4-Unit Multifamily
New
For Sale
$1,600,000
2309 Prince St, Berkeley, CA 94705
An approved garage conversion provides for a two-bedroom accessory dwelling unit.
Property Size3,815 SF
Lot Size0.08 Acres
Price / SF$419.40
Days on Market4
Property Features for 2309 Prince St
General Information
Standard status
Active
Size
3,815 SF
Lot size
0.08 Acres
Property subtype
Multi-Family
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
Amenities
storage space
Building Details
Building Size
3,815 SF
Year Built
1910
Buildings
1
Units
4
Listing Agency:
Kite Hill Real Estate
Listed By:
Jatin Mehta · License #02045713
(415) 795-2797
Source:
Commercialcafe
Added: Oct 4
Last Checked: Oct 5 at 3:37PM
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-unit residential property in Berkeley contains 3,815 square feet on an approximately 3,600-square-foot lot. The existing mix comprises two one-bedroom, one-bathroom residences, one four-bedroom, two-bathroom residence, and one three-bedroom, one-bathroom residence; three units have been updated. Gas and electricity are separately metered, while water and garbage are paid by the owner. The property also includes substantial storage space and an approved permit to convert the garage into an approximately 800-square-foot, two-bedroom, one-bathroom ADU.
The property is near Telegraph Avenue and the Elmwood District, with shops, restaurants, and grocery options in the surrounding area. Halcyon Commons Park, UC Berkeley, and Ashby BART are also nearby.
The property is near Telegraph Avenue and the Elmwood District, with shops, restaurants, and grocery options in the surrounding area. Halcyon Commons Park, UC Berkeley, and Ashby BART are also nearby.
Key Highlights
- Four existing units with a mix of one-, three-, and four‑bedroom residences
- 3,815‑square‑foot building on an approximately 3,600‑square‑foot lot
- Approved garage conversion for an approximately 800‑square‑foot, two‑bedroom, one‑bathroom ADU
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,582
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - An approved garage conversion provides for a two-bedroom accessory dwelling unit.
Where is this quadplex located?
The property is located at 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 units with a mix of one-, three-, and four‑bedroom residences; 3,815‑square‑foot building on an approximately 3,600‑square‑foot lot; Approved garage conversion for an approximately 800‑square‑foot, two‑bedroom, one‑bathroom ADU
