West Berkeley Multifamily
For Sale
Contact for pricing
835 Channing Way, Berkeley, CA 94710
Three-building multifamily property in West Berkeley with significant rental upside.
Property Size11,350 SF
Lot Size0.49 Acres
Price / SF$286.34
Days on Market108
Property Features for 835 Channing Way
General Information
Standard status
Active
Size
11,350 SF
Total Parking Spaces
14
Lot size
0.49 Acres
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$177,970
Building Details
Year Built
1955
Buildings
3
Stories
2
Units
14
Tenancy
Multi
Listing Agency:
The Lapham Company, Inc.
(510) 594-7600
Listed By:
Matt Treadway · License #CA 01706866
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Aug 29 at 3:38PM
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 The Lapham Company, Inc.
Investment Insights
Based on property information with market context.
This West Berkeley property, on the market for the first time in almost 35 years, consists of three separate structures on a lot that is almost half an acre. The property at 2348 7th Street contains four two-bedroom, one-bath units. The building at 835 Channing Way includes six units, with five two-bedroom, one-bath units and one three-bedroom, one-bath unit. The third building contains four two-bedroom, one-bath units. The units have been tastefully renovated as tenants have moved out. The property features large units that rent easily and has over 30% rental upside for the new ownership.
Key Highlights
- Large lot size of almost half an acre.
- Property consists of three separate buildings with multiple units.
- Mix of unit types: two‑bedroom and three‑bedroom apartments.
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
$225,591
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
6.94%
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%
$4,511,820
$4.5M
Cap Rate 7%
$3,222,729
$3.2M
Cap Rate 9%
$2,506,567
$2.5M
Market Conditions
NOI Build-Up for 11,350 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
$431.8K $38.04/SF
− Vacancy
−$21.6K −$1.90/SF
EGI
$410.2K $36.14/SF
− OpEx
−$184.6K −$16.26/SF
NOI
$225.6K $19.88/SF
Area
Berkeley, CA
Vacancy
5.00%
Lease Rate
$38.04 /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%
$4,511,820
Cap Rate 7%
$3,222,729
Cap Rate 9%
$2,506,567
Alternative Uses
Best Use
Apartment 5plus
$3.22M
$2.82M – $3.76M
NOI $225,591 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.39M
$3.84M – $5.12M
NOI $307,267 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 94710, CA
9,552
Population
4,105
Households
2.3
Avg Household Size
38
Median Age
65%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
4,342
Density / Sq Mi
$118,007
Median Household Income
$67,117
Median Earnings
$2,546
Median Rent
$1,084,500
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 - Three-building multifamily property in West Berkeley with significant rental upside.
Where is this apartment building located?
The property is located at 835 Channing Way Berkeley, CA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Large lot size of almost half an acre.; Property consists of three separate buildings with multiple units.; Mix of unit types: two‑bedroom and three‑bedroom apartments.
