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$1,900,000
Est. payment /mo
8 Beds
3,424 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,424 sqft
Price per Sqft $554
Subdivision Berkeley
MLS Listing ID 41153458
Bedrooms 8
HOA Y/N No
Year Built 1898
Lot Size 6,075 Sqft
Acres 0.14
Property Sub-Type Quadruplex
Property Description
Marcus & Millichap is pleased to present 1425 Martin Luther King Jr. Way, a fully occupied four-unit apartment property in Berkeley's North Shattuck neighborhood. Built in 1898, the two-story Victorian features four two-bedroom, one-bathroom apartments, each measuring approximately 856 square feet. The building totals 3,424 gross square feet on a 0.14-acre lot. All four apartments are leased, providing an established rental income stream at acquisition. In-place rents average $2,944 per month, compared with an underwritten market rent of $3,300 per unit. Monthly rents range from $2,360 to $3,300, with one apartment already leased at the market rent used in the underwriting. Scheduled gross rent is $141,300 annually, compared with $158,400 at market rents, an increase of $17,100 if the remaining units reach the underwritten market rent. Laundry contributes an additional $1,440 in annual income. The property benefits from a walkable location near the shops and restaurants along Shattuck Avenue. North Shattuck is known for its food and arts cooperatives and its role in the development of California cuisine. Neighborhood destinations include the Cheese Board Collective, Chez Panisse, and Epicurious Garden. AC Transit bus service gives residents another option for getting around Berkeley and the surrounding area. The property is offered at $1,900,000, or $475,000 per unit and $554.91 per gross square foot. Current net operating income of $97,260 supports a 5.12% capitalization rate at the asking price. Underwritten pro forma net operating income of $113,884 implies a 5.99% capitalization rate. The offering combines in-place income from four leased apartments with the potential for rental income growth over time.
Location
State CA
County Alameda
Rooms
Basement None
Interior
Heating Wall Furnace
Cooling Other
Flooring Hardwood
Fireplace No
Exterior
Exterior Feature Back Yard
Building
Lot Description Other
Sewer Public Sewer
Water Other
New Construction No
Others
Tax ID 59226927
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Listed by Emil Jellinek • Marcus & Millichap
NEARBY SCHOOL & BUSINESS
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Eric & Janelle Boyenga
Realtors DRE01254724 / 01254725
Realtors DRE01254724 / 01254725