Five-Unit Apartment
For Sale
$1,975,000
1937 Haste St, Berkeley, CA 94704
Vacant multifamily property with flexible layouts, interior connections, basement storage, and shared outdoor space near downtown Berkeley and UCB.
Property Size3,662 SF
Price / SF$539.32
Days on Market132
Property Features for 1937 Haste St
General Information
Standard status
Active
Size
3,662 SF
Total Parking Spaces
4
Property subtype
Commercial
Units
Unit Mix
1 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
5
Amenities
Attached Garage
Assigned Spaces
Community Facility
Composition Roof
Gas Heating
Gas Hook-up
Hardwood Flooring
Level
Parking Area
Radiant Heating
Tile Flooring
Undersized
Vinyl Flooring
Wall Furnace Heating
Building Details
Year Built
1906
Listing Agency:
ABIO PROPERTIES
(888) 400-2246
Listed By:
WANDA TOMI THOMAS · License #01373550
Source:
Corcoran
Added: Apr 22
Changed: Aug 29
Last Checked: Aug 30 at 5:50PM
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 ABIO PROPERTIES
Investment Insights
Based on property information with market context.
Built in 1906, this 3,662-square-foot apartment property contains five vacant units arranged across front and rear structures. The residence includes an owner’s 2-bedroom, 1-bath unit measuring 1,100 square feet, with an updated kitchen, stainless appliances, wood floors, radiant heat, extensive storage, and a jack-and-jill en suite bath. Two upstairs 1-bedroom units are reached by interior stairs, while the two rear 1-bedroom units feature distinct layouts, including one with a side garden and another with treehouse views.
The property is located near downtown Berkeley and the UCB campus. Bay views are available from the west side, and the grounds include a shared garden with vintage rose bushes, lemon and fig trees, and Japanese maples. Additional features include basement storage and 3 to 4 off-street parking spaces. Interior connections between units provide flexibility in how portions of the property are used, subject to buyer research and applicable requirements.
The property is located near downtown Berkeley and the UCB campus. Bay views are available from the west side, and the grounds include a shared garden with vintage rose bushes, lemon and fig trees, and Japanese maples. Additional features include basement storage and 3 to 4 off-street parking spaces. Interior connections between units provide flexibility in how portions of the property are used, subject to buyer research and applicable requirements.
Key Highlights
- Five vacant units in a 3,662‑square‑foot apartment property
- Owner’s 2‑bedroom, 1‑bath unit measures 1,100 square feet
- Two upstairs 1‑bedroom units and two rear 1‑bedroom units
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
$72,786
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
3.69%
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%
$1,455,720
$1.5M
Cap Rate 7%
$1,039,800
$1.0M
Cap Rate 9%
$808,733
$808.7K
Market Conditions
NOI Build-Up for 3,662 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
$139.3K $38.04/SF
− Vacancy
−$7.0K −$1.90/SF
EGI
$132.3K $36.14/SF
− OpEx
−$59.6K −$16.26/SF
NOI
$72.8K $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%
$1,455,720
Cap Rate 7%
$1,039,800
Cap Rate 9%
$808,733
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$909.8K – $1.21M
NOI $72,786 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.65M
NOI $99,138 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 94704, CA
25,259
Population
9,722
Households
2.6
Avg Household Size
26
Median Age
72%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
28,066
Density / Sq Mi
$52,105
Median Household Income
$17,509
Median Earnings
$1,987
Median Rent
$918,500
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 - Vacant multifamily property with flexible layouts, interior connections, basement storage, and shared outdoor space near downtown Berkeley and UCB.
Where is this apartment building located?
The property is located at 1937 Haste St Berkeley, CA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Five vacant units in a 3,662‑square‑foot apartment property; Owner’s 2‑bedroom, 1‑bath unit measures 1,100 square feet; Two upstairs 1‑bedroom units and two rear 1‑bedroom units
