4-Unit
New
For Sale
$1,198,000
2433 San Pablo Ave, Berkeley, CA 94702
Fully leased apartments feature separate gas and electric meters for each unit.
Property Size2,352 SF
Days on Market2
Property Features for 2433 San Pablo Ave
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
4
Property subtype
Investment
Zoning
C-W
Occupancy
100%
Financials
Asking Price
$1,198,000
Cap Rate
5.38%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$21,589
Building Details
Building Size
2,352 SF
Year Built
1942
Stories
2
Units
4
Listing Agency:
Marcus & Millichap
Listed By:
Eymon Binesh · License #(S):CA:02060059
(650) 546-1030
Source:
Elliman
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 13 at 2:37AM
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.
This four-unit multifamily property contains four matching one-bedroom, one-bathroom apartments, each measuring 588 SF. All units are occupied, and each has individually metered gas and electric service. The property also includes four surface parking spaces and was built in 1942.
The building fronts San Pablo Avenue in Berkeley’s West Berkeley Commercial area, near neighborhood retail, restaurants, and cafes. It is zoned C-W under the Avenue Commercial General Plan. Walk Score is 93, Bike Score is 92, and Transit Score is 54.
In-place rents are 8% below market. The in-place cap rate is 5.38%, with a 6.13% pro forma cap rate.
The building fronts San Pablo Avenue in Berkeley’s West Berkeley Commercial area, near neighborhood retail, restaurants, and cafes. It is zoned C-W under the Avenue Commercial General Plan. Walk Score is 93, Bike Score is 92, and Transit Score is 54.
In-place rents are 8% below market. The in-place cap rate is 5.38%, with a 6.13% pro forma cap rate.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units, each 588 SF
- 100% occupied; in‑place rents are 8% below market
- Four 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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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased apartments feature separate gas and electric meters for each unit.
Where is this quadplex located?
The property is located at 2433 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 1‑bedroom, 1‑bathroom units, each 588 SF; 100% occupied; in‑place rents are 8% below market; Four surface parking spaces
