2639-2645 Fulton St · Berkeley, CA 94704

$1,750,000

10 bd · 5.0 ba · 3,768 sqft · MultiFamily public records · 12 Days on market

Built 1930 5,625 sqft lot Est $1485k · 18% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.2/30.0
• DSCR +6.4/10.0
• Schools +5.7/10.0
• Appreciation +5.1/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 5,625 sq ft lot
• 3 parking spots
• Built 1930

Property features AI

Finance

• Financial info: Gross scheduled income approximately $179,328; Annual rental income approximately $178,128; Annual gross income approximately $173,948; Other income approximately $1,200; Total expenses approximately $25,275; Vacancy factor 3%; Gross rent multiplier 9.76; Landscape expense approximately $1,200; Trash expense approximately $4,800; Utility expenses approximately $3,000; Annual tax amount approximately $11,307; City transfer tax applicable

Exterior

• Parking: Common parking area; On-street parking; 3 parking spaces
• Utilities: Public water; Community sewer/septic; Public utilities available; Tenants pay for electricity and gas
• Home design: Residential zoning; Two buildings on site
• Construction: Wood frame construction; Composition roof; Concrete perimeter foundation; Crawl space foundation; Built as part of a multi-unit complex (minimum 5 units)
• Exterior features: Balcony or patio; Drought-tolerant landscaping; Grade slopes down; Zero lot line

Interior

• Kitchen: Granite countertops; Dishwasher; Gas oven; Refrigerator (varies by unit)
• Flooring: Hardwood
• Heating & cooling: Wall furnace heating
• Interior features: High ceilings; Hardwood flooring; Coin-operated laundry
• Laundry & utility: Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.2-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.65M (5.7% below list).
• Recommended offer: $1.65M (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 2.0% in Berkeley — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#74 in CA, #2,860 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Berkeley Unified (urban): math 61% / reading 67% proficiency, ranked #175 of 1,400 in CA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Malcolm X Elementary (459 students, 29% FRL); Martin Luther King Middle (871 students, 20% FRL); Berkeley High (math 74% / reading 98%, grade A, #25 of 1,170 statewide, top 2%, 3,204 students, 23% FRL).
• Zoned-school proficiency averages 86% at this address vs 64% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Berkeley Unified average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.0%/yr); 32 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($12k loan paydown + $4k appreciation (0.2% local appreciation)).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 2.0% rent growth), your $490k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$105k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,651,000 (5.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.37%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $1,484,592
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2070 Emerson St	0.49mi	9/5.0 (-1)	3,712 (-2%)	15mo	$1,340,000	$361	58
2443 Woolsey St	0.67mi	11/— (+1)	3,510 (-7%)	9mo	$1,580,000	$450	45
2112 Ashby Ave	0.40mi	9/6.0 (-1)	3,452 (-8%)	17mo	$950,000	$275	44
2649 Benvenue Ave	0.54mi	9/— (-1)	4,192 (+11%)	15mo	$1,652,000	$394	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.21% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.18×
• Total profit: $89,434
• Equity at exit: $526,431

10-year hold

• IRR: 8.3%
• Equity multiple: 1.90×
• Total profit: $441,325
• Equity at exit: $647,576

Cash invested: $490,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Berkeley: 0 Strongly Tenant-Friendly · D+78

Original CA rent control city; vacancy rent control after Costa Hawkins limits.

Methodology + full state rankings →

ZIP-level market 94704

• Home prices YoY: 0.1%
• Rents YoY: 2.0%
• Active inventory: 32
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $16,510 high
• Mortgage (P&I): −$9,177
• Tax from tax record: −$942 /mo · $11,308/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,467
• Net cashflow: $2,194

Break-even live

Break-even rent $13,732

Max offer price $1,750,000

Occupancy floor 82%

Sensitivity live

Price	-10% $3,185	-5% $2,690	+0% $2,194	+5% $1,699	+10% $1,204
Rent	-10% $890	-5% $1,542	+0% $2,194	+5% $2,846	+10% $3,499
Rate	-1.0pp $3,076	-0.5pp $2,639	base $2,194	+0.5pp $1,741	+1.0pp $1,279

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.2	$16,508
Total (4 units)			$16,510

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $1,750,000 Active 12 DOM
2. 2026-06-18
   days on market $1,750,000 Active 9 DOM
3. 2026-06-17
   days on market $1,750,000 Active 8 DOM
4. 2026-06-16
   days on market $1,750,000 Active 7 DOM
5. 2026-06-15
   days on market $1,750,000 Active 6 DOM
6. 2026-06-13
   days on market $1,750,000 Active 4 DOM
7. 2026-06-13
   days on market $1,750,000 Active 3 DOM
8. 2026-06-10
   listed $1,750,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $11,308 · $942/mo
• Projected year-2 tax: $13,300 · $1,108/mo
• Expected delta: +$1,992/yr (+$166/mo · 17.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $198,120
• − Mortgage interest: −$98,027
• − Property taxes: −$11,308
• − Insurance: −$8,750
• − Repairs & maintenance: −$15,850
• − Management: −$15,850
• − Depreciation: −$50,909
• Taxable loss: −$2,573
• Est. tax savings @ 24.0%: +$618
• After-tax cash flow: $26,948/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berkeley Unified
• NCES district ID: 0604740
• Math proficiency: 61% ▲ 2.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $66,202
• Composite: 57.37/100
• National rank: #2288
• State rank: #175 of 1400 in CA

Livability — Berkeley

• Score: 77/100
• State rank: #74
• US rank: #2860

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berkeley, CA
• County: Alameda County · 1,614,355 people
• City population: 121,632
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 23,788
• Household income: $50,129
• Rent vs Own: 87.6% rent · 12.4% own
• Severe rent burden: 3047.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Asian 37% White 36% Hispanic / Latino 13% Two or more races 11% Black 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 3% Italian 2% Romanian 2%
• Foreign-born: 28% · China, Canada, South Korea
• Languages at home: 58% English-only · Chinese 13% Spanish 9% Other Indo-European 6%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.21%
• Current HPI: 284.0144
• Rent YoY: ▲ 2.04%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-06-09 Listed $1,750,000 MLSListings
• 2026-06-09 Listed $1,750,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+4.9%/yr

Latest (2025): $11,308 · +22.2% YoY. Source: county tax records.