Two-Building Multifamily
For Sale
$1,600,000
2925 Mabel St, Berkeley, CA 94702
Seven-unit multifamily property with a converted Victorian and a rear fourplex, featuring recent capital improvements.
Property Size4,633 SF
Days on Market62
Property Features for 2925 Mabel St
General Information
Standard status
Active
Size
4,633 SF
Property subtype
5 or More Units
Additional Details
Cap Rate
6.08%
Highway Access
Yes
Multifamily Units
7
Building Details
Building Size
4,633 SF
Year Built
1889
Construction
Victorian-style
Tenancy
Multi
Listing Agency:
BCRE
Listed By:
Davide Pio · License #01522969
(510) 815-2000
Source:
Annnewtoncane
Added: Jul 22
Changed: Sep 15
Last Checked: Sep 20 at 9:59AM
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 BCRE
Investment Insights
Based on property information with market context.
This seven-unit multifamily property consists of two separate buildings: a Victorian-style residence converted into three units, plus a separate fourplex in the rear. The Victorian building includes one 3 bed/2 bath unit and two studio units. The rear fourplex contains four 1 bed/1 bath units. Recent capital improvements noted include a new driveway, new electric subpanels in the Victorian, completed sewer lateral work, and SB 721 balcony clearance.
The property is located in Southwest Berkeley, under one mile from Ashby BART and provides quick access to Highway 80 for connectivity to Oakland, San Francisco, and the East Bay. The area is also described as offering close proximity to UC Berkeley and Emeryville activities, with walkability and transit access reflected in the provided scores.
Utilities are separately metered, with separate electric and gas meters, and separate water meters for each building (two total). The listing also notes that the Victorian residence can be delivered vacant and highlights potential flexibility including conversion back to a single-family home or a potential lot split for independent sale of the two buildings.
The property is located in Southwest Berkeley, under one mile from Ashby BART and provides quick access to Highway 80 for connectivity to Oakland, San Francisco, and the East Bay. The area is also described as offering close proximity to UC Berkeley and Emeryville activities, with walkability and transit access reflected in the provided scores.
Utilities are separately metered, with separate electric and gas meters, and separate water meters for each building (two total). The listing also notes that the Victorian residence can be delivered vacant and highlights potential flexibility including conversion back to a single-family home or a potential lot split for independent sale of the two buildings.
Key Highlights
- Seven‑unit multifamily property with a Victorian‑style residence (3 units) and a rear fourplex (4 units)
- Victorian residence converted to 3 units: 1 unit with 3 bed/2 bath plus two studios (can be delivered vacant)
- Rear fourplex includes four 1 bed/1 bath 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
$105,146
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
6.57%
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%
$2,102,920
$2.1M
Cap Rate 7%
$1,502,086
$1.5M
Cap Rate 9%
$1,168,289
$1.2M
Market Conditions
NOI Build-Up for 4,633 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
$158.4K $34.20/SF
− Vacancy
−$8.2K −$1.78/SF
EGI
$150.2K $32.42/SF
− OpEx
−$45.1K −$9.73/SF
NOI
$105.1K $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%
$2,102,920
Cap Rate 7%
$1,502,086
Cap Rate 9%
$1,168,289
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,146 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.53M
NOI $92,085 @ 7.0% cap · market cap 5.76%
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,425 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 94702, CA
17,637
Population
8,209
Households
2.1
Avg Household Size
39
Median Age
65%
College-Educated
95%
High-School Grad
1.3 sq mi
ZIP Area
13,567
Density / Sq Mi
$99,135
Median Household Income
$66,516
Median Earnings
$1,974
Median Rent
$1,168,200
Median Home Value
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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?
Apartment building - Seven-unit multifamily property with a converted Victorian and a rear fourplex, featuring recent capital improvements.
Where is this apartment building located?
The property is located at 2925 Mabel St Berkeley, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Seven‑unit multifamily property with a Victorian‑style residence (3 units) and a rear fourplex (4 units); Victorian residence converted to 3 units: 1 unit with 3 bed/2 bath plus two studios (can be delivered vacant); Rear fourplex includes four 1 bed/1 bath units
