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$ 1,900,000
Est. payment | /mo
6,076 Sqft Lot
$ 1,900,000
Est. payment | /mo
6,076 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Subdivision Berkeley
MLS Listing ID 41153458
HOA Y/N No
Year Built 1898
Lot Size 6,076 Sqft
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
Interior
Heating Wall Furnace
Cooling See Remarks
Flooring Wood
Fireplace No
Exterior
Roof Type Shingle
Total Parking Spaces 4
Building
Lot Description Back Yard
Others
Tax ID 59226927
Acceptable Financing Owner May Carry
Listing Terms Owner May Carry
Listed by Emil Jellinek Marcus & Millichap #02242403
Nearby Locations
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