1504 10th St · Berkeley, CA 94710

$1,525,000

6 bd · 6.0 ba · 3,194 sqft · MultiFamily public records · 71 Days on market

Built 1926 8,712 sqft lot $477/sqft · 26% above area Est $1213k · 26% over

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Why this score? — see what drove the D 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 +17.2/30.0
• Schools +5.7/10.0
• DSCR +5.4/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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.

Listing remarks MLS

The offering presents 1504 10th Street, Berkeley, CA, a well-maintained 6-unit multifamily property comprising 6 1-bedroom, 1-bathroom units. The 3,194 sq. ft. building sits on a 0.20-acre lot and is currently 67% occupied. Built in 1926, the property offers a prime location near UC Berkeley and is within walking distance of restaurants, shops, and public transit. With below-market rents, there is a significant value-add opportunity to increase rents to market rates and improve occupancy. The current rent roll totals $11,627/month, with a pro forma rent roll of $14,400/month, representing a 19% upside. The current cap rate is 5.90%, with a proforma cap rate of 7.90%, indicating strong potential for future returns.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1926

What this means for you Summary

Snapshot

• This is a 6-bed/6.0-bath multifamily listed at $1.52M.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.52M).
• Recommended offer: $1.43M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 (+2.2%/yr); 30 active listings in the ZIP; 1 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 $15,264/mo this rent would consume 179% of the median local household income ($102k/yr) (locally 764% 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 $11k of loan paydown is wiped out by about $46k 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 71 days — a 6% lower offer ($1.43M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,433,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• GRM: 8.3

CMA / ARV

• ARV (median comp): $1,213,060
• List price: $1,525,000
• Delta: 25.72%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1337 University Ave	0.67mi	6/4.0	2,832 (-11%)	15mo	$825,000	$291	30

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 · 2.24% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.56×
• Total profit: $-188,406
• Equity at exit: $227,382

10-year hold

• IRR: -4.4%
• Equity multiple: 0.72×
• Total profit: $-118,998
• Equity at exit: $131,854

Cash invested: $427,000 (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 94710

• Rents YoY: 2.2%
• Active inventory: 30
• Price-to-rent: 50.0×

Monthly cashflow live

• Estimated rent: $15,264 high
• Mortgage (P&I): −$7,997
• Tax from tax record: −$2,330 /mo · $27,959/yr
• Insurance: −$635
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,205
• Net cashflow: $1,096

Break-even live

Break-even rent $13,877

Max offer price $1,525,000

Occupancy floor 88%

Sensitivity live

Price	-10% $1,959	-5% $1,528	+0% $1,096	+5% $664	+10% $233
Rent	-10% $-110	-5% $493	+0% $1,096	+5% $1,699	+10% $2,302
Rate	-1.0pp $1,864	-0.5pp $1,484	base $1,096	+0.5pp $701	+1.0pp $299

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$15,264
Total (6 units)			$15,264

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: $381,250
• Closing costs: $45,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1730 Francisco St Berkeley, CA	5.0	3.5	2250	$8,000	$3.56	26d	1	1.07mi

Listing history 21 events

1. 2026-06-09
   days on market $1,525,000 Active 71 DOM
2. 2026-06-08
   days on market $1,525,000 Active 70 DOM
3. 2026-06-07
   days on market $1,525,000 Active 69 DOM
4. 2026-06-04
   days on market $1,525,000 Active 66 DOM
5. 2026-06-03
   days on market $1,525,000 Active 65 DOM
6. 2026-06-02
   days on market $1,525,000 Active 64 DOM
7. 2026-06-01
   days on market $1,525,000 Active 63 DOM
8. 2026-05-31
   days on market $1,525,000 Active 62 DOM
9. 2026-04-30
   price $1,525,000 723-char remark

   Show marketing remark (723 chars)

   The offering presents 1504 10th Street, Berkeley, CA, a well-maintained 6-unit multifamily property comprising 6 1-bedroom, 1-bathroom units. The 3,194 sq. ft. building sits on a 0.20-acre lot and is currently 67% occupied. Built in 1926, the property offers a prime location near UC Berkeley and is within walking distance of restaurants, shops, and public transit. With below-market rents, there is a significant value-add opportunity to increase rents to market rates and improve occupancy. The current rent roll totals $11,627/month, with a pro forma rent roll of $14,400/month, representing a 19% upside. The current cap rate is 5.90%, with a proforma cap rate of 7.90%, indicating strong potential for future returns.

10. 2026-03-30
    listed $1,600,000 Active 723-char remark

    Show marketing remark (723 chars)

    The offering presents 1504 10th Street, Berkeley, CA, a well-maintained 6-unit multifamily property comprising 6 1-bedroom, 1-bathroom units. The 3,194 sq. ft. building sits on a 0.20-acre lot and is currently 67% occupied. Built in 1926, the property offers a prime location near UC Berkeley and is within walking distance of restaurants, shops, and public transit. With below-market rents, there is a significant value-add opportunity to increase rents to market rates and improve occupancy. The current rent roll totals $11,627/month, with a pro forma rent roll of $14,400/month, representing a 19% upside. The current cap rate is 5.90%, with a proforma cap rate of 7.90%, indicating strong potential for future returns.

11. 2026-02-12
    price $1,895,000
12. 2026-01-29
    listed $1,950,000 Active
13. 2022-08-10
    soldstatus $1,467,200
14. 2022-08-10
    soldstatus $1,467,200
15. 2022-08-10
    soldstatus $1,467,500
16. 2022-06-09
    listed $1,450,000
17. 2022-06-09
    listed $1,450,000
18. 2004-09-01
    soldstatus $900,000
19. 2004-09-01
    soldstatus $900,000
20. 2004-07-01
    listed $828,000
21. 2002-07-18
    soldstatus $795,000

ⓘ 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: $27,959 · $2,330/mo
• Projected year-2 tax: $27,959 · $2,330/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 4/10 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: $183,168
• − Mortgage interest: −$85,424
• − Property taxes: −$27,959
• − Insurance: −$7,625
• − Repairs & maintenance: −$14,653
• − Management: −$14,653
• − Depreciation: −$44,364
• Taxable loss: −$11,510
• Est. tax savings @ 24.0%: +$2,762
• After-tax cash flow: $15,914/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): 8,380
• Household income: $102,227
• Rent vs Own: 63.2% rent · 36.8% own
• Severe rent burden: 764.0

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 0.70)
• Race & ethnicity: White 48% Hispanic / Latino 20% Asian 13% Two or more races 13% Black 9% Native American 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Scotch-Irish 4% Romanian 3% Slovak 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 73% English-only · Spanish 15% Chinese 3% Other Indo-European 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: ▼ -444.39%
• Current HPI: 283.2007
• Rent YoY: ▲ 2.24%
• 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

+91.8% since first listed

13 events — show timeline

• 2026-04-30 Price Changed $1,525,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-30 Listed $1,600,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-02-12 Price Changed $1,895,000 San Francisco MLS
• 2026-01-29 Listed $1,950,000 San Francisco MLS
• 2022-08-10 Sold (Public Records) $1,467,500 Public Records
• 2022-08-10 Sold (MLS) $1,467,200 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-08-10 Sold (MLS) $1,467,200 San Francisco MLS
• 2022-06-09 Listed $1,450,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-06-09 Listed $1,450,000 San Francisco MLS
• 2004-09-01 Sold (Public Records) $900,000 Public Records
• 2004-09-01 Sold (MLS) $900,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-07-01 Listed $828,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2002-07-18 Sold (Public Records) $795,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $27,959 · +10.9% YoY. Source: county tax records.