9-Unit Apartment
New
For Sale
$1,950,000
6446-6452 Colby Street Berkeley, Oakland, CA 94618
Vintage multifamily property with individually metered gas and electric utilities near shopping, dining, transit, and major freeways.
Property Size5,513 SF
Days on Market2
Property Features for 6446-6452 Colby Street Berkeley
General Information
Standard status
Active
Size
5,513 SF
Property subtype
Multifamily
Financials
Cap Rate
6.23%
Gross Rent Multiplier
9.89
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA with parlor ~615 sq ft, 4 x 1BR/1BA ~580 sq ft
Multifamily Units
9
Building Details
Building Size
5,513 SF
Year Built
1910
Units
9
Listing Agency:
NAI Northern California
(415) 246-4314
Listed By:
Grant Chappell · License #CalDRE #01700439
(415) 246-4314
Source:
Nainorcal
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 5:58AM
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 NAI Northern California
Investment Insights
Based on property information with market context.
This 9-unit apartment property dates to 1910 and includes two distinct one-bedroom, one-bath layouts. Four apartments measure approximately 615 square feet and include a parlor that functions as a dining room; four additional apartments measure approximately 580 square feet. Individually metered gas and electric utilities serve the units.
The property sits at the northern edge of Rockridge, bordering Berkeley’s Elmwood neighborhood. Rockridge BART is within walking distance, while major freeways are nearby. Shopping, dining, and entertainment in both surrounding neighborhoods add to the property’s access to established daily amenities.
The offering includes nine one-bedroom, one-bath apartments. Reported investment metrics include a 6.23% CAP and a 9.89 GRM.
The property sits at the northern edge of Rockridge, bordering Berkeley’s Elmwood neighborhood. Rockridge BART is within walking distance, while major freeways are nearby. Shopping, dining, and entertainment in both surrounding neighborhoods add to the property’s access to established daily amenities.
The offering includes nine one-bedroom, one-bath apartments. Reported investment metrics include a 6.23% CAP and a 9.89 GRM.
Key Highlights
- 9‑unit apartment property constructed in 1910
- Four 1‑bed, 1‑bath units with parlors measuring approximately 615 Sq. ft.
- Four 1‑bed, 1‑bath units measuring approximately 580 sq. ft.
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
$116,407
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
5.97%
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%
$2,328,140
$2.3M
Cap Rate 7%
$1,662,957
$1.7M
Cap Rate 9%
$1,293,411
$1.3M
Market Conditions
NOI Build-Up for 5,513 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
$221.6K $40.20/SF
− Vacancy
−$10.0K −$1.81/SF
EGI
$211.6K $38.39/SF
− OpEx
−$95.2K −$17.28/SF
NOI
$116.4K $21.12/SF
Area
Oakland, CA
Vacancy
4.50%
Lease Rate
$40.20 /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%
$2,328,140
Cap Rate 7%
$1,662,957
Cap Rate 9%
$1,293,411
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.46M – $1.94M
NOI $116,407 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.80M
$1.58M – $2.11M
NOI $126,346 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,780
Businesses Nearby
Explore this area
Business Placement
Demographics for 94618, CA
16,946
Population
7,873
Households
2.2
Avg Household Size
43
Median Age
86%
College-Educated
98%
High-School Grad
2.4 sq mi
ZIP Area
7,061
Density / Sq Mi
$205,552
Median Household Income
$119,347
Median Earnings
$2,742
Median Rent
$1,789,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Vintage multifamily property with individually metered gas and electric utilities near shopping, dining, transit, and major freeways.
Where is this apartment building located?
The property is located at 6446-6452 Colby Street Berkeley Oakland, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 9‑unit apartment property constructed in 1910; Four 1‑bed, 1‑bath units with parlors measuring approximately 615 Sq. ft.; Four 1‑bed, 1‑bath units measuring approximately 580 sq. ft.
