
$807,622
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$908.6K – $1.21M
NOI $72,686 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.41M
$1.24M – $1.65M
NOI $99,002 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,635
Businesses Nearby
Explore this area
Business Placement
Demographics for 94710, CA
9,552
Population
4,105
Households
2.3
Avg Household Size
38
Median Age
65%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
4,342
Density / Sq Mi
$118,007
Median Household Income
$67,117
Median Earnings
$2,546
Median Rent
$1,084,500
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 - Renovated apartment property with one- and two-bedroom units, modern finishes, and parking amenities.
Where is this apartment building located?
The property is located at 939 Channing Way Berkeley, CA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Six‑unit apartment building constructed in 1953; Unit mix includes one upgraded 2‑Bed/1‑Bath unit and (5) one‑bedroom units; Renovated apartments with modern amenities and high‑quality finishes
