5-Unit Apartment Building Near UC
For Sale
$1,750,000
2639-2645 Fulton St, Berkeley, CA 94704
Multifamily property with on-site parking, laundry facilities, and one vacant unit near UC Berkeley.
Property Size3,768 SF
Days on Market68
Property Features for 2639-2645 Fulton St
General Information
Standard status
Active
Size
3,768 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Zoning
Residential
Financials
Cap Rate
6.63%
Gross Rent Multiplier
9.82
Units
Unit Mix
3 x 3BD/1.5BA, 1 x 2BD/1BA, 1 x studio
Multifamily Units
5
Amenities
on-site parking
on-site laundry
Building Details
Building Size
3,768 SF
Year Built
1930
Buildings
2
Listing Agency:
Luxmore Real Estate
(925) 899-3985
Listed By:
Travis Raciti · License #02246639
(925) 899-3985
Source:
Dualprideproperties
Added: Jun 25
Changed: Aug 31
Last Checked: Jul 25 at 10:42AM
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 Luxmore Real Estate
Investment Insights
Based on property information with market context.
This 5-unit apartment building at 2639-2645 Fulton Street in Berkeley was built in 1930 and contains 3,768 square feet. The unit mix includes three 3BD/1.5BA apartments, one 2BD/1BA apartment, and one studio. On-site parking and laundry facilities serve the property, while one unit is currently vacant.
The property is located near UC Berkeley, providing proximity to the university within an established Berkeley rental setting. Reported operating metrics include a 6.63% cap rate and a 9.82 GRM.
The property is located near UC Berkeley, providing proximity to the university within an established Berkeley rental setting. Reported operating metrics include a 6.63% cap rate and a 9.82 GRM.
Key Highlights
- 5‑unit apartment building near UC Berkeley
- Unit mix: (3) 3BD/1.5BA, (1) 2BD/1BA, and (1) studio
- 3,768 square feet built in 1930
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
$74,892
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
4.28%
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%
$1,497,840
$1.5M
Cap Rate 7%
$1,069,886
$1.1M
Cap Rate 9%
$832,133
$832.1K
Market Conditions
NOI Build-Up for 3,768 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
$143.3K $38.04/SF
− Vacancy
−$7.2K −$1.90/SF
EGI
$136.2K $36.14/SF
− OpEx
−$61.3K −$16.26/SF
NOI
$74.9K $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%
$1,497,840
Cap Rate 7%
$1,069,886
Cap Rate 9%
$832,133
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$936.2K – $1.25M
NOI $74,892 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,007 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,915
Businesses Nearby
Explore this area
Business Placement
Demographics for 94704, CA
25,259
Population
9,722
Households
2.6
Avg Household Size
26
Median Age
72%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
28,066
Density / Sq Mi
$52,105
Median Household Income
$17,509
Median Earnings
$1,987
Median Rent
$918,500
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 property with on-site parking, laundry facilities, and one vacant unit near UC Berkeley.
Where is this apartment building located?
The property is located at 2639-2645 Fulton St Berkeley, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 5‑unit apartment building near UC Berkeley; Unit mix: (3) 3BD/1.5BA, (1) 2BD/1BA, and (1) studio; 3,768 square feet built in 1930
