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Listed by Eymon Binesh • Marcus & Millichap, DRE#02060059
$4,488,000
Est. payment /mo
3 Beds
2 Baths
12,288 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Pending
Purchase Type For Sale
Square Footage 12,288 sqft
Price per Sqft $365
MLS Listing ID ML82057793
Bedrooms 3
Full Baths 2
Year Built 1960
Lot Size 0.310 Acres
Property Sub-Type Five or More Units
Property Description
1430 Josephine Street, a 19-unit, fully occupied multifamily investment opportunity located in one of Berkeley's most desirable rental submarkets. Built in 1960, the property spans 12,288 square feet on a 0.31-acre lot and offers a highly desirable unit mix of fifteen 2-bedroom and four 1-bedroom units, complemented by 12 carport parking spaces. Offered at $4,488,000 ($236,211 per unit / $365 per square foot), the asset is 95% leased and generating a stable 6.03% current cap rate, with in-place rents running approximately 23% below market creating substantial upside for a new owner through natural turnover and lease-up to market rates, projected to reach an 8.99% pro forma cap rate. Individually metered gas and electric help control owner expenses, while the property's infill North Berkeley location provides convenient access to UC Berkeley, major East Bay employers, BART, and I-80. With Berkeley's limited housing supply and consistently strong renter demand, 1430 Josephine Street offers investors a rare opportunity to acquire a stabilized, high-occupancy asset with significant embedded rental growth in a high-barrier-to-entry market.
Location
State CA
County Alameda
Area Berkeley Map Area 3
Zoning R-2
Interior
Heating Gas
Cooling None
Exterior
Parking Features Assigned Spaces, Carport
Utilities Available Public Utilities
Roof Type Rolled Composition
Building
Foundation Concrete Perimeter
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 059-2273-013-01
Security Features None
Special Listing Condition Not Applicable
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