Garden Courtyard Duplex Apartment
For Sale
$5,995,000
2501 Rose Walk, Berkeley, CA 94708
Nine-unit Berkeley apartment complex with hardwood floors and fireplaces, organized around a landscaped courtyard and private cottage deck.
Property Size9,044 SF
Price / SF$662.87
Days on Market158
Property Features for 2501 Rose Walk
General Information
Standard status
Active
Size
9,044 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
9
Building Details
Year Built
1936
Listing Agency:
The Agency
(510) 717-1799
Listed By:
Arlene Baxter · License #01209552
(510) 717-1799
Source:
Exitrealty
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 13 at 9:35AM
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 9-unit apartment complex features four duplexes arranged around a landscaped garden courtyard, plus one private cottage with a spacious private deck. Units include hardwood floors and fireplaces, and the duplex configurations have been used as two-bedroom-plus layouts. Garages and the cottage face Codornices Rd, while the duplexes face Maybeck’s landmark Rose Walk. One unit and garage are kept vacant for easy showing, and unit 2523 includes its own washer/dryer hookups. All other units are tenant occupied and share a laundry room. The property also includes a home energy score of 5 for the cottage, and duplexes are assessed without numeric scores.
The duplexes face the landmark Rose Walk, and the complex is described as being in North Berkeley near the Rose Garden and Gourmet District amenities. A bus stop is noted in front of the property for direct access to BART, supporting convenient transit connections.
For buyers and operators seeking a small, distinctive income property, the mix of duplex units and a standalone cottage offers varied tenant options within one controlled setting. The courtyard layout and shared amenities, combined with the ability to show unit 2523 with in-unit laundry hookups, can streamline leasing and maintenance planning for an incoming owner.
The duplexes face the landmark Rose Walk, and the complex is described as being in North Berkeley near the Rose Garden and Gourmet District amenities. A bus stop is noted in front of the property for direct access to BART, supporting convenient transit connections.
For buyers and operators seeking a small, distinctive income property, the mix of duplex units and a standalone cottage offers varied tenant options within one controlled setting. The courtyard layout and shared amenities, combined with the ability to show unit 2523 with in-unit laundry hookups, can streamline leasing and maintenance planning for an incoming owner.
Key Highlights
- Built in 1936: a 9‑unit Berkeley apartment complex by Henry Gutterson
- Four duplexes face Maybeck’s landmark Rose Walk, arranged around a landscaped garden courtyard
- Includes one private cottage with a spacious private deck; upper units offer lovely views
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
Lease Details
9
Residential units
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 Berkeley apartment complex with hardwood floors and fireplaces, organized around a landscaped courtyard and private cottage deck.
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: Built in 1936: a 9‑unit Berkeley apartment complex by Henry Gutterson; Four duplexes face Maybeck’s landmark Rose Walk, arranged around a landscaped garden courtyard; Includes one private cottage with a spacious private deck; upper units offer lovely views
