16-Unit Apartment
New
For Sale
$5,549,000
2223 Bonar St, Berkeley, CA 94702
Two buildings offer a mix of two- and three-bedroom apartments with gated, off-street tenant parking.
Property Size14,380 SF
Lot Size0.39 Acres
Price / SF$385.88
Days on Market4
Property Features for 2223 Bonar St
General Information
Standard status
Active
Size
14,380 SF
Lot size
0.39 Acres
Property subtype
Apt Complex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
10 x 3BD/1BTH, 6 x 2BD/1BTH
Multifamily Units
16
Building Details
Building Size
14,380 SF
Year Built
1960
Buildings
2
Listing Agency:
The Pinza Group, Inc
Listed By:
David Howarth · License #01360348
(510) 822-1331
Source:
Annnewtoncane
Added: Oct 17
Changed: Oct 19
Last Checked: Oct 19 at 2:30PM
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 The Pinza Group, Inc
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Investment Insights
Based on property information with market context.
This Berkeley apartment property consists of two eight-unit buildings with 14,380 square feet of combined building area on a 17,000-square-foot lot. Built in 1960, the complex contains ten 3-bedroom, 1-bathroom apartments and six 2-bedroom, 1-bathroom apartments. Several units have received interior updates, including kitchens, bathrooms, wood flooring, double-pane windows, lighting and tile. The property also has separately metered water and PG&E service, plus gated off-street parking for tenants.
The property is in Berkeley’s Poet’s Corner/West Berkeley area, with access to BART, restaurants, coffee shops, grocery stores and shopping. Fourth Street’s retail and dining district is approximately one mile away; Downtown Berkeley and the UC Berkeley campus are also nearby.
The property is in Berkeley’s Poet’s Corner/West Berkeley area, with access to BART, restaurants, coffee shops, grocery stores and shopping. Fourth Street’s retail and dining district is approximately one mile away; Downtown Berkeley and the UC Berkeley campus are also nearby.
Key Highlights
- 16 apartments across two 8‑unit buildings
- Unit mix includes ten 3bd/1bth apartments and six 2bd/1bth apartments
- 14,380 square feet of building area on a 17,000‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$285,815
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,716,300
$5.7M
Cap Rate 7%
$4,083,071
$4.1M
Cap Rate 9%
$3,175,722
$3.2M
Market Conditions
NOI Build-Up for 14,380 SF
Gross rent
$547.0K $38.04/SF
− Vacancy
−$27.4K −$1.90/SF
EGI
$519.7K $36.14/SF
− OpEx
−$233.8K −$16.26/SF
NOI
$285.8K $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 Rate 5%
$5,716,300
Cap Rate 7%
$4,083,071
Cap Rate 9%
$3,175,722
Alternative Uses
Best Use
Apartment 5plus
$4.08M
$3.57M – $4.76M
NOI $285,815 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.56M
$4.87M – $6.49M
NOI $389,295 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
16
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings offer a mix of two- and three-bedroom apartments with gated, off-street tenant parking.
Where is this apartment building located?
The property is located at 2223 Bonar St Berkeley, CA.
What is the asking price?
The asking price for this property is $5,549,000.
What are key features of this property?
This property features: 16 apartments across two 8‑unit buildings; Unit mix includes ten 3bd/1bth apartments and six 2bd/1bth apartments; 14,380 square feet of building area on a 17,000‑square‑foot lot
