8-Unit Apartment
For Sale
$2,100,000
2207 Bonar St, Berkeley, CA 94702
Well-maintained eight-unit property with strong occupancy and convenient access to shopping, dining, and public transit.
Property Size7,100 SF
Days on Market96
Property Features for 2207 Bonar St
General Information
Standard status
Active
Size
7,100 SF
Property subtype
5 or More Units
Occupancy
88%
Additional Details
Multifamily Units
8
Building Details
Building Size
7,100 SF
Year Built
1961
Listing Agency:
Golden Gate Sotheby's International Realty
Listed By:
Tracy Zhou
(415) 503-7363
Source:
Annnewtoncane
Added: Jun 4
Changed: Aug 23
Last Checked: Sep 6 at 10:26AM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
This offering features an 8-unit apartment building in a residential income property format. The property is described as well maintained and is currently 87.5% occupied, with only one vacant unit. Reported current gross monthly income is approximately $10,343.18.
Located in Berkeley with easy access to popular restaurants, cafés, and shops, the building also offers proximity to public transportation. Reported mobility scores include a BikeScore of 95, a WalkScore of 86, and a TransitScore of 64.
For buyers or investors seeking a smaller multifamily asset, this configuration can support straightforward management given the mostly occupied status. With just one unit currently available, operations may be positioned to focus on re-leasing that vacancy while continuing to collect income from the remaining occupied units. The building’s upkeep and day-to-day income profile may appeal to those looking to acquire a stable, income-producing property.
Located in Berkeley with easy access to popular restaurants, cafés, and shops, the building also offers proximity to public transportation. Reported mobility scores include a BikeScore of 95, a WalkScore of 86, and a TransitScore of 64.
For buyers or investors seeking a smaller multifamily asset, this configuration can support straightforward management given the mostly occupied status. With just one unit currently available, operations may be positioned to focus on re-leasing that vacancy while continuing to collect income from the remaining occupied units. The building’s upkeep and day-to-day income profile may appeal to those looking to acquire a stable, income-producing property.
Key Highlights
- 8‑unit property built in 1961
- Currently 87.5% occupied with one vacant unit
- Approx. $10,343.18 in current gross monthly income
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
$141,119
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
6.72%
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%
$2,822,380
$2.8M
Cap Rate 7%
$2,015,986
$2.0M
Cap Rate 9%
$1,567,989
$1.6M
Market Conditions
NOI Build-Up for 7,100 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
$270.1K $38.04/SF
− Vacancy
−$13.5K −$1.90/SF
EGI
$256.6K $36.14/SF
− OpEx
−$115.5K −$16.26/SF
NOI
$141.1K $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%
$2,822,380
Cap Rate 7%
$2,015,986
Cap Rate 9%
$1,567,989
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.76M – $2.35M
NOI $141,119 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.75M
$2.40M – $3.20M
NOI $192,211 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,379
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
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 - Well-maintained eight-unit property with strong occupancy and convenient access to shopping, dining, and public transit.
Where is this apartment building located?
The property is located at 2207 Bonar St Berkeley, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 8‑unit property built in 1961; Currently 87.5% occupied with one vacant unit; Approx. $10,343.18 in current gross monthly income
