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$ 5,280,000
Est. payment | /mo
3 Beds
2 Baths
12,288 SqFt
$ 5,280,000
Est. payment | /mo
3 Beds
2 Baths
12,288 SqFt
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 12,288 sqft
Price per Sqft $429
Lot Size 0.310 Acres
MLS Listing ID ML82037892
Bedrooms 3
Full Baths 2
Property Description
BCG Multifamily of Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $5,280,000 ($277,895 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 5.37% to 9.25% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeleys city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.
Location
State CA
County Alameda
Area Berkeley Map Area 3
Zoning R-2
Interior
Heating Electric
Cooling None
1-purchase type For Sale
Exterior
Garage Assigned Spaces, Covered Parking, Uncovered Parking
Utilities Available Public Utilities
Roof Type Rolled Composition
Building
Foundation Concrete Slab
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 059-2273-013-01
Security Features None
Special Sale Not Applicable
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Listed by Eymon Binesh of Marcus & Millichap
Bought with Eymon Binesh of Marcus & Millichap
Bought with Eymon Binesh of Marcus & Millichap
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Robert Lucido
Advisor | yjnn 4444789