Eleven-Unit Apartment
For Sale
$2,700,000
Pending
1614 Milvia Street, Berkeley, CA 94709
Built in 1961, this eleven-unit, one-bedroom, one-bath multifamily property includes five units delivered vacant at close.
Property Size6,722 SF
Lot Size0.15 Acres
Days on Market73
Property Features for 1614 Milvia Street
General Information
Standard status
Pending
Size
6,722 SF
Lot size
0.15 Acres
Property subtype
5+ Units / Five or More Units
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$32,489
Amenities
Covered Parking
No, No, 6722, None, Other
11
Building Details
Year Built
1961
Buildings
1
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Gabriel Manzanares · License #02051583
(415) 794-5804
Source:
Compass
Added: Jun 27
Changed: Sep 6
Last Checked: Sep 5 at 4:40PM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1961, 1614 Milvia Street is an eleven-unit apartment building with (11) one-bedroom, one-bathroom layouts. The property is designed as an efficient, well-proportioned multifamily asset, and (5) units will be delivered vacant at close of escrow.
The building is located in one of Berkeley’s sought-after residential corridors, just blocks from the UC Berkeley campus, Downtown Berkeley, and the energy of University Avenue. It also offers convenient proximity to Andronico’s Community Market and BART, with nearby dining, retail, and cultural amenities that serve the surrounding area.
The building is located in one of Berkeley’s sought-after residential corridors, just blocks from the UC Berkeley campus, Downtown Berkeley, and the energy of University Avenue. It also offers convenient proximity to Andronico’s Community Market and BART, with nearby dining, retail, and cultural amenities that serve the surrounding area.
Key Highlights
- Eleven‑unit apartment building with (11) 1‑bedroom, 1‑bath units
- Built in 1961; approximately 6,722 sq ft building area
- 5 units will be delivered vacant at close of escrow
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
$133,606
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
4.95%
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%
$2,672,120
$2.7M
Cap Rate 7%
$1,908,657
$1.9M
Cap Rate 9%
$1,484,511
$1.5M
Market Conditions
NOI Build-Up for 6,722 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
$255.7K $38.04/SF
− Vacancy
−$12.8K −$1.90/SF
EGI
$242.9K $36.14/SF
− OpEx
−$109.3K −$16.26/SF
NOI
$133.6K $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%
$2,672,120
Cap Rate 7%
$1,908,657
Cap Rate 9%
$1,484,511
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,606 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.60M
$2.27M – $3.03M
NOI $181,978 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,687
Businesses Nearby
Explore this area
Business Placement
Demographics for 94709, CA
12,514
Population
6,139
Households
2
Avg Household Size
29
Median Age
80%
College-Educated
96%
High-School Grad
0.7 sq mi
ZIP Area
17,877
Density / Sq Mi
$95,223
Median Household Income
$42,958
Median Earnings
$1,988
Median Rent
$1,240,500
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 - Built in 1961, this eleven-unit, one-bedroom, one-bath multifamily property includes five units delivered vacant at close.
Where is this apartment building located?
The property is located at 1614 Milvia Street Berkeley, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Eleven‑unit apartment building with (11) 1‑bedroom, 1‑bath units; Built in 1961; approximately 6,722 sq ft building area; 5 units will be delivered vacant at close of escrow
