Apartment Building Near UC
For Sale
$5,800,000
2701 Ridge, Berkeley, CA 94709
A varied apartment mix includes on-site laundry, shared outdoor space, and dedicated parking.
Property Size10,404 SF
Price / SF$557.48
Days on Market9
Property Features for 2701 Ridge
General Information
Standard status
Active
Size
10,404 SF
Total Parking Spaces
10
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR, 9 x 2BR
Multifamily Units
12
Additional Details
Public Transit
Yes
Amenities
on-site laundry
shared backyard
separately metered gas and electricity
double-pane windows
Building Details
Year Built
1959
Buildings
1
Listed By:
The Wiley Team
(415) 317-5888
Source:
Sanfranciscorealestategroup.idxbroker
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 16 at 12:36PM
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 The Wiley Team
Investment Insights
Based on property information with market context.
This 12-unit apartment building, constructed in 1959, contains approximately 10,404 square feet and offers a mix of three one-bedroom and nine two-bedroom residences. Building features include on-site laundry, a shared backyard, double-pane windows, and separately metered gas and electricity. Ten parking spaces serve the property.
Nine apartments are currently vacant, and another unit is scheduled to become vacant. The existing vacancy supports a coordinated renovation and leasing plan without requiring extensive tenant disruption. The property is within walking distance of the UC Berkeley campus and near neighborhood restaurants, cafés, shopping, and public transportation in Berkeley’s Northside neighborhood.
Nine apartments are currently vacant, and another unit is scheduled to become vacant. The existing vacancy supports a coordinated renovation and leasing plan without requiring extensive tenant disruption. The property is within walking distance of the UC Berkeley campus and near neighborhood restaurants, cafés, shopping, and public transportation in Berkeley’s Northside neighborhood.
Key Highlights
- 12‑unit apartment building with approximately 10,404 square feet
- Unit mix includes three one‑bedroom units and nine two‑bedroom units
- Nine of 12 apartments are vacant; an additional unit is scheduled to become vacant
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
$206,789
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
3.57%
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%
$4,135,780
$4.1M
Cap Rate 7%
$2,954,129
$3.0M
Cap Rate 9%
$2,297,656
$2.3M
Market Conditions
NOI Build-Up for 10,404 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
$395.8K $38.04/SF
− Vacancy
−$19.8K −$1.90/SF
EGI
$376.0K $36.14/SF
− OpEx
−$169.2K −$16.26/SF
NOI
$206.8K $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%
$4,135,780
Cap Rate 7%
$2,954,129
Cap Rate 9%
$2,297,656
Alternative Uses
Best Use
Apartment 5plus
$2.95M
$2.58M – $3.45M
NOI $206,789 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.02M
$3.52M – $4.69M
NOI $281,657 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,800
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - A varied apartment mix includes on-site laundry, shared outdoor space, and dedicated parking.
Where is this apartment building located?
The property is located at 2701 Ridge Berkeley, CA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: 12‑unit apartment building with approximately 10,404 square feet; Unit mix includes three one‑bedroom units and nine two‑bedroom units; Nine of 12 apartments are vacant; an additional unit is scheduled to become vacant
