Four-Unit Apartment
New
For Sale
$1,198,000
2429 San Pablo Ave, Berkeley, CA 94702
Three apartments are leased, with individual electric and gas meters and dedicated surface parking.
Property Size2,352 SF
Lot Size0.12 Acres
Price / SF$509.35
Days on Market3
Property Features for 2429 San Pablo Ave
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
4
Lot size
0.12 Acres
Property subtype
Multifamily
Zoning
C-W
Occupancy
75%
Net Operating Income
$69,600
Financials
Asking Price
$1,198,000
Cap Rate
5.81%
Gross Rent Multiplier
10.59
Average Monthly Rent
$2,357
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
Four identical 588 SF 1BD/1BA units with 4 dedicated surface parking spaces on San Pablo Avenue, one of the East Bay's most established residential and commercial corridors.
5.81% in-place cap rate rising to a 6.37% pro forma cap at $1,198,000 ($299,500/unit, $509/SF), with individually metered electric and gas.
Priced at $299,500/unit ($509/SF) with individually metered electric and gas, a lower-cost entry into Berkeley multifamily near UC Berkeley, transit, and dining.
Building Details
Building Size
2,352 SF
Units
4
Listing Agency:
Marcus & Millichap
Listed By:
Eymon Binesh · License #License(s): CA: 02060059
(415) 625-2161
Source:
Marcusmillichap
Added: Oct 19
Last Checked: Oct 20 at 5:03PM
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
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Investment Insights
Based on property information with market context.
This four-unit apartment property contains four one-bedroom, one-bathroom apartments, each measuring 588 square feet, for 2,352 square feet total. The building sits on a 0.12-acre lot and has four dedicated surface parking spaces. Electric and gas are separately metered for each unit.
Three apartments are occupied, representing 75% occupancy. The remaining apartment is vacant. The property is zoned C-W (West Berkeley Commercial) and is located on San Pablo Avenue in Berkeley, near UC Berkeley, regional transit, and local dining and retail.
Three apartments are occupied, representing 75% occupancy. The remaining apartment is vacant. The property is zoned C-W (West Berkeley Commercial) and is located on San Pablo Avenue in Berkeley, near UC Berkeley, regional transit, and local dining and retail.
Key Highlights
- Four apartments, each with 1 bedroom and 1 bathroom
- 588 SF per apartment; 2,352 SF total
- 0.12‑acre lot with four dedicated surface parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,379
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,067,580
$1.1M
Cap Rate 7%
$762,557
$762.6K
Cap Rate 9%
$593,100
$593.1K
Market Conditions
NOI Build-Up for 2,352 SF
Gross rent
$80.4K $34.20/SF
− Vacancy
−$4.2K −$1.78/SF
EGI
$76.3K $32.42/SF
− OpEx
−$22.9K −$9.73/SF
NOI
$53.4K $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%
$1,067,580
Cap Rate 7%
$762,557
Cap Rate 9%
$593,100
Alternative Uses
Best Use
Multifamily LT 5
$762.6K
$667.2K – $889.7K
NOI $53,379 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$667.8K
$584.4K – $779.1K
NOI $46,748 @ 7.0% cap · market cap 3.90%
Theoretical Best
Specialty Retail
$909.6K
$795.9K – $1.06M
NOI $63,673 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,370
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
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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?
Quadplex - Three apartments are leased, with individual electric and gas meters and dedicated surface parking.
Where is this quadplex located?
The property is located at 2429 San Pablo Ave Berkeley, CA.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: Four apartments, each with 1 bedroom and 1 bathroom; 588 SF per apartment; 2,352 SF total; 0.12‑acre lot with four dedicated surface parking spaces
