2172 Blake St · Berkeley, CA 94704

$2,700,000

18 bd · 10.0 ba · 6,902 sqft · MultiFamily public records · 28 Days on market

Built 1963 6,750 sqft lot $391/sqft · at area comps Est $2628k · at est.

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Why this score? — see what drove the B- 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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.5/10.0
• ARV discount +6.3/15.0
• Schools +5.7/10.0
• Appreciation +5.1/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

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.

Listing remarks MLS

Just four blocks from UC Berkeley and half a block off Shattuck Ave, 2172 Blake St is positioned in one of South Berkeley’s most reliable rental locations, where proximity continues to drive demand year after year. This 10-unit building offers a strong foundation with a clean, well-maintained structure and a unit mix of (2) 1BDs and (8) 2BDs across 6,902 sq ft. Current 2BD rents average $2,300–$2,500/month, leaving clear room to grow toward ~$3,000+ market levels. Several units feature oversized living rooms that may be reconfigured into additional bedrooms to better capture student demand. The building has been seismically retrofitted and is no longer on Berkeley’s soft story list, and includes gated entry, 10 parking spaces, 11 storage closets, and onsite laundry. With transit, dining, and campus just minutes away, this is a stabilized asset with meaningful upside in both income and long-term value.

Key facts

• Strong foundation
• Onsite laundry
• Gated entry

Tags

• STRONG FOUNDATION
• OVERSIZED LIVING ROOMS
• SEISMICALLY RETROFITTED
• GATED ENTRY
• ONSITE LAUNDRY

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 8×2bd/1ba units multifamily listed at $2.70M.

Deal economics

• At list price, monthly cash flow is $7k ($90k/yr) — positive. Per door: $750/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $2.70M).
• Recommended offer: $2.66M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+2.0%/yr); 32 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $31,022/mo this rent would consume 743% of the median local household income ($50k/yr) (locally 3047% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($19k loan paydown + $6k 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 $756k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$162k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($2.66M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.

Recommended offer $2,659,500 (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 1963 — 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: 1.15% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.90%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (median comp): $2,627,526
• List price: $2,700,000
• Delta: 2.76%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.9%
• Equity multiple: 1.52×
• Total profit: $394,896
• Equity at exit: $812,208

10-year hold

• IRR: 14.8%
• Equity multiple: 2.62×
• Total profit: $1,221,593
• Equity at exit: $999,118

Cash invested: $756,000 (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: 82.8×

Monthly cashflow live

• Estimated rent: $31,022 high
• Mortgage (P&I): −$14,159
• Tax from tax record: −$1,725 /mo · $20,696/yr
• Insurance: −$1,125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,515
• Net cashflow: $7,499

Break-even live

Break-even rent $21,530

Max offer price $2,700,000

Occupancy floor 71%

Sensitivity live

Price	-10% $9,027	-5% $8,263	+0% $7,499	+5% $6,734	+10% $5,970
Rent	-10% $5,048	-5% $6,273	+0% $7,499	+5% $8,724	+10% $9,949
Rate	-1.0pp $8,858	-0.5pp $8,185	base $7,499	+0.5pp $6,799	+1.0pp $6,087

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$5,432
▸ 8× units	2	1	$25,592
Total (10 units)			$31,022

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: $675,000
• Closing costs: $81,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   status Pending 932-char remark

   Show marketing remark (932 chars)

   Just four blocks from UC Berkeley and half a block off Shattuck Ave, 2172 Blake St is positioned in one of South Berkeley’s most reliable rental locations, where proximity continues to drive demand year after year. This 10-unit building offers a strong foundation with a clean, well-maintained structure and a unit mix of (2) 1BDs and (8) 2BDs across 6,902 sq ft. Current 2BD rents average $2,300–$2,500/month, leaving clear room to grow toward ~$3,000+ market levels. Several units feature oversized living rooms that may be reconfigured into additional bedrooms to better capture student demand. The building has been seismically retrofitted and is no longer on Berkeley’s soft story list, and includes gated entry, 10 parking spaces, 11 storage closets, and onsite laundry. With transit, dining, and campus just minutes away, this is a stabilized asset with meaningful upside in both income and long-term value.

2. 2026-04-14
   listed $2,700,000 Active 932-char remark

   Show marketing remark (932 chars)

   Just four blocks from UC Berkeley and half a block off Shattuck Ave, 2172 Blake St is positioned in one of South Berkeley’s most reliable rental locations, where proximity continues to drive demand year after year. This 10-unit building offers a strong foundation with a clean, well-maintained structure and a unit mix of (2) 1BDs and (8) 2BDs across 6,902 sq ft. Current 2BD rents average $2,300–$2,500/month, leaving clear room to grow toward ~$3,000+ market levels. Several units feature oversized living rooms that may be reconfigured into additional bedrooms to better capture student demand. The building has been seismically retrofitted and is no longer on Berkeley’s soft story list, and includes gated entry, 10 parking spaces, 11 storage closets, and onsite laundry. With transit, dining, and campus just minutes away, this is a stabilized asset with meaningful upside in both income and long-term value.

3. 2024-03-24
   historical $2,695
4. 2023-12-31
   listed $2,695

ⓘ 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: $20,696 · $1,725/mo
• Projected year-2 tax: $20,696 · $1,725/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 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: $372,264
• − Mortgage interest: −$151,242
• − Property taxes: −$20,696
• − Insurance: −$13,500
• − Repairs & maintenance: −$29,781
• − Management: −$29,781
• − Depreciation: −$78,545
• Taxable income: $48,718
• Est. tax owed @ 24.0%: −$11,692
• After-tax cash flow: $78,291/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

+100085.5% since first listed

4 events — show timeline

• 2026-05-12 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-14 Listed $2,700,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-24 Rental Removed $2,695 APPFOLIO
• 2023-12-31 Listed for Rent $2,695 APPFOLIO

Property tax history

+4.9%/yr

Latest (2025): $20,696 · +22.7% YoY. Source: county tax records.