Mixed-Use Property with
For Sale
$799,000
2221-222 San Pablo Avenue, Berkeley, CA 94702
Commercial space fronts San Pablo Avenue, with a two-story duplex positioned behind it for combined business and residential use.
Property Size2,244 SF
Price / SF$356.06
Days on Market68
Property Features for 2221-222 San Pablo Avenue
General Information
Standard status
Active
Size
2,244 SF
Total Parking Spaces
4
Property subtype
2-4 Units / Triplex
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$14,641
Amenities
Off-Street Parking
Laundry Area - In Unit, Hardwood, None, 2244
Air Conditioning - None, Other
Building Details
Year Built
1920
Listing Agency:
BHHS Drysdale Properties
(925) 382-7484
Listed By:
Jennifer Griessel · License #00990089
(925) 382-7484
Source:
Compass
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 10:01PM
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.
Built in 1920, this mixed-use property combines a commercial storefront along San Pablo Avenue with a two-story duplex at the rear. The front space was formerly occupied by Berkeley Bait and Tackle and is identified for retail, office, studio, or service-oriented business use. The residential component contains two units, including one currently occupied, and supports either rental use or owner occupancy.
The property is located near shopping, dining, transportation, and major commuter routes in Berkeley. Its commercial and residential components create a single asset with both business and housing functionality. The total property size is 2,244, and the Home Energy Score is 2 for 2223.
The property is located near shopping, dining, transportation, and major commuter routes in Berkeley. Its commercial and residential components create a single asset with both business and housing functionality. The total property size is 2,244, and the Home Energy Score is 2 for 2223.
Key Highlights
- Mixed‑use configuration with commercial space in front and a two‑story duplex behind
- 2,244 total property size
- Two residential units, with one 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
Yes
Paved road access
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space fronts San Pablo Avenue, with a two-story duplex positioned behind it for combined business and residential use.
Where is this mixed-use property located?
The property is located at 2221-222 San Pablo Avenue 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 configuration with commercial space in front and a two‑story duplex behind; 2,244 total property size; Two residential units, with one occupied
