Berkeley Multifamily Property Near
For Sale
$3,090,000
1734 Spruce St, Berkeley, CA 94709
Turnkey 7-unit property near UC Berkeley with development potential.
Property Size4,349 SF
Price / SF$710.51
Days on Market118
Property Features for 1734 Spruce St
General Information
Standard status
Active
Size
4,349 SF
Property subtype
Commercial
Amenities
Composition Roof
Gas Heating
Hardwood Flooring
Level
Building Details
Year Built
1913
Listing Agency:
NAI NORTHERN CALIFORNIA
(510) 336-4712
Listed By:
GRANT CHAPPELL · License #01700439
Source:
Corcoran
Added: Apr 14
Changed: Aug 8
Last Checked: Aug 8 at 3:01PM
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 NAI NORTHERN CALIFORNIA
Investment Insights
Based on property information with market context.
This multifamily property at 1734 Spruce Street is a 7-unit building located one block from UC Berkeley, in the Normandy Village area of North Berkeley. The unit mix includes one studio, two 1-bed 1-bath units, three 2-bed 1-bath units, and one 3-bed 2-bath unit. The property has undergone recent upgrades, including the installation of a fire sprinkler system, on-demand water heaters, a roof replacement, exterior paint, and voluntary seismic and electrical/plumbing updates. The property's large lot size makes it a candidate for ADU construction in the rear. The property is within walking distance of the north side of UC Berkeley's campus, and a 10-minute walk or less to North Berkeley Bart, multiple grocery stores, and parks. A variety of restaurants are also within walking distance. The property is suitable for high-paying tenants, including students and young professionals. The building size is 4349 square feet.
Key Highlights
- Prime location one block from UC Berkeley, ensuring high tenant demand.
- Turnkey 7‑unit multifamily property with a diverse unit mix.
- Recent significant upgrades including fire sprinkler system, on‑demand water heaters, roof replacement, and seismic/electrical/plumbing updates.
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
$86,440
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
2.80%
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%
$1,728,800
$1.7M
Cap Rate 7%
$1,234,857
$1.2M
Cap Rate 9%
$960,444
$960.4K
Market Conditions
NOI Build-Up for 4,349 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
$165.4K $38.04/SF
− Vacancy
−$8.3K −$1.90/SF
EGI
$157.2K $36.14/SF
− OpEx
−$70.7K −$16.26/SF
NOI
$86.4K $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%
$1,728,800
Cap Rate 7%
$1,234,857
Cap Rate 9%
$960,444
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,440 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,736 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,694
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 - Turnkey 7-unit property near UC Berkeley with development potential.
Where is this apartment building located?
The property is located at 1734 Spruce St Berkeley, CA.
What is the asking price?
The asking price for this property is $3,090,000.
What are key features of this property?
This property features: Prime location one block from UC Berkeley, ensuring high tenant demand.; Turnkey 7‑unit multifamily property with a diverse unit mix.; Recent significant upgrades including fire sprinkler system, on‑demand water heaters, roof replacement, and seismic/electrical/plumbing updates.
