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$ 4,488,000
Est. payment /mo
Pending
1430 Josephine ST Berkeley, CA 94703
0.31 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
MLS Listing ID ML82057793
HOA Y/N No
Year Built 1960
Annual Tax Amount $84,913
Lot Size 0.310 Acres
Property 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.
Location
State CA
County Alameda
Area 699 - Not Defined
Zoning R-2
Interior
Cooling None
Fireplace No
Exterior
Carport Spaces 6
Total Parking Spaces 6
Building
Water Public
Schools
School District Other
Others
Tax ID 059227301301
Special Listing Condition Standard
Listed by Eymon Binesh Marcus & Millichap #02060059
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