1430 Josephine ST, Berkeley, CA 94703
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1430 Josephine ST, Berkeley, CA 94703
1430 Josephine ST, Berkeley, CA 94703
1430 Josephine ST, Berkeley, CA 94703
1430 Josephine ST, Berkeley, CA 94703
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Alan Canas

Alan Canas

+1(415) 298-8940
Listed by Eymon Binesh • Marcus & Millichap, DRE#02060059
$ 4,488,000
Est. payment /mo
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Pending

1430 Josephine ST Berkeley, CA 94703

3 Beds

2 Baths

12,288 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Pending

Purchase Type For Sale

Square Footage 12,288 sqft

Price per Sqft $365

MLS Listing ID ML82057793

Bedrooms 3

Full Baths 2

Year Built 1960

Lot Size 0.310 Acres

Property Sub-Type Five or More Units

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 Berkeley Map Area 3

Zoning R-2

Interior

Heating Gas

Cooling None

Exterior

Parking Features Assigned Spaces, Carport

Utilities Available Public Utilities

Roof Type Rolled Composition

Building

Foundation Concrete Perimeter

Sewer Sewer - Public

Water Public

Others

Restrictions None

Tax ID 059-2273-013-01

Security Features None

Special Listing Condition Not Applicable

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Alan Canas

Alan Canas

PRIVATE OFFICE ADVISOR & LICENSED PARTNER | Realtor® CA DRE 01793936NV DRE S.0205600

+1(415) 298-8940

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1430 Josephine ST