Rehab or Redevelopment
For Sale
$1,950,000
2510 Le Conte Ave, Berkeley, CA 94709
Multifamily building converted to 13 residential units, stripped for rehabilitation or redevelopment in Berkeley R-3H zoning.
Property Size7,566 SF
Price / SF$257.73
Days on Market56
Property Features for 2510 Le Conte Ave
General Information
Standard status
Active
Size
7,566 SF
Property subtype
Multi Family
Zoning
R-3H
Additional Details
Multifamily Units
13
Building Details
Year Built
1927
Listing Agency:
BHG RE Reliance Partners
(510) 501-0713
Listed By:
Mark Hardwicke · License #01352634
(510) 501-0713
Source:
Exitrealty
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 31 at 4:29PM
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 BHG RE Reliance Partners
Investment Insights
Based on property information with market context.
This Berkeley multifamily property was originally constructed in 1927 as a fraternity house and later converted into 13 residential units. The interior has been stripped of finish materials and is ready for a new rehab program or redevelopment plan.
The site is located in Berkeley’s Northside neighborhood and offers convenient proximity to local commercial amenities along Euclid and Hearst Avenues, the Gourmet Ghetto, Downtown Berkeley, UC Berkeley, AC Transit, and Downtown Berkeley BART. The area is served by somewhat bikeable and somewhat transit-accessible conditions.
Zoned R-3H (Multiple-Family Residential/Hillside Overlay), the property presents options to rehabilitate the existing 13-unit building or pursue redevelopment subject to applicable zoning, state housing legislation, and City of Berkeley planning policies.
The site is located in Berkeley’s Northside neighborhood and offers convenient proximity to local commercial amenities along Euclid and Hearst Avenues, the Gourmet Ghetto, Downtown Berkeley, UC Berkeley, AC Transit, and Downtown Berkeley BART. The area is served by somewhat bikeable and somewhat transit-accessible conditions.
Zoned R-3H (Multiple-Family Residential/Hillside Overlay), the property presents options to rehabilitate the existing 13-unit building or pursue redevelopment subject to applicable zoning, state housing legislation, and City of Berkeley planning policies.
Key Highlights
- 1927 building originally built as a fraternity house and later converted to 13 residential units
- Interior stripped of finish materials and ready for rehabilitation or redevelopment
- Located in Berkeley’s Northside neighborhood, two blocks from UC Berkeley
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
$150,381
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
7.71%
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%
$3,007,620
$3.0M
Cap Rate 7%
$2,148,300
$2.1M
Cap Rate 9%
$1,670,900
$1.7M
Market Conditions
NOI Build-Up for 7,566 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
$287.8K $38.04/SF
− Vacancy
−$14.4K −$1.90/SF
EGI
$273.4K $36.14/SF
− OpEx
−$123.0K −$16.26/SF
NOI
$150.4K $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%
$3,007,620
Cap Rate 7%
$2,148,300
Cap Rate 9%
$1,670,900
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,381 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.93M
$2.56M – $3.41M
NOI $204,827 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
2,710
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 - Multifamily building converted to 13 residential units, stripped for rehabilitation or redevelopment in Berkeley R-3H zoning.
Where is this apartment building located?
The property is located at 2510 Le Conte Ave Berkeley, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 1927 building originally built as a fraternity house and later converted to 13 residential units; Interior stripped of finish materials and ready for rehabilitation or redevelopment; Located in Berkeley’s Northside neighborhood, two blocks from UC Berkeley
