Berkeley Income Apartment
For Sale
$1,450,000
2241 9th Street, Berkeley, CA 94710
Income building with five 2-bedroom units, seven on-site parking spaces, and two currently vacant units.
Property Size4,750 SF
Lot Size0.16 Acres
Price / SF$305.26
Days on Market190
Property Features for 2241 9th Street
General Information
Standard status
Active
Size
4,750 SF
Total Parking Spaces
7
Lot size
0.16 Acres
Property subtype
Multi Family
Zoning
R-2
Occupancy
60%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
5
Building Details
Building Size
4,750 SF
Year Built
1964
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Ning H Ho · License #(S):CA:01943903
(415) 963-3000
Source:
Gregglynn
Added: Feb 26
Changed: Sep 3
Last Checked: Sep 4 at 12:58PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
2241 9th Street is a residential income apartment building featuring approximately 4,750 square feet of living space on a 6,913 square-foot lot. The property has five 2-bedroom, 1-bathroom units, including four two-story units positioned at the rear of the lot and one full-floor unit above the front parking area. Two units are currently vacant, providing immediate rental potential.
The property offers seven on-site parking spaces. It is zoned R-2 and is located in West Berkeley with convenient access to Interstates 80 and 580. It is also near shops, restaurants, and local businesses along San Pablo Avenue.
The current configuration is well-suited to an owner seeking a multi-unit income property with a mix of unit layouts within a small, dedicated parking setup.
The property offers seven on-site parking spaces. It is zoned R-2 and is located in West Berkeley with convenient access to Interstates 80 and 580. It is also near shops, restaurants, and local businesses along San Pablo Avenue.
The current configuration is well-suited to an owner seeking a multi-unit income property with a mix of unit layouts within a small, dedicated parking setup.
Key Highlights
- 1964‑built residential income property in West Berkeley with approx. 4,750 SF of living space on a 6,913 SF lot
- Five units total: five 2‑bedroom, 1‑bath units (four two‑story rear units plus one full‑floor unit above the front parking area)
- Two units are currently vacant, providing immediate rental potential
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
$94,411
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
6.51%
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%
$1,888,220
$1.9M
Cap Rate 7%
$1,348,729
$1.3M
Cap Rate 9%
$1,049,011
$1.0M
Market Conditions
NOI Build-Up for 4,750 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
$180.7K $38.04/SF
− Vacancy
−$9.0K −$1.90/SF
EGI
$171.7K $36.14/SF
− OpEx
−$77.2K −$16.26/SF
NOI
$94.4K $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%
$1,888,220
Cap Rate 7%
$1,348,729
Cap Rate 9%
$1,049,011
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,411 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.84M
$1.61M – $2.14M
NOI $128,592 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,756
Businesses Nearby
Explore this area
Business Placement
Demographics for 94710, CA
9,552
Population
4,105
Households
2.3
Avg Household Size
38
Median Age
65%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
4,342
Density / Sq Mi
$118,007
Median Household Income
$67,117
Median Earnings
$2,546
Median Rent
$1,084,500
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 - Income building with five 2-bedroom units, seven on-site parking spaces, and two currently vacant units.
Where is this apartment building located?
The property is located at 2241 9th Street Berkeley, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 1964‑built residential income property in West Berkeley with approx. 4,750 SF of living space on a 6,913 SF lot; Five units total: five 2‑bedroom, 1‑bath units (four two‑story rear units plus one full‑floor unit above the front parking area); Two units are currently vacant, providing immediate rental potential
