Four-Unit Berkeley Apartment
New
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 Market2
Property Features for 2923 Wheeler St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Parking Lot, Off Street
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
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: Oct 20
Changed: Oct 21
Last Checked: Oct 21 at 10:06AM
MLS# 41151748
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.
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Investment Insights
Based on property information with market context.
Built in 1910, this fourplex contains four 1-bedroom, 1-bathroom units across 2,819 square feet. The 0.1225-acre parcel includes off-street parking, with additional parking area at the rear. Each unit has separate PG&E service, and unit D includes in-unit laundry. Interior finishes include laminate and tile flooring, while wall furnaces provide heat. The property also has a back yard and side yard.
The building is at 2923 Wheeler St in Berkeley, within reach of U.C. Berkeley, Elmwood cafes and shops, Berkeley Bowl, Whole Foods, parks, and major transit options. Public water and sewer serve the property.
The building is at 2923 Wheeler St in Berkeley, within reach of U.C. Berkeley, Elmwood cafes and shops, Berkeley Bowl, Whole Foods, parks, and major transit options. Public water and sewer serve the property.
Key Highlights
- Four 1BD/1BA units in a 2,819‑square‑foot building
- Built in 1910 on a 0.1225‑acre parcel
- Separate PG&E service for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,978
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom residences include separate PG&E service, with laundry and off-street parking on site.
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‑square‑foot building; Built in 1910 on a 0.1225‑acre parcel; Separate PG&E service for each unit
