Updated Duplex with Bonus
For Sale
$795,000
1407 Channing Way, Berkeley, CA 94702
Mirror-image residences with separate utilities, gated outdoor space, and a flexible bonus room in Berkeley’s Poet’s Corner.
Property Size1,200 SF
Price / SF$662.50
Days on Market53
Property Features for 1407 Channing Way
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
3
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
gated backyard
arbor
irrigated landscaping
double pane windows
updated kitchens and bathrooms
tankless gas water heaters
French drain system with sump pump
seismic retrofit
galvanized steel and Ipe entry stairs
washer and dryer
separate gas, electric, and water meters
bonus room
Building Details
Year Built
1948
Listing Agency:
District Homes
(510) 502-5243
Listed By:
Bhima Sheridan · License #01990388
(510) 502-5243
Source:
Exitrealty
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 9:27PM
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 District Homes
Investment Insights
Based on property information with market context.
This 1948 duplex contains two mirror-image residences, each configured with one bedroom and one bathroom. The property includes a flexible bonus room, a one-car garage with washer and dryer, a driveway with two parallel parking spaces, and a gated backyard with an arbor and irrigated landscaping. Improvements include double-pane windows, refreshed kitchens and bathrooms, tankless gas water heaters, a French drain system with sump pump, seismic retrofit work, galvanized steel stairs, and Ipe entry stairs. Separate gas, electric, and water meters serve the units.
Located on Channing Way in Berkeley’s Poet’s Corner, the duplex sits along a bicycle boulevard with a Bike Score of 96. UC Berkeley is just over one mile away by bicycle, with protected bike lanes along the route. Strawberry Creek Park and San Pablo Park are nearby, while Breads of India and Homemade Cafe provide neighborhood dining options. The roof is under 20 years old, and both 1405 and 1407 have a Home Energy Score of 9.
Located on Channing Way in Berkeley’s Poet’s Corner, the duplex sits along a bicycle boulevard with a Bike Score of 96. UC Berkeley is just over one mile away by bicycle, with protected bike lanes along the route. Strawberry Creek Park and San Pablo Park are nearby, while Breads of India and Homemade Cafe provide neighborhood dining options. The roof is under 20 years old, and both 1405 and 1407 have a Home Energy Score of 9.
Key Highlights
- Two 1‑bed, 1‑bath mirror‑image units
- Separate gas, electric, and water meters
- Gated backyard with arbor and irrigated landscaping
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
$27,234
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
3.43%
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%
$544,680
$544.7K
Cap Rate 7%
$389,057
$389.1K
Cap Rate 9%
$302,600
$302.6K
Market Conditions
NOI Build-Up for 1,200 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
$41.0K $34.20/SF
− Vacancy
−$2.1K −$1.78/SF
EGI
$38.9K $32.42/SF
− OpEx
−$11.7K −$9.73/SF
NOI
$27.2K $22.70/SF
Area
Berkeley, CA
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$544,680
Cap Rate 7%
$389,057
Cap Rate 9%
$302,600
Alternative Uses
Best Use
Multifamily LT 5
$389.1K
$340.4K – $453.9K
NOI $27,234 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$340.7K
$298.1K – $397.5K
NOI $23,851 @ 7.0% cap · market cap 3.00%
Theoretical Best
Specialty Retail
$464.1K
$406.1K – $541.4K
NOI $32,486 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,923
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Mirror-image residences with separate utilities, gated outdoor space, and a flexible bonus room in Berkeley’s Poet’s Corner.
Where is this duplex located?
The property is located at 1407 Channing Way Berkeley, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two 1‑bed, 1‑bath mirror‑image units; Separate gas, electric, and water meters; Gated backyard with arbor and irrigated landscaping
