2118 California St · Berkeley, CA 94703

$1,490,000

8 bd · 5.0 ba · 4,528 sqft · MultiFamily public records · 52 Days on market

Built 1940 6,463 sqft lot $329/sqft · 17% below area Est $1802k · 17% under

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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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.7/10.0
• Schools +5.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• 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: 5 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

Great investment property with a walk score of 90. Located in a prime Central Berkeley neighborhood, it offers convenient access to UC Berkeley, local parks, shops, restaurants, and major commuter routes. Just 0.5 miles from North Berkeley BART and 0.7 miles from Downtown Berkeley BART. The property consists of two separate buildings with a total of five units. The front building includes a 3-bedroom, 1-bath unit with a fully remodeled kitchen on the ground floor, along with two 1-bedroom, 1-bath units on the upper level. The rear building features a 2-bedroom, 1-bath unit on the ground floor and a vacant 3-bedroom, 1-bath unit on the top floor. Strong rental income and an unbeatable location close to UC Berkeley and downtown make this a compelling investment opportunity.

Key facts

• restaurants
• shops
• Local parks

Tags

• LOCAL PARKS
• SHOPS
• RESTAURANTS
• MAJOR COMMUTER ROUTES
• TWO SEPARATE BUILDINGS
• FULLY REMODELED KITCHEN

What this means for you Summary

Snapshot

• This is a 2×3bd/1ba + 2×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.49M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $578/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.49M).
• Recommended offer: $1.45M (3.0% 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 (+1.1%/yr); 53 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $16,016/mo this rent would consume 175% of the median local household income ($110k/yr) (locally 1402% 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 $10k of loan paydown is wiped out by about $45k 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 52 days — a 3% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• 2 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 $244k; list at $1.49M implies a 509% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,445,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.07% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (median comp): $1,802,308
• List price: $1,490,000
• Delta: -17.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2340 Grant	0.36mi	8/5.0	4,297 (-5%)	6mo	$1,440,000	$335	69

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 · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-86,801
• Equity at exit: $222,164

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $44,864
• Equity at exit: $128,828

Cash invested: $417,200 (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 94703

• Rents YoY: 1.1%
• Active inventory: 53
• Price-to-rent: 33.4×

Monthly cashflow live

• Estimated rent: $16,016 high
• Mortgage (P&I): −$7,814
• Tax from tax record: −$1,327 /mo · $15,919/yr
• Insurance: −$621
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,363
• Net cashflow: $2,891

Break-even live

Break-even rent $12,356

Max offer price $1,490,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,440
▸ 2× units	1	1	$5,424
1× unit	2	1	$3,152
Total (5 units)			$16,016

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: $372,500
• Closing costs: $44,700
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,490,000 Active 52 DOM
2. 2026-06-17
   days on market $1,490,000 Active 51 DOM
3. 2026-06-16
   days on market $1,490,000 Active 50 DOM
4. 2026-06-15
   days on market $1,490,000 Active 49 DOM
5. 2026-06-13
   days on market $1,490,000 Active 47 DOM
6. 2026-06-13
   days on market $1,490,000 Active 46 DOM
7. 2026-06-09
   days on market $1,490,000 Active 43 DOM
8. 2026-06-08
   days on market $1,490,000 Active 42 DOM
9. 2026-06-07
   days on market $1,490,000 Active 41 DOM
10. 2026-06-04
    days on market $1,490,000 Active 38 DOM
11. 2026-06-03
    days on market $1,490,000 Active 37 DOM
12. 2026-06-02
    days on market $1,490,000 Active 36 DOM
13. 2026-06-01
    days on market $1,490,000 Active 35 DOM
14. 2026-05-31
    days on market $1,490,000 Active 34 DOM
15. 2026-04-27
    listed $1,490,000 Active 782-char remark

    Show marketing remark (782 chars)

    Great investment property with a walk score of 90. Located in a prime Central Berkeley neighborhood, it offers convenient access to UC Berkeley, local parks, shops, restaurants, and major commuter routes. Just 0.5 miles from North Berkeley BART and 0.7 miles from Downtown Berkeley BART. The property consists of two separate buildings with a total of five units. The front building includes a 3-bedroom, 1-bath unit with a fully remodeled kitchen on the ground floor, along with two 1-bedroom, 1-bath units on the upper level. The rear building features a 2-bedroom, 1-bath unit on the ground floor and a vacant 3-bedroom, 1-bath unit on the top floor. Strong rental income and an unbeatable location close to UC Berkeley and downtown make this a compelling investment opportunity.

16. 2024-01-26
    historical
17. 2024-01-25
    listed Active
18. 1988-07-20
    soldstatus $244,500
19. 1985-10-23
    soldstatus $180,000
20. 1985-10-23
    soldstatus $180,000

ⓘ 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: $15,919 · $1,327/mo
• Projected year-2 tax: $15,919 · $1,327/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: $192,192
• − Mortgage interest: −$83,463
• − Property taxes: −$15,919
• − Insurance: −$7,450
• − Repairs & maintenance: −$15,375
• − Management: −$15,375
• − Depreciation: −$43,345
• Taxable income: $11,263
• Est. tax owed @ 24.0%: −$2,703
• After-tax cash flow: $31,995/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): 20,934
• Household income: $109,881
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 1402.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 52% Asian 15% Hispanic / Latino 14% Two or more races 12% Black 12%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Scotch-Irish 4% Romanian 3%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 11% Other Indo-European 4% Chinese 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: ▼ -1156.26%
• Current HPI: 339.6539
• Rent YoY: ▲ 1.14%
• 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

+727.8% since first listed

6 events — show timeline

• 2026-04-27 Listed $1,490,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-26 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-25 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1988-07-20 Sold (Public Records) $244,500 Public Records
• 1985-10-23 Sold (Public Records) $180,000 Public Records
• 1985-10-23 Sold (Public Records) $180,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $15,919 · +18.5% YoY. Source: county tax records.