Four-Unit Quadplex with
For Sale
$1,495,000
2923 Wheeler St, Berkeley, CA 94705
Residential Income, Berkeley, CA
Property Size2,819 SF
Lot Size0.12 Acres
Price / SF$530.33
Days on Market57
Property Features for 2923 Wheeler St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Off Street, Parking Lot
Window features
Window Coverings
Interior features
Shower Stall(s), Tub w/Shower Over
Exterior features
Back Yard, Side Yard
Appliances
Dryer, Washer, Gas Water Heater
Subdivision
CENTRAL BERKELEY
Lot features
Rectangular Lot
High school district
Berkeley (510) 644-6150
Standard status
Active
APN
52158221
Size
2,819 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Amenities
laundry
Building Details
Year built
1910
Flooring type
Laminate, Tile
Building materials
Stucco, Wood Siding
Listing Agency:
KW Advisors East Bay · Keller Williams Realty
(510) 775-1079
Listed By:
Carrie McAlister
(510) 292-7838
Added: Jul 22
Changed: Sep 16
Last Checked: Sep 16 at 12:06PM
MLS# 41142431
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1910, this 2,819-square-foot quadplex contains four one-bedroom, one-bath units with classic architectural details. The property includes tile and laminate flooring, wall-furnace heating, stucco and wood siding, and a gas water heater. Each unit has separate PG&E service, while Unit D includes in-unit laundry with a washer and dryer. The rear of the parcel provides off-street parking in a dedicated parking area.
The 0.1225-acre property is located at 2923 Wheeler St in Berkeley’s 94705 ZIP code, in Alameda County. Its setting provides access to U.C. Berkeley, Elmwood-area cafes and shops, Berkeley Bowl, Whole Foods, parks, green spaces, the Berkeley Farmers’ Market, and major transit options. Public water and public sewer serve the property.
The 0.1225-acre property is located at 2923 Wheeler St in Berkeley’s 94705 ZIP code, in Alameda County. Its setting provides access to U.C. Berkeley, Elmwood-area cafes and shops, Berkeley Bowl, Whole Foods, parks, green spaces, the Berkeley Farmers’ Market, and major transit options. Public water and public sewer serve the property.
Key Highlights
- Four 1BD/1BA units in a 2,819 SF quadplex
- Built in 1910 on a 0.1225‑acre parcel
- Separate PG&E service for the units
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
$63,978
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%
$1,279,560
$1.3M
Cap Rate 7%
$913,971
$914.0K
Cap Rate 9%
$710,867
$710.9K
Market Conditions
NOI Build-Up for 2,819 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
$96.4K $34.20/SF
− Vacancy
−$5.0K −$1.78/SF
EGI
$91.4K $32.42/SF
− OpEx
−$27.4K −$9.73/SF
NOI
$64.0K $22.70/SF
Area
Berkeley, CA
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,279,560
Cap Rate 7%
$913,971
Cap Rate 9%
$710,867
Alternative Uses
Best Use
Multifamily LT 5
$914.0K
$799.7K – $1.07M
NOI $63,978 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$800.4K
$700.4K – $933.8K
NOI $56,030 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$1.09M
$954.0K – $1.27M
NOI $76,316 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 94705, CA
13,591
Population
6,335
Households
2.1
Avg Household Size
42
Median Age
79%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
3,997
Density / Sq Mi
$163,254
Median Household Income
$75,864
Median Earnings
$2,330
Median Rent
$1,892,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Early-1900s multifamily property with four one-bedroom units, separate PG&E service, and on-site parking.
Where is this quadplex located?
The property is located at 2923 Wheeler St Berkeley, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Four 1BD/1BA units in a 2,819 SF quadplex; Built in 1910 on a 0.1225‑acre parcel; Separate PG&E service for the units
