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

HOA Y/N No

Year Built 1898

Lot Size 6,075 Sqft

Property Sub-Type Quadruplex

Source BAY EAST

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 Other

Flooring Hardwood

Fireplace No

Building

Lot Description Other

Water Other

Others

Special Listing Condition Offer As Is

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