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1430 Josephine St 19 Unit Apartment Building $5,280,000 ($277,895/Unit) 5.40% Cap Rate Berkeley, CA 94703
Executive Summary
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 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.
Property Facts
| Price | $5,280,000 | Apartment Style | Low-Rise |
| Price Per Unit | $277,895 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 5.40% | Building Size | 15,754 SF |
| Gross Rent Multiplier | 10.5 | No. Stories | 2 |
| No. Units | 19 | Year Built | 1953 |
| Property Type | Multifamily | Parking Ratio | 1.46/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-2 - Medium Density Residential | ||
| Price | $5,280,000 |
| Price Per Unit | $277,895 |
| Sale Type | Investment |
| Cap Rate | 5.40% |
| Gross Rent Multiplier | 10.5 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 15,754 SF |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | R-2 - Medium Density Residential |
Amenities
Unit Amenities
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 19 | - | - |
1 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Biker's Paradise (90)
Property Taxes
| Parcel Number | 059-2273-013-01 | Improvements Assessment | $2,498,071 |
| Land Assessment | $1,672,536 | Total Assessment | $4,181,814 |
Property Taxes
Parcel Number
059-2273-013-01
Land Assessment
$1,672,536
Improvements Assessment
$2,498,071
Total Assessment
$4,181,814
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1430 Josephine St
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