Berkeley Landmark Multifamily
For Sale
Contact for pricing
2501 Rose Walk, Berkeley, CA 94708
Nine-unit complex near UC Berkeley with upside potential.
Property Size9,044 SF
Lot Size0.46 Acres
Price / SF$662.87
Days on Market160
Property Features for 2501 Rose Walk
General Information
Standard status
Active
Size
9,044 SF
Total Parking Spaces
9
Lot size
0.46 Acres
Property subtype
Multifamily
Zoning
Historical Residence
Occupancy
78%
Investment Type
Owner/User
Building Details
Year Built
1925
Year Renovated
1921
Buildings
5
Stories
2
Units
9
Listing Agency:
The Agency
(510) 717-1799
Listed By:
Arlene Baxter · License #01209552
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 3:24PM
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 The Agency
Investment Insights
Based on property information with market context.
This complex, designed by Henry H. Gutterson in consultation with Bernard Maybeck, consists of nine units: four duplexes and one cottage. Designed in 1924 and completed in 1936, the complex was designated a Berkeley Landmark in 1991 and benefits from a Mills Act Agreement for historic property preservation. Electrical and heating systems have been upgraded, and each unit is separately metered for electricity and gas. The five structures are part of an integrated urban community bordering a pedestrian path. The four duplexes each contain two single-floor units used as two-plus bedroom, one bath residences. Each duplex has a unique design and is set apart from the others. The structures feature integrated-color stucco, vertical wood siding, salmon-colored trim, and original tile roofs, nestled along a lush garden bordering Rose Walk. All units have original hardwood floors, fireplaces, wooden windows with vintage custom hardware, and individual architectural details. Most units include sun porches, while others have private balconies or decks. Many kitchens have updated counters and appliances. The cottage has an all-wood interior and exterior, with a spacious redwood deck and carved railings, atop a three-bay garage. The complex has nine garages, mostly rented separately. The total building square footage is 9044, with duplex units ranging from 822 to 1138 square feet and the cottage occupying 688 square feet. The property consists of two parcels totaling 20,000 square feet. Located within blocks of UC Berkeley, the Rose Garden, and Codornices Park, buses stop in front of the property, providing connections to the campus, downtown Berkeley, and BART. One unit and one garage are vacant for viewing and buyer options. Three units are occupied by tenants for less than five years, and three have longer-term tenants. Upper units have views, and stairwells provide spaciousness. A coin-operated shared laundry room generates income, and the vacant unit has washer/dryer hookups.
Key Highlights
- Historic Berkeley Landmark: Designed in consultation with Bernard Maybeck, offering unique architectural details and prestige.
- Mills Act Agreement: Provides significant tax advantages for preserving the historic property.
- Substantial Rental Income: Nine units (four duplexes and one cottage) provide substantial rental income potential with high occupancy rates.
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
$179,758
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
3.00%
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%
$3,595,160
$3.6M
Cap Rate 7%
$2,567,971
$2.6M
Cap Rate 9%
$1,997,311
$2.0M
Market Conditions
NOI Build-Up for 9,044 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
$344.0K $38.04/SF
− Vacancy
−$17.2K −$1.90/SF
EGI
$326.8K $36.14/SF
− OpEx
−$147.1K −$16.26/SF
NOI
$179.8K $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%
$3,595,160
Cap Rate 7%
$2,567,971
Cap Rate 9%
$1,997,311
Alternative Uses
Best Use
Apartment 5plus
$2.57M
$2.25M – $3.00M
NOI $179,758 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.50M
$3.06M – $4.08M
NOI $244,839 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,559
Businesses Nearby
Explore this area
Business Placement
Demographics for 94708, CA
11,553
Population
5,048
Households
2.3
Avg Household Size
51
Median Age
88%
College-Educated
99%
High-School Grad
3.3 sq mi
ZIP Area
3,501
Density / Sq Mi
$229,004
Median Household Income
$104,449
Median Earnings
$2,926
Median Rent
$1,517,100
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 - Nine-unit complex near UC Berkeley with upside potential.
Where is this apartment building located?
The property is located at 2501 Rose Walk Berkeley, CA.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Historic Berkeley Landmark: Designed in consultation with Bernard Maybeck, offering unique architectural details and prestige.; Mills Act Agreement: Provides significant tax advantages for preserving the historic property.; Substantial Rental Income: Nine units (four duplexes and one cottage) provide substantial rental income potential with high occupancy rates.
