North Berkeley Multifamily Investment
For Sale
$3,100,000
1919 Curtis, Berkeley, CA 94702
10-unit multifamily property in North Berkeley with strong rental history.
Property Size7,364 SF
Days on Market375
Property Features for 1919 Curtis
General Information
Standard status
Active
Size
7,364 SF
Property subtype
5 or More Units
Building Details
Building Size
7,364 SF
Year Built
1949
Listing Agency:
BCRE
Listed By:
Brian Baniqued, · License #01104388
(510) 222-0900
Source:
Annnewtoncane
Added: Sep 23, 2025
Changed: Sep 30
Last Checked: Oct 1 at 7:07PM
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 BCRE
Investment Insights
Based on property information with market context.
This 10-unit multifamily property is located in North Berkeley. The property features seven 1-bed/1-bath units, two 2-bed/1-bath units, and one studio. Most of the units have been renovated and include stainless steel appliances, hardwood floors, and modern kitchens and baths. There are four secure garage spaces included with the property. The property is located near amenities on University Avenue and public transportation. It is also located within a short bike ride to UC Berkeley. The property has a strong rental history.
Key Highlights
- Prime North Berkeley location, steps from University Ave amenities and public transit.
- Ten‑unit multi‑family property with a mix of unit types.
- Most units renovated with stainless steel appliances, hardwood floors, and modern kitchens/baths.
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
$146,366
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
4.72%
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%
$2,927,320
$2.9M
Cap Rate 7%
$2,090,943
$2.1M
Cap Rate 9%
$1,626,289
$1.6M
Market Conditions
NOI Build-Up for 7,364 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
$280.1K $38.04/SF
− Vacancy
−$14.0K −$1.90/SF
EGI
$266.1K $36.14/SF
− OpEx
−$119.8K −$16.26/SF
NOI
$146.4K $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%
$2,927,320
Cap Rate 7%
$2,090,943
Cap Rate 9%
$1,626,289
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,366 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.85M
$2.49M – $3.32M
NOI $199,358 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,955
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - 10-unit multifamily property in North Berkeley with strong rental history.
Where is this apartment building located?
The property is located at 1919 Curtis Berkeley, CA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Prime North Berkeley location, steps from University Ave amenities and public transit.; Ten‑unit multi‑family property with a mix of unit types.; Most units renovated with stainless steel appliances, hardwood floors, and modern kitchens/baths.
