North Berkeley Multifamily Investment
For Sale
$7,650,000
2477 Virginia ST, Berkeley, CA 94709
24-unit multifamily property near UC Berkeley with rental upside.
Property Size19,491 SF
Lot Size0.29 Acres
Price / SF$392.49
Days on Market155
Property Features for 2477 Virginia ST
General Information
Standard status
Active
Size
19,491 SF
Lot size
0.29 Acres
Property subtype
Commercial
Amenities
Sauna/ Spa/ Hot Tub
Building Details
Year Built
1964
Listing Agency:
MATTHEWS REAL ESTATE INVESTMENT SERVICES INC.
(866) 889-0550
Listed By:
RYLAND MONTES DE OCA
Source:
Corcoran
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 8 at 2:36PM
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 MATTHEWS REAL ESTATE INVESTMENT SERVICES INC.
Investment Insights
Based on property information with market context.
Court Royal is a 24-unit multifamily property located in North Berkeley. Constructed in 1964, the 25,644 square foot building is situated on a 0.29-acre lot. The unit mix comprises seven studios, eleven one-bedroom/one-bath units, and six two-bedroom/two-bath units. The property provides 25 secure parking spaces and on-site laundry facilities. The property is fully leased with strong in-place income. There is an estimated 20-25% rental upside through turnover and interior upgrades. The location is minutes from the University of California, Berkeley, and the Gourmet Ghetto, with a Walk Score of 90, indicating a highly walkable area. The property experiences strong rental demand from students, faculty, and professionals.
Key Highlights
- Strong in‑place income with 20‑25% rental upside.
- Located minutes from the University of California, Berkeley and the Gourmet Ghetto.
- Walk Score of 90 indicating a highly walkable location.
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
$387,401
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
5.06%
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%
$7,748,020
$7.7M
Cap Rate 7%
$5,534,300
$5.5M
Cap Rate 9%
$4,304,456
$4.3M
Market Conditions
NOI Build-Up for 19,491 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
$741.4K $38.04/SF
− Vacancy
−$37.1K −$1.90/SF
EGI
$704.4K $36.14/SF
− OpEx
−$317.0K −$16.26/SF
NOI
$387.4K $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%
$7,748,020
Cap Rate 7%
$5,534,300
Cap Rate 9%
$4,304,456
Alternative Uses
Best Use
Apartment 5plus
$5.53M
$4.84M – $6.46M
NOI $387,401 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.54M
$6.60M – $8.79M
NOI $527,660 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - 24-unit multifamily property near UC Berkeley with rental upside.
Where is this apartment building located?
The property is located at 2477 Virginia ST Berkeley, CA.
What is the asking price?
The asking price for this property is $7,650,000.
What are key features of this property?
This property features: Strong in‑place income with 20‑25% rental upside.; Located minutes from the University of California, Berkeley and the Gourmet Ghetto.; Walk Score of 90 indicating a highly walkable location.
