24-Unit Apartment
For Sale
$5,750,000
Pending
2451 Le Conte Ave, Berkeley, CA 94709
Berkeley multifamily property with renovated infrastructure and close access to UC Berkeley.
Property Size12,756 SF
Days on Market301
Property Features for 2451 Le Conte Ave
General Information
Standard status
Pending
Size
12,756 SF
Property subtype
Residential Income
Units
Unit Mix
24 x studio
Multifamily Units
24
Listing Agency:
Cushman & Wakefield
(415) 773-3592
Listed By:
Keith Manson · License #01490046
(415) 773-3592
Source:
Exprealty
Added: Oct 28, 2025
Changed: Aug 21
Last Checked: Aug 24 at 12:53PM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
This 24-unit multifamily property at 2451 Le Conte Avenue consists of 24 studio apartments. Major building improvements include dual-pane vinyl windows, complete copper plumbing replacement, electrical service and subpanel upgrades, a new roof, and a voluntary seismic retrofit. The work addresses key building systems and supports continued operation with fewer near-term capital projects.
The property is located in Northside Berkeley, just north of the UC Berkeley campus. Residents have access to Downtown Berkeley, the Gourmet Ghetto dining district, nearby retail, cafes, and cultural attractions. The location records a Walk Score of 92 and a Bike Score of 71, reflecting its proximity to surrounding services and destinations.
The property is located in Northside Berkeley, just north of the UC Berkeley campus. Residents have access to Downtown Berkeley, the Gourmet Ghetto dining district, nearby retail, cafes, and cultural attractions. The location records a Walk Score of 92 and a Bike Score of 71, reflecting its proximity to surrounding services and destinations.
Key Highlights
- 24 studio apartments within a Berkeley multifamily property
- Major upgrades include dual‑pane vinyl windows, copper re‑piping, electrical work, a new roof, and seismic retrofit
- Located just north of the UC Berkeley campus at 2451 Le Conte Ave
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
$253,537
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
4.41%
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%
$5,070,740
$5.1M
Cap Rate 7%
$3,621,957
$3.6M
Cap Rate 9%
$2,817,078
$2.8M
Market Conditions
NOI Build-Up for 12,756 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
$485.2K $38.04/SF
− Vacancy
−$24.3K −$1.90/SF
EGI
$461.0K $36.14/SF
− OpEx
−$207.4K −$16.26/SF
NOI
$253.5K $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%
$5,070,740
Cap Rate 7%
$3,621,957
Cap Rate 9%
$2,817,078
Alternative Uses
Best Use
Apartment 5plus
$3.62M
$3.17M – $4.23M
NOI $253,537 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.93M
$4.32M – $5.76M
NOI $345,330 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
3,536
Businesses Nearby
Explore this area
Business Placement
Demographics for 94709, CA
12,514
Population
6,139
Households
2
Avg Household Size
29
Median Age
80%
College-Educated
96%
High-School Grad
0.7 sq mi
ZIP Area
17,877
Density / Sq Mi
$95,223
Median Household Income
$42,958
Median Earnings
$1,988
Median Rent
$1,240,500
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 - Berkeley multifamily property with renovated infrastructure and close access to UC Berkeley.
Where is this apartment building located?
The property is located at 2451 Le Conte Ave Berkeley, CA.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 24 studio apartments within a Berkeley multifamily property; Major upgrades include dual‑pane vinyl windows, copper re‑piping, electrical work, a new roof, and seismic retrofit; Located just north of the UC Berkeley campus at 2451 Le Conte Ave
