2338 Roosevelt Ave · Berkeley, CA 94703

$1,095,000

7 bd · 3.0 ba · 3,434 sqft · MultiFamily public records · 18 Days on market

Built 1908 6,500 sqft lot Est $1683k · 35% under

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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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• Schools +5.7/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

On a quiet, tree-lined block, this turn-of-the-century triplex is being offered for the first time in over a generation — and represents one of the most compelling value-add opportunities Central Berkeley has seen in some time. Two buildings, three substantial units, a 6,500 sq ft lot * , and the kind of layouts that simply aren't built anymore. The front building is a classic two-story duplex with one unit on each level, totaling roughly 2,700 square feet * . The upper unit spans nearly 1,300 sq ft * and offers three bedrooms, a full bath, and a beautifully proportioned turn-of-the-century floor plan flowing from a bay-windowed living room into an oversized formal dining room and an

Key facts

• Three car garage
• Oversized storage
• Two buildings

Tags

• TWO BUILDINGS
• THREE SUBSTANTIAL UNITS
• DETACHED REAR COTTAGE
• THREE CAR GARAGE
• OVERSIZED STORAGE
• TWO BEDROOM APARTMENT

Property features AI

Finance

• Financial info: Designed as a multi-unit income property (3 units)

Exterior

• Parking: Total of 6 parking spaces; Garage plus off-street parking; Uncovered parking for 2 or more vehicles (4–7 cars possible)
• Utilities: Public water; Public sewer; Individual electric meters; Individual gas meters; Separate electric and gas meters
• Home design: Residential income property — triplex; Built in 1908
• Construction: Wood siding
• Exterior features: Back yard; Patio; Front porch; Level lot

Interior

• Bedrooms: Property includes multiple rental units (see Multi-Unit Information)
• Flooring: Hardwood; Tile; Carpet
• Bathrooms: Each of the three units has 1 bathroom
• Heating & cooling: Natural gas heating; Wall furnace; No air conditioning
• Interior features: Tub with shower over; Storage space in basement
• Laundry & utility: In-unit laundry available; Washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $802/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.09M).
• Recommended offer: $1.08M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: schools A+, amenities A+, commute 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.
• Market conditions: Rents rising (+1.1%/yr); 55 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $10,976/mo this rent would consume 120% of the median local household income ($110k/yr) (locally 1402% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,078,575 (1.5% 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 1908 — 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: 1.00% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.28%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $1,682,660
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2014 Channing Way	0.37mi	6/— (-1)	3,699 (+8%)	8mo	$1,150,000	$311	59
1819 Carleton St	0.34mi	7/4.5	2,960 (-14%)	4mo	$1,450,000	$490	52
2227 Parker St	0.69mi	7/5.0	3,575 (+4%)	17mo	$1,002,550	$280	38
2718 Martin Luther King Jr Way	0.48mi	6/3.0 (-1)	2,987 (-13%)	16mo	$1,775,000	$594	38
2222 Haste	0.64mi	7/6.0	3,339 (-3%)	21mo	$2,010,000	$602	36

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

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.69×
• Total profit: $-95,537
• Equity at exit: $163,268

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-31,882
• Equity at exit: $94,676

Cash invested: $306,600 (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 94703

• Rents YoY: 1.1%
• Active inventory: 55
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $10,976 high
• Mortgage (P&I): −$5,742
• Tax from tax record: −$868 /mo · $10,412/yr
• Insurance: −$456
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,305
• Net cashflow: $1,605

Break-even live

Break-even rent $8,945

Max offer price $1,095,000

Occupancy floor 80%

Sensitivity live

Price	-10% $2,225	-5% $1,915	+0% $1,605	+5% $1,295	+10% $985
Rent	-10% $738	-5% $1,171	+0% $1,605	+5% $2,038	+10% $2,472
Rate	-1.0pp $2,156	-0.5pp $1,883	base $1,605	+0.5pp $1,321	+1.0pp $1,032

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$10,976
Total (2 units)			$10,976

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: $273,750
• Closing costs: $32,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2227 Carleton St #3 Berkeley, CA	8.0	4.0	2500	$13,500	$5.40	44d	1	0.70mi
1235 Carrison St Berkeley, CA	6.0	4.0	2332	$1,950	$0.84	44d	1	1.02mi

Listing history 7 events

1. 2026-06-07
   statusdays on market $1,095,000 Pending 18 DOM
2. 2026-06-04
   days on market $1,095,000 Active 16 DOM
3. 2026-06-03
   days on market $1,095,000 Active 15 DOM
4. 2026-06-02
   days on market $1,095,000 Active 14 DOM
5. 2026-06-01
   days on market $1,095,000 Active 13 DOM
6. 2026-05-31
   days on market $1,095,000 Active 12 DOM
7. 2026-05-19
   listed $1,095,000 Active

ⓘ 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: $10,412 · $868/mo
• Projected year-2 tax: $10,412 · $868/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥82°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: $131,712
• − Mortgage interest: −$61,337
• − Property taxes: −$10,412
• − Insurance: −$5,475
• − Repairs & maintenance: −$10,537
• − Management: −$10,537
• − Depreciation: −$31,855
• Taxable income: $1,559
• Est. tax owed @ 24.0%: −$374
• After-tax cash flow: $18,883/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): 20,934
• Household income: $109,881
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 1402.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 52% Asian 15% Hispanic / Latino 14% Two or more races 12% Black 12%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Scotch-Irish 4% Romanian 3%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 11% Other Indo-European 4% Chinese 3%

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: ▼ -1156.26%
• Current HPI: 339.6539
• Rent YoY: ▲ 1.14%
• 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

1 event — show timeline

• 2026-05-19 Listed $1,095,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+5.6%/yr

Latest (2025): $10,412 · +25.5% YoY. Source: county tax records.