1430 Josephine St · Berkeley, CA 94703

$4,798,000

None bd · None ba · 12,288 sqft · MultiFamily · 85 Days on market

Built 1960 Fair condition 0.31 ac lot $390/sqft · 39% above area Est $3440k · 39% over ↓ 9% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Schools +5.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.8/5.0
• 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: 19 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

Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.

Key facts

• Value add potential
• Seismic retrofit
• Near uc berkeley

Tags

• 19 UNIT MULTIFAMILY INVESTMENT
• OVERSIZED LOT
• VALUE ADD POTENTIAL
• SEISMIC RETROFIT
• NEAR NORTH BERKELEY BART
• NEAR UC BERKELEY

What this means for you Summary

Snapshot

• This is a 19 × 34-bed/19.0-bath units multifamily listed at $4.80M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $18k ($217k/yr) — positive. Per door: $950/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($65k rent vs $4.80M).
• Recommended offer: $4.51M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 (+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 $64,815/mo this rent would consume 708% 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 $33k of loan paydown is wiped out by about $144k 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 + 1.1% rent growth), your $1.34M cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($4.51M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $482k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $4,510,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.35% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.12%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (median comp): $3,439,602
• List price: $4,798,000
• Delta: 39.49%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.19×
• Total profit: $253,755
• Equity at exit: $715,397

10-year hold

• IRR: 12.7%
• Equity multiple: 1.92×
• Total profit: $1,234,138
• Equity at exit: $414,843

Cash invested: $1,343,440 (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: 117.2×

Monthly cashflow live

• Estimated rent: $64,815 medium
• Mortgage (P&I): −$25,161
• Tax est. 1.5%: −$5,998 /mo · $71,970/yr
• Insurance: −$1,999
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,611
• Net cashflow: $18,046

Break-even live

Break-even rent $41,972

Max offer price $4,798,000

Occupancy floor 67%

Sensitivity live

Price	-10% $21,362	-5% $19,704	+0% $18,046	+5% $16,388	+10% $14,730
Rent	-10% $12,926	-5% $15,486	+0% $18,046	+5% $20,606	+10% $23,166
Rate	-1.0pp $20,462	-0.5pp $19,266	base $18,046	+0.5pp $16,803	+1.0pp $15,538

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

Units	Beds	Baths	Est. rent
▸ 19× units	34	19	$64,809
Total (19 units)			$64,815

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: $1,199,500
• Closing costs: $143,940
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-17
   statusdays on marketlisting id $4,798,000 Pending 85 DOM
2. 2026-06-17
   days on market $4,798,000 Contingent 99 DOM
3. 2026-06-16
   days on market $4,798,000 Contingent 98 DOM
4. 2026-06-15
   days on market $4,798,000 Contingent 97 DOM
5. 2026-06-13
   days on market $4,798,000 Contingent 95 DOM
6. 2026-06-13
   days on market $4,798,000 Contingent 94 DOM
7. 2026-06-09
   days on market $4,798,000 Contingent 91 DOM
8. 2026-06-08
   days on market $4,798,000 Contingent 90 DOM
9. 2026-06-07
   days on market $4,798,000 Contingent 89 DOM
10. 2026-06-04
    statusdays on market $4,798,000 Contingent 86 DOM
11. 2026-06-03
    days on market $4,798,000 Active 85 DOM
12. 2026-06-02
    days on market $4,798,000 Active 84 DOM
13. 2026-06-01
    days on market $4,798,000 Active 83 DOM
14. 2026-05-31
    days on market $4,798,000 Active 82 DOM
15. 2026-04-10
    price $4,798,000 1031-char remark

    Show marketing remark (1031 chars)

    Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.

16. 2026-04-09
    price $4,798,000 1031-char remark

    Show marketing remark (1031 chars)

    Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.

17. 2026-03-10
    listed $5,280,000 Active 1031-char remark

    Show marketing remark (1031 chars)

    Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.

18. 2026-03-10
    listed $5,280,000 Active 1031-char remark

    Show marketing remark (1031 chars)

    Marcus & Millichap is pleased to present 1430 Josephine Street is a 19-unit multifamily investment opportunity in Berkeley offered at $4,798,000 ($252,526 per unit). The 12,288-square-foot property sits on an oversized 0.31-acre lot and features a desirable mix of fifteen (15) two-bedroom units and four (4) 1-bedroom units on one of Berkeley's best streets. The asset presents significant value-add potential, with current rents approximately 31% below market. The current rent roll of $41,047 per month offers a clear path to increasing cash flow and value, with the cap rate projected to improve from 6.03% to 10.30% as rents are brought to market levels. The property has recently undergone a full electrical service upgrade and seismic retrofit in compliance with Berkeley's city ordinance, significantly reducing future capital expenditure for a new owner. Located near North Berkeley BART, UC Berkeley, and the Shattuck Avenue corridor, the property benefits from strong tenant demand and long-term rental fundamentals.

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

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: $777,780
• − Mortgage interest: −$268,763
• − Property taxes: −$71,970
• − Insurance: −$23,990
• − Repairs & maintenance: −$62,222
• − Management: −$62,222
• − Depreciation: −$139,578
• Taxable income: $149,034
• Est. tax owed @ 24.0%: −$35,768
• After-tax cash flow: $180,783/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 · 12 photos

Fair 55/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance to improve its condition and value. Painting, HVAC replacement, and landscaping improvements would significantly enhance its appeal and marketability.

Repairs flagged

• Moderate Kitchen cabinets — Signs of wear and tear.
• Moderate Bathroom tiles — Signs of wear and tear.
• Moderate Exterior siding — Signs of wear and tear.
• Moderate Carpeted floors — Signs of wear and tear.
• Moderate Painted walls — Signs of chipping and wear.
• Moderate Window frames — Signs of wear and tear.
• Moderate HVAC components — Signs of wear and tear.
• Moderate Landscaping — Signs of wear and tear.

Value-add opportunities

• Resale Painting and updating interior walls — Fresh paint can significantly improve the home's appearance and value.
• Rental HVAC system replacement — A new HVAC system can improve tenant satisfaction and reduce maintenance costs.
• Both Landscaping improvements — A well-maintained and aesthetically pleasing exterior can attract more tenants and increase the home's resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Signs of wear and tear.	Moderate	$3,000–15,000
Bathroom tiles · Signs of wear and tear.	Moderate	$3,000–15,000
Exterior siding · Signs of wear and tear.	Moderate	$3,000–15,000
Carpeted floors · Signs of wear and tear.	Moderate	$3,000–15,000
Painted walls · Signs of chipping and wear.	Moderate	$3,000–15,000
Window frames · Signs of wear and tear.	Moderate	$3,000–15,000
HVAC components · Signs of wear and tear.	Moderate	$3,000–15,000
Landscaping · Signs of wear and tear.	Moderate	$3,000–15,000
Total estimated repair cost · 8 items		$24,000–120,000

Value-add ROI direction

• Resale Painting and updating interior walls — Fresh paint can significantly improve the home's appearance and value. ↑
• Rental HVAC system replacement — A new HVAC system can improve tenant satisfaction and reduce maintenance costs. ↑
• Both Landscaping improvements — A well-maintained and aesthetically pleasing exterior can attract more tenants and increase the home's resale value. ↑

ⓘ 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): 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

-9.1% since first listed

4 events — show timeline

• 2026-04-10 Price Changed $4,798,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-09 Price Changed $4,798,000 MLSListings
• 2026-03-10 Listed $5,280,000 MLSListings
• 2026-03-10 Listed $5,280,000 bridgeMLS, Bay East AOR, or Contra Costa AOR