Listed by Eymon Binesh • Marcus & Millichap
$4,488,000
Est. payment /mo
12,288 SqFt
Pending
1430 Josephine Street Berkeley, CA 94703
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Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 12,288 sqft
Price per Sqft $365
MLS Listing ID ML82057793
HOA Y/N No
Year Built 1960
Lot Size 0.310 Acres
Property Sub-Type Other
Source Datashare MLSListings
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
Interior
Heating Natural Gas
Cooling None
Fireplace No
Appliance Dishwasher, Refrigerator
Building
Water Public
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