1732 University Ave · Berkeley, CA 94705

$4,200,000

None bd · None ba · 17,610 sqft · MultiFamily · 70 Days on market

Built 1928 Good condition 0.32 ac lot $239/sqft · 13% below area Est $4808k · 13% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +13.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.7/10.0
• Rent growth +4.2/5.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 25 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

Positioned on Berkeley’s iconic University Avenue just five blocks from UC Berkeley, 1716-1732 University Ave is a 25-unit mixed-use asset offering scale, visibility, and strong in-place performance. The property includes 20 residential units (11 studios and 9 one-bedrooms) and 5 commercial spaces across 17,610 sq ft. A bright, skylit interior courtyard creates a welcoming central space while allowing natural light to flow through the building. Over $2.6M in capital improvements have been completed, including a seismic retrofit and a new roof in 2022. With a Walk Score of 95 and Bike Score of 100, tenants benefit from immediate access to Downtown Berkeley, BART, dining, and retail. Offered at a near 6.5% CAP and approximately $239/sf, this is a rare opportunity to acquire a high-exposure Berkeley asset with both income and long-term upside.

Key facts

• Seismic retrofit
• New roof
• 0.32 acre lot

Tags

• SKYLIT INTERIOR COURTYARD
• SEISMIC RETROFIT
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 25 × 2-bed/?-bath units multifamily listed at $4.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $33k ($399k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($79k rent vs $4.20M).
• Recommended offer: $3.95M (6.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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: 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 fast (+6.7%/yr); 56 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $78,864/mo this rent would consume 563% of the median local household income ($168k/yr) (locally 473% 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 $29k of loan paydown is wiped out by about $126k 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $1.18M cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($3.95M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,948,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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 1928 — 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: 1.88% ✓
• Cap rate: 15.80%
• Cash-on-cash: 33.96%
• DSCR: 2.51
• GRM: 4.4

CMA / ARV

• ARV (median comp): $4,808,124
• List price: $4,200,000
• Delta: -12.65%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.68% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.48×
• Total profit: $1,742,847
• Equity at exit: $626,234

10-year hold

• IRR: 42.3%
• Equity multiple: 5.76×
• Total profit: $5,591,979
• Equity at exit: $363,139

Cash invested: $1,176,000 (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 94705

• Rents YoY: 6.7%
• Active inventory: 56
• Price-to-rent: 111.0×

Monthly cashflow live

• Estimated rent: $78,864 high
• Mortgage (P&I): −$22,025
• Tax est. 1.5%: −$5,250 /mo · $63,000/yr
• Insurance: −$1,750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,561
• Net cashflow: $33,277

Break-even live

Break-even rent $36,741

Max offer price $4,200,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 25× units	2	—	$78,875
Total (25 units)			$78,864

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: $1,050,000
• Closing costs: $126,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $4,200,000 Active 70 DOM
2. 2026-06-17
   days on market $4,200,000 Active 69 DOM
3. 2026-06-16
   days on market $4,200,000 Active 68 DOM
4. 2026-06-15
   days on market $4,200,000 Active 67 DOM
5. 2026-06-13
   days on market $4,200,000 Active 65 DOM
6. 2026-06-13
   days on market $4,200,000 Active 64 DOM
7. 2026-06-09
   days on market $4,200,000 Active 61 DOM
8. 2026-06-08
   days on market $4,200,000 Active 60 DOM
9. 2026-06-07
   days on market $4,200,000 Active 59 DOM
10. 2026-06-04
    days on market $4,200,000 Active 56 DOM
11. 2026-06-03
    days on market $4,200,000 Active 55 DOM
12. 2026-06-02
    days on market $4,200,000 Active 54 DOM
13. 2026-06-01
    days on market $4,200,000 Active 53 DOM
14. 2026-05-31
    days on market $4,200,000 Active 52 DOM
15. 2026-04-09
    listed $4,200,000 Active 858-char remark

    Show marketing remark (858 chars)

    Positioned on Berkeley’s iconic University Avenue just five blocks from UC Berkeley, 1716-1732 University Ave is a 25-unit mixed-use asset offering scale, visibility, and strong in-place performance. The property includes 20 residential units (11 studios and 9 one-bedrooms) and 5 commercial spaces across 17,610 sq ft. A bright, skylit interior courtyard creates a welcoming central space while allowing natural light to flow through the building. Over $2.6M in capital improvements have been completed, including a seismic retrofit and a new roof in 2022. With a Walk Score of 95 and Bike Score of 100, tenants benefit from immediate access to Downtown Berkeley, BART, dining, and retail. Offered at a near 6.5% CAP and approximately $239/sf, this is a rare opportunity to acquire a high-exposure Berkeley asset with both income and long-term upside.

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

Taxation est. · year 1

• Rental income: $946,368
• − Mortgage interest: −$235,265
• − Property taxes: −$63,000
• − Insurance: −$21,000
• − Repairs & maintenance: −$75,709
• − Management: −$75,709
• − Depreciation: −$122,182
• Taxable income: $353,502
• Est. tax owed @ 24.0%: −$84,840
• After-tax cash flow: $314,487/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

The property is in good condition with minimal repairs needed. Upgrading the exterior, HVAC system, and interior can significantly increase its value.

Value-add opportunities

• Both Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and increase the property's value.
• Both Upgrade the HVAC system — Upgrading the HVAC system can improve energy efficiency and comfort, making the property more attractive to tenants and buyers.
• Both Landscaping improvements — Enhancing the landscaping can improve the property's curb appeal and attract more tenants and buyers.
• Both Update the interior walls and floors — Updating the interior walls and floors can make the property more attractive and increase its value.
• Both Inspect and clean the HVAC system — Maintaining the HVAC system can improve energy efficiency and comfort, making the property more attractive to tenants and buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and increase the property's value. ↑
• Both Upgrade the HVAC system — Upgrading the HVAC system can improve energy efficiency and comfort, making the property more attractive to tenants and buyers. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the property's curb appeal and attract more tenants and buyers. ↑
• Both Update the interior walls and floors — Updating the interior walls and floors can make the property more attractive and increase its value. ↑
• Both Inspect and clean the HVAC system — Maintaining the HVAC system can improve energy efficiency and comfort, making the property more attractive to tenants and buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 13,991
• Household income: $167,970
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 473.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 11% Two or more races 10% Hispanic / Latino 8% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 5% Scotch-Irish 3% Lithuanian 3%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 79% English-only · Other Indo-European 5% Spanish 5% French/Haitian/Cajun 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: ▼ -708.07%
• Current HPI: 300.2322
• Rent YoY: ▲ 6.68%
• 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

• 2026-04-09 Listed $4,200,000 bridgeMLS, Bay East AOR, or Contra Costa AOR