Listed by Marcus & Millichap - San Francisco
$1,525,000
1504 10th Street
Details
APN 59-2311-7
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,194
Units 6
Beds 6
Cap Rate 6.25%
NOI $95,297
Occupancy 67%
Tenancy Multi
Pro-Forma Cap Rate 8.35%
Pro-Forma NOI $127,342
Price per SqFt $477
Year Built 1926
Acreage 0.200
Zoning RM
Parking Spaces 4 spaces
Parking Per SqFt 1.25
Investment Type Value Add
Multifamily | 6.25% CAP | 6 Units
Marketing description
The offering presents 1504 10th Street, Berkeley, CA, a well-maintained 6-unit multifamily property comprising 6 1-bedroom, 1-bathroom units. The 3,194 sq. ft. building sits on a 0.20-acre lot and is currently 67% occupied. Built in 1926, the property offers a prime location near UC Berkeley and is within walking distance of restaurants, shops, and public transit.
With below-market rents, there is a significant value-add opportunity to increase rents to market rates and improve occupancy. The current rent roll totals $11,617/month, with a pro forma rent roll of $14,370/month, representing a 19% upside. The current cap rate is 6.25%, with a proforma cap rate of 8.35%, indicating strong potential for future returns.
Investment highlights
- Ideal unit mix of (6) 1-Bed/1-Bath units
- Walking distance from North Berkeley BART Station
- Just steps away from the vibrant 4th Street shops & restaurants
- Just minutes from UC Berkeley Campus
- Individually metered for all utilities
Listing Contacts
Listed by Marcus & Millichap - San Francisco
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$95,297.39
$7,941.45/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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