1430 Josephine Street,Berkeley, CA 94703
Berkeley, CA 94703
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.
Details
| MLS # | ML82057793 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1960 |
| Days On Site | 30 |
| Listing Provided By | Marcus & Millichap | Eymon Binesh |
Features
| SQ Feet | 12,288 |
|---|---|
| Car Port | Yes |
| Building(s) | 3 |
| Zoning | R-2 |
| Acreage | 0.31 |
Interior
| Cooling | None |
|---|---|
| Cooling Yes / No | Yes |
Taxes
| Property | 84913 |
|---|
Area Information
| State | CA |
|---|---|
| County | Alameda |
| City | Berkeley |
| Zip Code | 94703 |
| Area | 699 Not Defined |
| Listing VS Median (in 94703) | |
Price: $4,488,000 low | high Med: $999,000 sqft: 12,288 low | high Med: 1,266 $ / sqft: $365 low | high Med: $789 On site: 30 low | high Med: 4 | |
Market Activity 94703
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | Alameda |
| City | Berkeley |
| Zip Code | 94703 |
| Area | 699 Not Defined |
| Listing VS Median (in 94703) | |
Price: $4,488,000 low | high Med: $999,000 sqft: 12,288 low | high Med: 1,266 $ / sqft: $365 low | high Med: $789 On site: 30 low | high Med: 4 | |