2207 Bonar St · Berkeley, CA 94702

$2,100,000

17 bd · 8.0 ba · 7,100 sqft · MultiFamily public records · 17 Days on market

Built 1961 8,500 sqft lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +5.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• 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: 8 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

Exceptional investment opportunity to acquire an 8-unit property in a desirable Berkeley location. Conveniently situated in Berkeley, with easy access to popular restaurants, cafés, shops, and public transportation. The property has been well maintained and is currently 87.5% occupied, with only one vacant unit, offering immediate upside potential. Current gross monthly income is approximately $10,343.18. This is a rare chance to own a stable income-producing asset in one of Berkeley’s most sought-after neighborhoods.

Key facts

• 8 unit property
• Well maintained
• Berkeley location

Tags

• 8 UNIT PROPERTY
• BERKELEY LOCATION
• EASY ACCESS TO RESTAURANTS
• WELL MAINTAINED
• STABLE INCOME PRODUCING ASSET
• SOUGHT AFTER NEIGHBORHOODS

Property features AI

Finance

• Other: Building total area approximately 7,100 square feet; Lot size approximately 0.2 acres
• Financial info: (No financial details provided)
• HOA & community: (No HOA/community information provided)

Exterior

• Parking: Total of 8 parking spaces; Assigned parking spaces in parking lot; Garage faces rear
• Security: (No security features provided)
• Utilities: Public water; Public sewer; Natural gas available; Individual electric meters; Individual gas meters
• Home design: Multi-unit property (5+ units) with 8 total units; Built in 1961
• Construction: Stucco construction
• Exterior features: Garden; Level, paved lot

Interior

• Kitchen: (No kitchen appliance details beyond general appliances provided)
• Bedrooms: Unit 4: 2 bedrooms; Total units: 8 (multi-unit building)
• Flooring: Tile flooring
• Bathrooms: Unit 4: 1 bathroom
• Heating & cooling: Forced air heating; Heating present; Unit 1: No air conditioning
• Interior features: Gas water heater; Garden (exterior feature listed under interior groups)
• Laundry & utility: Washer and dryer in units or on-site (appliances listed: Washer, Dryer)

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.5-bath units multifamily listed at $2.10M.

Deal economics

• At list price, monthly cash flow is $5k ($62k/yr) — positive. Per door: $646/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $2.10M).
• Recommended offer: $2.07M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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 (+3.6%/yr); 43 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $23,941/mo this rent would consume 288% of the median local household income ($100k/yr) (locally 1183% 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 $15k of loan paydown is wiped out by about $63k 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 + 3.6% rent growth), your $588k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($2.07M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 2y 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.
• Current owner paid $330k; list at $2.10M implies a 535% gain — meaningful room to come down on a strong offer.

Recommended offer $2,068,500 (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 1961 — 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: 1.14% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.55%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $4,705
• Equity at exit: $313,117

10-year hold

• IRR: 10.5%
• Equity multiple: 1.84×
• Total profit: $493,256
• Equity at exit: $181,570

Cash invested: $588,000 (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 94702

• Rents YoY: 3.6%
• Active inventory: 43
• Price-to-rent: 58.5×

Monthly cashflow live

• Estimated rent: $23,941 high
• Mortgage (P&I): −$11,013
• Tax from tax record: −$1,855 /mo · $22,256/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,028
• Net cashflow: $5,171

Break-even live

Break-even rent $17,395

Max offer price $2,100,000

Occupancy floor 73%

Sensitivity live

Price	-10% $6,360	-5% $5,765	+0% $5,171	+5% $4,577	+10% $3,982
Rent	-10% $3,280	-5% $4,225	+0% $5,171	+5% $6,117	+10% $7,062
Rate	-1.0pp $6,229	-0.5pp $5,705	base $5,171	+0.5pp $4,627	+1.0pp $4,073

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1.5	$23,944
Total (8 units)			$23,941

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: $525,000
• Closing costs: $63,000
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $2,100,000 Active 17 DOM
2. 2026-06-18
   days on market $2,100,000 Active 14 DOM
3. 2026-06-17
   days on market $2,100,000 Active 13 DOM
4. 2026-06-16
   days on market $2,100,000 Active 12 DOM
5. 2026-06-15
   days on market $2,100,000 Active 11 DOM
6. 2026-06-13
   days on market $2,100,000 Active 9 DOM
7. 2026-06-13
   days on market $2,100,000 Active 8 DOM
8. 2026-06-09
   days on market $2,100,000 Active 5 DOM
9. 2026-06-08
   days on market $2,100,000 Active 4 DOM
10. 2026-06-07
    remarks 524-char remark
11. 2026-06-07
    listed $2,100,000 Active 3 DOM

ⓘ 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: $22,256 · $1,855/mo
• Projected year-2 tax: $22,256 · $1,855/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: $287,292
• − Mortgage interest: −$117,633
• − Property taxes: −$22,256
• − Insurance: −$10,500
• − Repairs & maintenance: −$22,983
• − Management: −$22,983
• − Depreciation: −$61,091
• Taxable income: $29,846
• Est. tax owed @ 24.0%: −$7,163
• After-tax cash flow: $54,890/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): 17,635
• Household income: $99,775
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1183.0

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 0.71)
• Race & ethnicity: White 48% Black 15% Asian 14% Two or more races 13% Hispanic / Latino 12%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 78% English-only · Spanish 8% 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: ▼ -1257.77%
• Current HPI: 327.4724
• Rent YoY: ▲ 3.65%
• 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

+535.4% since first listed

23 events — show timeline

• 2026-06-04 Listed $2,100,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-17 Rental Removed $2,000 APPFOLIO
• 2025-01-05 Price Changed $2,000 APPFOLIO
• 2024-12-17 Listed for Rent $2,195 APPFOLIO
• 2024-12-11 Rental Removed $2,195 RENTALBEAST
• 2024-11-27 Listed for Rent $2,195 RENTALBEAST
• 2024-11-27 Rental Removed $2,195 APPFOLIO
• 2024-11-17 Listed for Rent $2,195 APPFOLIO
• 2024-11-17 Rental Removed $2,195 RENTALBEAST
• 2024-11-12 Listed for Rent $2,195 RENTALBEAST
• 2024-11-12 Rental Removed $2,195 APPFOLIO
• 2024-11-09 Listed for Rent $2,195 APPFOLIO
• 2024-11-02 Rental Removed $2,495 RENTALBEAST
• 2024-10-27 Rental Removed $2,495 LEASESTAR
• 2024-10-25 Listed for Rent $2,495 LEASESTAR
• 2024-10-23 Listed for Rent $2,495 RENTALBEAST
• 2024-10-23 Rental Removed $2,495 LEASESTAR
• 2024-10-17 Listed for Rent $2,495 LEASESTAR
• 2024-10-17 Rental Removed $2,495 RENTALBEAST
• 2024-09-05 Listed for Rent $2,495 RENTALBEAST
• 2024-09-05 Rental Removed $2,495 LEASESTAR
• 2024-08-21 Listed for Rent $2,495 LEASESTAR
• 1998-01-05 Sold (Public Records) $330,500 Public Records

Property tax history

+4.4%/yr

Latest (2025): $22,256 · +20.3% YoY. Source: county tax records.