4-Unit Multifamily
For Sale
$1,600,000
2307-2309 Prince St, Berkeley, CA 94705
The residences have a varied unit mix, with gas and electricity separately metered for each existing unit.
Property Size3,815 SF
Lot Size0.08 Acres
Price / SF$419.40
Days on Market8
Property Features for 2307-2309 Prince St
General Information
Standard status
Active
Size
3,815 SF
Lot size
0.08 Acres
Property subtype
Quadruplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA, 1 x 4BR/2BA, 1 x 3BR/1BA
Multifamily Units
4
Building Details
Building Size
3,815 SF
Year Built
1910
Buildings
1
Listing Agency:
Kite Hill Real Estate
Listed By:
Jatin Mehta · License #02045713
(510) 878-6800
Source:
Annnewtoncane
Added: Sep 25
Changed: Sep 30
Last Checked: Oct 1 at 7:48PM
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 Kite Hill Real Estate
Investment Insights
Based on property information with market context.
This four-residence property contains 3,815 square feet on an approximately 3,600-square-foot lot. The existing unit mix comprises two one-bedroom, one-bathroom homes, one four-bedroom, two-bathroom home, and one three-bedroom, one-bathroom home. Three residences have been updated. Gas and electricity are separately metered to each unit; the owner covers water and garbage. The property was built in 1910, and substantial storage space is also present.
An approved permit allows conversion of the garage into an approximately 800-square-foot accessory dwelling unit with two bedrooms and one bathroom. Telegraph Avenue shops and restaurants, Whole Foods Market, neighborhood parks, Ashby BART, and UC Berkeley are nearby.
An approved permit allows conversion of the garage into an approximately 800-square-foot accessory dwelling unit with two bedrooms and one bathroom. Telegraph Avenue shops and restaurants, Whole Foods Market, neighborhood parks, Ashby BART, and UC Berkeley are nearby.
Key Highlights
- Four existing residences with two 1‑bedroom, 1‑bathroom units, one 4‑bedroom, 2‑bathroom unit, and one 3‑bedroom, 1‑bathroom unit
- Approved garage conversion permit for an approximately 800‑square‑foot, 2‑bedroom, 1‑bathroom ADU
- 3,815‑square‑foot building on an approximately 3,600‑square‑foot lot
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
$86,582
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
5.41%
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%
$1,731,640
$1.7M
Cap Rate 7%
$1,236,886
$1.2M
Cap Rate 9%
$962,022
$962.0K
Market Conditions
NOI Build-Up for 3,815 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
$130.5K $34.20/SF
− Vacancy
−$6.8K −$1.78/SF
EGI
$123.7K $32.42/SF
− OpEx
−$37.1K −$9.73/SF
NOI
$86.6K $22.70/SF
Area
Berkeley, CA
Vacancy
5.20%
Lease Rate
$34.20 /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%
$1,731,640
Cap Rate 7%
$1,236,886
Cap Rate 9%
$962,022
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,582 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.08M
$947.8K – $1.26M
NOI $75,827 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,280 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,160
Businesses Nearby
Explore this area
Business Placement
Demographics for 94705, CA
13,591
Population
6,335
Households
2.1
Avg Household Size
42
Median Age
79%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
3,997
Density / Sq Mi
$163,254
Median Household Income
$75,864
Median Earnings
$2,330
Median Rent
$1,892,300
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?
Quadplex - The residences have a varied unit mix, with gas and electricity separately metered for each existing unit.
Where is this quadplex located?
The property is located at 2307-2309 Prince St Berkeley, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Four existing residences with two 1‑bedroom, 1‑bathroom units, one 4‑bedroom, 2‑bathroom unit, and one 3‑bedroom, 1‑bathroom unit; Approved garage conversion permit for an approximately 800‑square‑foot, 2‑bedroom, 1‑bathroom ADU; 3,815‑square‑foot building on an approximately 3,600‑square‑foot lot
