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
Courtesy of Marcus & Millichap, Eymon Binesh 650-546-1030
Listing Snapshot
Days Online
0
Last Updated
Property Type
Five Or More Units
Square Ft.
12,288
Lot Size
0.31 Acres
Year Built
1960
MLS Number
ML82057793
Additional Details
Lot
Max Area: 13500.00, Max Area Units: Square Feet, Lot is 0.3099173553719 acres
Accessibility Features
None
Unit One
Rent: $1,284, 2 bedrooms
Unit Two
Rent: $1,813, bedroom 1
Building
12,288 structure square feet, Age: 66, Built in 1960, 3 buildings, 19 minimum units in complex
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