Mixed-Use Retail and Duplex
For Sale
$799,000
2221 - 2223 San Pablo Ave, Berkeley, CA 94702
Front commercial space with a two-story duplex behind, featuring two residential units with one currently occupied.
Property Size2,244 SF
Price / SF$356.06
Days on Market59
Property Features for 2221 - 2223 San Pablo Ave
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
BHHS Drysdale Properties
(925) 382-7484
Listed By:
Jennifer Griessel · License #00990089
(925) 382-7484
Source:
Exitrealty
Added: Jul 4
Changed: Aug 25
Last Checked: Aug 30 at 4:23PM
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 BHHS Drysdale Properties
Investment Insights
Based on property information with market context.
This mixed-use property combines a front commercial space with a two-story duplex situated behind it. The commercial space is described as formerly Berkeley Bait and Tackle and offers flexibility for retail, office, studio, or service-based uses. The rear portion is a duplex with two residential units, including one unit that is currently occupied, creating rental income potential alongside the commercial component.
Located at 2221/2223 San Pablo Ave in Berkeley, the property is positioned near shopping, dining, and transportation, with convenient access to major commuter routes. BikeScore is listed as 95 (Biker’s Paradise), walkScore is listed as 86 (Very Walkable), and transitScore is listed as 64 (Good Transit).
The layout supports both an investor and an owner-user approach by pairing a street-facing commercial space with two residential units in a single asset.
Located at 2221/2223 San Pablo Ave in Berkeley, the property is positioned near shopping, dining, and transportation, with convenient access to major commuter routes. BikeScore is listed as 95 (Biker’s Paradise), walkScore is listed as 86 (Very Walkable), and transitScore is listed as 64 (Good Transit).
The layout supports both an investor and an owner-user approach by pairing a street-facing commercial space with two residential units in a single asset.
Key Highlights
- Mixed‑use property in Berkeley built in 1920 with front commercial space and a two‑story duplex behind
- Commercial space formerly Berkeley Bait and Tackle, suitable for retail, office, studio, or service‑based business
- Duplex behind the commercial includes two residential units, with one unit currently occupied
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
$52,308
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
6.55%
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%
$1,046,160
$1.0M
Cap Rate 7%
$747,257
$747.3K
Cap Rate 9%
$581,200
$581.2K
Market Conditions
NOI Build-Up for 2,244 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
$80.8K $36.00/SF
− Vacancy
−$6.1K −$2.70/SF
EGI
$74.7K $33.30/SF
− OpEx
−$22.4K −$9.99/SF
NOI
$52.3K $23.31/SF
Area
Berkeley, CA
Vacancy
7.50%
Lease Rate
$36.00 /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%
$1,046,160
Cap Rate 7%
$747,257
Cap Rate 9%
$581,200
Alternative Uses
Best Use
Retail
$747.3K
$653.9K – $871.8K
NOI $52,308 @ 7.0% cap · market cap 6.55%
Second Best
Multifamily LT 5
$727.5K
$636.6K – $848.8K
NOI $50,928 @ 7.0% cap · market cap 6.37%
Theoretical Best
Specialty Retail
$867.9K
$759.4K – $1.01M
NOI $60,750 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,652
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Front commercial space with a two-story duplex behind, featuring two residential units with one currently occupied.
Where is this duplex located?
The property is located at 2221 - 2223 San Pablo Ave Berkeley, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Mixed‑use property in Berkeley built in 1920 with front commercial space and a two‑story duplex behind; Commercial space formerly Berkeley Bait and Tackle, suitable for retail, office, studio, or service‑based business; Duplex behind the commercial includes two residential units, with one unit currently occupied
