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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1988 Martin Luther King Jr Way Berkeley, CA 94704-1665

    • Apartment buildings
    • 108,048 SF
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    $24,270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-7251964
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • New Californian Apartments / Apartment Complex

    Property Details for 1988 Martin Luther King Jr Way

    Year built
    2010
    Construction
    STEEL FRAME
    Lot size
    1.00 lot acres
    Property size
    108,048 SF
    Property type
    Apartment buildings
    APN
    57-2060-1
    APU
    5720601

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $35,795,000
      6.5%
      $33,040,000
      7%
      $30,680,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $38,510,000
      Current use
      RETAIL STORES
      $39,055,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $34,795,000
      Change: -10% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Berkeley
    County
    Alameda
    State
    California
    Longitude
    -122.274
    Latitude
    37.872
    CBSA code
    41860
    CBSA name
    SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $753,585
    $2,751,656
    $41,536,060
    $44,287,716
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.15 Acres

      1940 Haste St

      APARTMENT HOUSE (5+ UNITS) • 0.15 Acres
      1940 Haste St, Berkeley, CA 94704-3194
      View Details
    • Value Estimation
      $3,010,000
      15,597 SF

      2610 Regent St

      APARTMENT HOUSE (5+ UNITS) • 15,597 SF
      2610 Regent St, Berkeley, CA 94704-3343
      View Details
    • Value Estimation
      $13,980,000
      62,050 SF

      2628 Shattuck Ave

      APARTMENT HOUSE (5+ UNITS) • 62,050 SF
      2628 Shattuck Ave, Berkeley, CA 94704-3236
      View Details
    • Value Estimation
      $15,250,000
      67,558 SF

      1987 Shattuck Ave

      APARTMENT HOUSE (5+ UNITS) • 67,558 SF
      1987 Shattuck Ave, Berkeley, CA 94704-1033
      View Details
    • Value Estimation
      $1,320,000
      7,218 SF

      2540 Regent St

      APARTMENT HOUSE (5+ UNITS) • 7,218 SF
      2540 Regent St, Berkeley, CA 94704-2922
      View Details
    • Value Estimation
      $3,145,000
      15,460 SF

      2815 Channing Way

      APARTMENT HOUSE (5+ UNITS) • 15,460 SF
      2815 Channing Way, Berkeley, CA 94704-2504
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Berkeley Mixed-Use Development

      Pre-approved, high-density project, prime location.
      2655 Shattuck Ave, Berkeley, CA 94704
      View Details
    • $4,750,000

      Dwight Way Student Housing Investment

      12-unit property near UC Berkeley with repositioning potential.
      2741 Dwight Way, Berkeley, CA 94704
      View Details
    • $2,600,000

      Mixed-Use Building Site in Berkeley

      Mixed-use property with development potential in Berkeley, California.
      2509 Dwight Way, Berkeley, CA 94704
      View Details
    • $15,000,000
      39,682 SF

      Berkeley Mixed-Use Investment Opportunity

      Mixed-use building near UC Berkeley with value-add potential.
      2414 Telegraph Ave, Berkeley, CA 94704
      View Details
    • $6,200,000

      Berkeley Multifamily Investment Opportunity

      17-unit apartment building near UC Berkeley's campus.
      2409 College Ave, Berkeley, CA 94704
      View Details
    • $1,195,000
      2,163 SF

      Berkeley Duplex Near UC Berkeley

      Charming 1906 duplex in Downtown Berkeley near UC Berkeley.
      1921 Dwight Way, Berkeley, CA 94704
      View Details

    Similar Nearby for Lease

    • $71 SF/Yr
      9,662 SF

      Downtown Berkeley Office Space

      Prime Berkeley location, flexible suites.
      2001 Addison St, Berkeley, CA 94704
      View Details
    • Contact for pricing
      38,745 SF

      Berkeley Office Space For Lease

      Office space available for lease in Berkeley, California.
      2030 Addison St | Berkeley, Berkeley, CA 94704
      View Details
    • Contact for pricing
      5,048 SF

      Berkeley Retail Space Available Now

      Retail spaces available in Downtown Berkeley, near restaurants and entertainment.
      2000 Shattuck Ave, Berkeley, CA 94704
      View Details
    • Contact for pricing
      1,553 SF

      Retail Space Near UC Berkeley

      Retail space ideal for fitness or dance studio use.
      2055 Center St, Berkeley, CA 94704
      View Details
    • Contact for pricing
      6,780 SF

      Berkeley Office Space with Amenities

      Office space featuring exposed brick, outdoor deck, and high-end finishes.
      2168 Shattuck Ave, Berkeley, CA 94704
      View Details
    • $3 SF/Yr
      19,808 SF

      Plug and Play Office Space

      Newly renovated office space with workstations and conference rooms.
      2100 Milvia St, Berkeley, CA 94704
      View Details
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    1988 Martin Luther King Jr Way
    Berkeley, CA 94704-1665
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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