Four-Unit Multifamily
For Sale
$2,195,000
2123 Spaulding Avenue, Berkeley, CA 94703
Four-unit residential property with updated interiors, dedicated parking, shared laundry, and outdoor space.
Property Size3,203 SF
Days on Market87
Property Features for 2123 Spaulding Avenue
General Information
Standard status
Active
Size
3,203 SF
Property subtype
Quadruplex
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
4
Parking per Unit
1
Additional Details
Public Transit
Yes
Amenities
common laundry room
outdoor space
Building Details
Building Size
3,203 SF
Year Built
1966
Listing Agency:
Compass
(925) 984-9422
Listed By:
Lori Sallander
(925) 984-9422
Source:
Realestatenovo
Added: Jun 5
Changed: Aug 13
Last Checked: Aug 29 at 2:38PM
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.
This four-unit multifamily property, built in 1966, includes three two-bedroom, one-bath residences and one three-bedroom, two-bath residence. Interior improvements include quartzite kitchen countertops, modern appliances, and renovated bathrooms. Each unit has one assigned parking space, while a common laundry room and back patio provide shared amenities.
The property is situated on Spaulding Avenue in Berkeley, near downtown, the UC Berkeley campus, North Berkeley BART, and a broad selection of shops and restaurants. Its unit mix and combination of private residences with shared property features create a clearly defined multifamily configuration.
The property is situated on Spaulding Avenue in Berkeley, near downtown, the UC Berkeley campus, North Berkeley BART, and a broad selection of shops and restaurants. Its unit mix and combination of private residences with shared property features create a clearly defined multifamily configuration.
Key Highlights
- Fourplex with three 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit
- Built in 1966
- Quartzite kitchen countertops and modern appliances
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
$72,692
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
3.31%
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%
$1,453,840
$1.5M
Cap Rate 7%
$1,038,457
$1.0M
Cap Rate 9%
$807,689
$807.7K
Market Conditions
NOI Build-Up for 3,203 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
$109.5K $34.20/SF
− Vacancy
−$5.7K −$1.78/SF
EGI
$103.8K $32.42/SF
− OpEx
−$31.2K −$9.73/SF
NOI
$72.7K $22.70/SF
Area
Berkeley, CA
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,453,840
Cap Rate 7%
$1,038,457
Cap Rate 9%
$807,689
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$908.7K – $1.21M
NOI $72,692 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$909.5K
$795.8K – $1.06M
NOI $63,663 @ 7.0% cap · market cap 2.90%
Theoretical Best
Specialty Retail
$1.24M
$1.08M – $1.45M
NOI $86,712 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,574
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with updated interiors, dedicated parking, shared laundry, and outdoor space.
Where is this quadplex located?
The property is located at 2123 Spaulding Avenue Berkeley, CA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Fourplex with three 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit; Built in 1966; Quartzite kitchen countertops and modern appliances
