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Listed by Eymon Binesh • Marcus & Millichap, DRE#02060059
$ 4,798,000
Est. payment /mo
Price Dropped by $482K
1430 Josephine ST Berkeley, CA 94703
3 Beds
2 Baths
12,288 SqFt
Open House
Wed Apr 22, 11:00am - 12:00pm
UPDATED:
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 $390
MLS Listing ID ML82037892
Bedrooms 3
Full Baths 2
Year Built 1960
Lot Size 0.310 Acres
Property Sub-Type Five or More Units
Property Description
Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 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 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's 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
Laundry Washer / Dryer
Exterior
Parking Features 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 Listing Condition Not Applicable
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