Property listed by Marcus & Millichap, Eymon Binesh 650-391-1700
1430 Josephine Street
Berkeley, CA 94703
Square Ft.
12,288
$4,488,000
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… Read More 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. Read Less
Listing Snapshot
Days Online
1
Last Updated
Square Ft.
12,288
Lot Size
0.31 Acres
Year Built
1960
MLS Number
ML82057793
Additional Details
Building
Built in 1960, 3 buildings
Cooling
None
Expenses
Insurance: $23,750, Maintenance: $19,000, Trash: $10,587, Other Expense: $28,071
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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