Renovated Multifamily with 12
For Sale
$4,795,000
1533 Harmon St, Berkeley, CA 94703
For sale multifamily featuring 12 turnkey units across two parcels, with 11/12 fully renovated and new exterior components.
Property Size10,220 SF
Days on Market63
Property Features for 1533 Harmon St
General Information
Standard status
Active
Size
10,220 SF
Total Parking Spaces
2
Property subtype
Apt Complex
Additional Details
Cap Rate
6.6%
Multifamily Units
12
Amenities
walkways and balconies
laundry room
Building Details
Building Size
10,220 SF
Year Built
1970
Listing Agency:
The Pinza Group, Inc
Listed By:
Steven Pinza · License #01867691
(510) 788-6045
Source:
Annnewtoncane
Added: Jul 22
Changed: Sep 15
Last Checked: Sep 21 at 7:59AM
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 The Pinza Group, Inc
Investment Insights
Based on property information with market context.
This for-sale multifamily property presents 12 turnkey units across two parcels at 1533 and 1537 Harmon St. The seller reports that 11 of the 12 units are fully renovated, along with new roofs and new dual-pane windows. Additional improvements include a new driveway, fresh paint and signage, new walkways and balconies, and a laundry room.
The property also includes two new private/automatic garages. Berkeley ordinances are reported as completed, and the properties are owned free and clear, which may allow unique financing options.
Overall, the building configuration is designed for ready occupancy with recent capital upgrades and tenant-facing improvements completed throughout most units.
The property also includes two new private/automatic garages. Berkeley ordinances are reported as completed, and the properties are owned free and clear, which may allow unique financing options.
Overall, the building configuration is designed for ready occupancy with recent capital upgrades and tenant-facing improvements completed throughout most units.
Key Highlights
- 12 turnkey multifamily units across two parcels (1533 and 1537 Harmon St)
- Year built 1970
- 11 of 12 units fully renovated
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
$203,132
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
4.24%
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%
$4,062,640
$4.1M
Cap Rate 7%
$2,901,886
$2.9M
Cap Rate 9%
$2,257,022
$2.3M
Market Conditions
NOI Build-Up for 10,220 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
$388.8K $38.04/SF
− Vacancy
−$19.4K −$1.90/SF
EGI
$369.3K $36.14/SF
− OpEx
−$166.2K −$16.26/SF
NOI
$203.1K $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%
$4,062,640
Cap Rate 7%
$2,901,886
Cap Rate 9%
$2,257,022
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.39M
NOI $203,132 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.95M
$3.46M – $4.61M
NOI $276,676 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,076
Businesses Nearby
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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 - For sale multifamily featuring 12 turnkey units across two parcels, with 11/12 fully renovated and new exterior components.
Where is this apartment building located?
The property is located at 1533 Harmon St Berkeley, CA.
What is the asking price?
The asking price for this property is $4,795,000.
What are key features of this property?
This property features: 12 turnkey multifamily units across two parcels (1533 and 1537 Harmon St); Year built 1970; 11 of 12 units fully renovated
