Building Details

Year Built 1960

Units 19

Listing Agency: Marcus & Millichap - Palo Alto

Listed By: Eymon Binesh · License #CA 02060059 Show Phone

Source: Crexi

Added: Mar 10 Changed: Aug 8 Last Checked: Apr 24 at 7:52AM

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Investment Insights

Based on property information with market context.

This 19-unit multifamily property is located in Berkeley. The 12,288-square-foot property is situated on a 0.31-acre lot. The unit mix consists of fifteen 2-bedroom units and four 1-bedroom units. The property offers value-add potential, with current rents approximately 31% below market. The current rent roll is $41,047 per month. A full electrical service upgrade and seismic retrofit have recently been completed in compliance with Berkeley's city ordinance. The property is located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, benefiting from tenant demand and long-term rental fundamentals. The cap rate is projected to improve from 5.37% to 9.25% as rents are brought to market levels.

Key Highlights

• Significant value‑add potential with rents 31% below market
• Projected cap rate increase from 5.37% to 9.25% as rents are brought to market levels
• Recently completed full electrical service upgrade and seismic retrofit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$244,235

Cap Rate

4.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,884,700 $4.9M

Cap Rate 7%

$3,489,071 $3.5M

Cap Rate 9%

$2,713,722 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,288 SF

Gross rent

$467.4K $38.04/SF

− Vacancy

−$23.4K −$1.90/SF

EGI

$444.1K $36.14/SF

− OpEx

−$199.8K −$16.26/SF

NOI

$244.2K $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%

$4,884,700

Cap Rate 7%

$3,489,071

Cap Rate 9%

$2,713,722

Alternative Uses

Best Use

Apartment 5plus

$3.49M

$3.05M – $4.07M (±1% cap)

NOI $244,235 @ 7.0% cap · market cap 4.63%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.75M

$4.16M – $5.54M (±1% cap)

NOI $332,661 @ 7.0% cap · market cap 6.30%

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 (Bike/Boat/Book/etc) Store Cosmetic Store Furniture & Home Goods Nursing Home Pet Grooming Service Storage Facility

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

2,026

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

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 - 19-unit multifamily property with value-add potential in Berkeley.

Where is this apartment building located?

The property is located at 1430 Josephine St Berkeley, CA.

What is the asking price?

The asking price for this property is $5,280,000.

What are key features of this property?

This property features: Significant value‑add potential with rents 31% below market; Projected cap rate increase from 5.37% to 9.25% as rents are brought to market levels; Recently completed full electrical service upgrade and seismic retrofit