2429 San Pablo Ave — Sale in Berkeley, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Berkeley, CA 94702

Photos

2429 San Pablo Ave — Sale in Berkeley, CA, photo 1 of 2
2429 San Pablo Ave — Sale in Berkeley, CA, photo 2 of 2

Investment Figures

Cap rate
5.81%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Four-Unit Value-Add Opportunity in Berkeley’s West Berkeley Corridor! This uniform four-unit multifamily asset has four 1-bedroom, 1-bathroom apartments at 588 SF each (2,352 SF total) on a 0.12-acre lot, with four dedicated surface parking spaces. Three of the four units are leased (75% occupied), and the vacant unit can be leased at the $2,500 market rent from day one. In-place rents average ~$2,357 per unit, about 6% below market. In-place NOI of ~$69.6K (5.81% cap, 10.59 GRM) grows to a projected ~$76.3K stabilized NOI (6.37% pro forma cap, 9.98 GRM) as the building leases up and rents reach market. Electric and gas are individually metered. Located along San Pablo Avenue, one of the East Bay’s most established residential and commercial corridors, near UC Berkeley, regional transit, and local dining and retail. Zoned C-W (West Berkeley Commercial). Priced at $1,198,000 ($299,500/unit, $509/SF). Investment Highlights: • Four identical 588 SF 1BD/1BA units with 4 dedicated surface parking spaces on San Pablo Avenue, one of the East Bay's most established residential and commercial corridors. • 5.81% in-place cap rate rising to a 6.37% pro forma cap at $1,198,000 ($299,500/unit, $509/SF), with individually metered electric and gas. • Priced at $299,500/unit ($509/SF) with individually metered electric and gas, a lower-cost entry into Berkeley multifamily near UC Berkeley, transit, and dining.

Market Context

This multifamily in Berkeley, CA is listed for sale. It is offered at an approximate 5.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Berkeley, CA — view the full market.

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Questions to ask the broker

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  • What is the asking price?
  • What is the current zoning, and does it allow my intended use?
  • How many parking spaces come with the property?

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