968 Addison St · Berkeley, CA 94710

$3,996,000

25 bd · 18.0 ba · 11,480 sqft · MultiFamily public records · 105 Days on market

Built 1943 0.46 ac lot $348/sqft · 8% below area Est $4334k · 8% 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 +23.8/30.0
• ARV discount +11.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.5/10.0
• Schools +5.7/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 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

968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

Key facts

• Lifestyle amenities
• Private parking
• 0.46 acre lot

Tags

• 18 UNIT MULTIFAMILY ASSET
• PRIVATE PARKING
• IN UNIT WASHER DRYERS
• PROXIMITY TO MAJOR EMPLOYERS
• LIFESTYLE AMENITIES

What this means for you Summary

Snapshot

• This is a 12×1bd/1ba + 6×2bd/1ba units multifamily listed at $4.00M.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $426/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $4.00M).
• Recommended offer: $3.64M (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+2.2%/yr); 30 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $46,128/mo this rent would consume 541% 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 $28k of loan paydown is wiped out by about $120k 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 105 days — a 9% lower offer ($3.64M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 18y 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 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,636,360 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 7.2

CMA / ARV

• ARV (median comp): $4,333,533
• List price: $3,996,000
• Delta: -7.79%
• Verdict: FAIR
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.24% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-192,559
• Equity at exit: $595,817

10-year hold

• IRR: 4.1%
• Equity multiple: 1.29×
• Total profit: $325,669
• Equity at exit: $345,501

Cash invested: $1,118,880 (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: 134.6×

Monthly cashflow live

• Estimated rent: $46,128 high
• Mortgage (P&I): −$20,955
• Tax from tax record: −$6,150 /mo · $73,796/yr
• Insurance: −$1,665
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,687
• Net cashflow: $7,671

Break-even live

Break-even rent $36,418

Max offer price $3,996,000

Occupancy floor 78%

Sensitivity live

Price	-10% $9,933	-5% $8,802	+0% $7,671	+5% $6,540	+10% $5,409
Rent	-10% $4,027	-5% $5,849	+0% $7,671	+5% $9,493	+10% $11,315
Rate	-1.0pp $9,683	-0.5pp $8,687	base $7,671	+0.5pp $6,636	+1.0pp $5,582

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$29,700
▸ 6× units	2	1	$16,434
Total (18 units)			$46,128

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: $999,000
• Closing costs: $119,880
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-01
   status Active 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

2. 2026-05-01
   status Active 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

3. 2026-04-22
   historical 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

4. 2026-04-22
   historical 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

5. 2026-02-05
   listed $3,996,000 Active 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

6. 2026-02-05
   listed $3,996,000 Active 1180-char remark

   Show marketing remark (1180 chars)

   968 Addison St presents a rare opportunity to acquire an 18-unit multifamily asset in the thriving city of Berkeley, California. Situated on just under a half-acre of land, the property features approximately 11,480 square feet of gross building area with well-designed one- and two-bedroom floor plans, complemented by private parking and select units offering in-unit washer/dryers. Located just 1.7 miles from the University of California, Berkeleyranked the number one public university in the nation and fourth globallythe property is also within walking distance of West Berkeleys iconic Fourth Street commercial corridor, home to numerous high-end shops and eateries. Residents enjoy convenient access to San Francisco and the greater Bay Area, with close proximity to many of the nations leading tech employers, including Google, Apple, Meta, IBM, LinkedIn, Microsoft, Intel, Adobe, Cisco, and Yahoo. Driven by Berkeleys strong employment fundamentals and historically low vacancy rates, this world-class East Bay location makes 68 Addison St a highly attractive rental investment due to its proximity to major employers, transportation corridors, and lifestyle amenities.

7. 2024-07-20
   historical $2,195
8. 2024-05-12
   listed $2,195
9. 2020-01-12
   soldstatus $4,045,000 587-char remark

   Show marketing remark (587 chars)

   Over 8% Cap Rate on Market Rents! 4.7% Cap Rate Day 1! 18 units in West Berkeley with huge upside potential. Situated on nearly half an acre and with one to one parking, this property offers tremendous intrinsic value with long term development potential. 968 Addison Street consists of twelve (12) 1-bed 1-bath units and six (6) 2-bed 1-bath units. Six of the units have recently been fully remodeled all the way down to the studs. With a market cap rate of over 8%, this building provides long term upside for future owner. The property is also located in an Economic Opportunity Zone.

10. 2019-06-19
    listed $4,250,000 587-char remark

    Show marketing remark (587 chars)

    Over 8% Cap Rate on Market Rents! 4.7% Cap Rate Day 1! 18 units in West Berkeley with huge upside potential. Situated on nearly half an acre and with one to one parking, this property offers tremendous intrinsic value with long term development potential. 968 Addison Street consists of twelve (12) 1-bed 1-bath units and six (6) 2-bed 1-bath units. Six of the units have recently been fully remodeled all the way down to the studs. With a market cap rate of over 8%, this building provides long term upside for future owner. The property is also located in an Economic Opportunity Zone.

11. 2019-06-15
    historical
12. 2019-05-02
    listed $4,250,000
13. 2019-05-01
    historical
14. 2019-02-01
    listed $4,750,000
15. 2009-01-30
    soldstatus $1,565,000
16. 2009-01-29
    soldstatus $1,565,000
17. 2008-05-23
    listed $1,820,000

ⓘ 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: $73,796 · $6,150/mo
• Projected year-2 tax: $73,796 · $6,150/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: $553,536
• − Mortgage interest: −$223,838
• − Property taxes: −$73,796
• − Insurance: −$19,980
• − Repairs & maintenance: −$44,283
• − Management: −$44,283
• − Depreciation: −$116,247
• Taxable income: $31,109
• Est. tax owed @ 24.0%: −$7,466
• After-tax cash flow: $84,586/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

+119.6% since first listed

17 events — show timeline

• 2026-05-01 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-01 Relisted — MLSListings
• 2026-04-22 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-22 Listing Removed — MLSListings
• 2026-02-05 Listed $3,996,000 MLSListings
• 2026-02-05 Listed $3,996,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-07-20 Rental Removed $2,195 APPFOLIO
• 2024-05-12 Listed for Rent $2,195 APPFOLIO
• 2020-01-12 Sold (MLS) $4,045,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2019-06-19 Listed $4,250,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2019-06-15 Listing Removed — SDMLS
• 2019-05-02 Listed $4,250,000 SDMLS
• 2019-05-01 Listing Removed — SDMLS
• 2019-02-01 Listed $4,750,000 SDMLS
• 2009-01-30 Sold (MLS) $1,565,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-01-29 Sold (Public Records) $1,565,000 Public Records
• 2008-05-23 Listed $1,820,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+9.5%/yr

Latest (2025): $73,796 · +1.0% YoY. Source: county tax records.