Rebuilt Multifamily Compound with
3029 Wheeler Street Berkeley, CA 94705
3029 Wheeler Street, Berkeley, CA, 94705
$1,995,000
Pending
For Sale
$1,995,000
Pending
Three fully rebuilt living spaces offer flexible use, multiple off-street parking, and a landscaped backyard with patios.
Property Size3,439 SF
Days on Market92
Property Features for 3029 Wheeler Street
General Information
- Standard status
- Pending
- Size
- 3,439 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1908
Listing agency
KW Advisors East Bay
(510) 205-4369
Listed by
David Gunderman · License #01313613
(510) 205-4369
Source
Exitrealty
Added: Apr 22 Updated: Jul 22 at 6:48AM Checked: Jul 22 at 6:48AM
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 KW Advisors East Bay
Investment Insights
Based on property information with market context.
This reimagined Lower Elmwood compound features three fully rebuilt living spaces for flexible owner-occupancy or income. The main home offers 3 bedrooms and 3.5 bathrooms across 2,212 square feet, with oak flooring throughout, a chef’s kitchen with a generous island, and French doors opening to the backyard. The lower level includes a bedroom with an ensuite bath, an office, a powder room, and ample storage, while the upper level has two additional bedrooms, including a primary suite with a split bath and walk-in closet.
Attached to the main home is a 1-bedroom, 1-bath au pair apartment with its own entrance, a new full kitchen, and a covered porch. It can also serve as a private office separated from the main home. A detached two-story ADU provides a second 2-bedroom, 1.5-bath residence with its own kitchen, living area, laundry, and generous storage.
Recent updates include zoned heat and mini-splits with A/C in both ADUs, along with roof, foundation, electrical wiring and panels, windows, and more. The property also offers a freshly landscaped level backyard with a large lawn, multiple patios, a custom metal privacy gate, and additional storage. All just blocks from BART, Whole Foods, Berkeley Bowl, and local shops and dining. Sewer lateral compliant. Energy score: 7.
Attached to the main home is a 1-bedroom, 1-bath au pair apartment with its own entrance, a new full kitchen, and a covered porch. It can also serve as a private office separated from the main home. A detached two-story ADU provides a second 2-bedroom, 1.5-bath residence with its own kitchen, living area, laundry, and generous storage.
Recent updates include zoned heat and mini-splits with A/C in both ADUs, along with roof, foundation, electrical wiring and panels, windows, and more. The property also offers a freshly landscaped level backyard with a large lawn, multiple patios, a custom metal privacy gate, and additional storage. All just blocks from BART, Whole Foods, Berkeley Bowl, and local shops and dining. Sewer lateral compliant. Energy score: 7.
Key Highlights
- Three fully rebuilt living spaces totaling 3,439 sq ft on a Lower Elmwood compound (built 1908).
- Main home: 3BD/3.5BA with 2,212 sq ft, oak flooring, chef’s kitchen with island, and French doors to the backyard.
- Includes an attached 1BD/1BA au pair/private office space (378 sq ft) with a new full kitchen and covered porch.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.6k | $34.20 |
| − Vacancy | −$6.1k | −$1.78 |
| EGI | $111.5k | $32.42 |
| − OpEx | −$33.4k | −$9.73 |
| NOI | $78.0k | $22.70 |
3,439 SF · lease $34.20/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$975.6K – $1.30M
NOI $78,049 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$976.5K
$854.4K – $1.14M
NOI $68,353 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,101 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three fully rebuilt living spaces offer flexible use, multiple off-street parking, and a landscaped backyard with patios.
Where is this triplex located?
The property is located at 3029 Wheeler Street Berkeley, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Three fully rebuilt living spaces totaling 3,439 sq ft on a Lower Elmwood compound (built 1908).; Main home: 3BD/3.5BA with 2,212 sq ft, oak flooring, chef’s kitchen with island, and French doors to the backyard.; Includes an attached 1BD/1BA au pair/private office space (378 sq ft) with a new full kitchen and covered porch.
