2429 San Pablo Avenue, Berkeley, California 94702, Berkeley, 94702 - 0 bed, 0 bath
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2429 San Pablo Avenue
Berkeley, California 94702
ACTIVE
CONDITION: FAIR
0Beds
0Baths
2,352Sq Ft
5,400Lot Size
Property Price
LIST PRICE$1,198,000
EST. MARKET VALUE
$1,330,215
9% BelowMARKET VALUE
SUMMARY
This 4-unit multifamily Strong Value Opportunity is listed at $1,198,000, positioned well below the $1,330,216 Fair Market Value by 9%. This valuation gap provides $132,216 in Instant Equity. With a Fair Condition Rating, the property features individually metered utilities and rare dedicated parking in a high-demand corridor. While the infrastructure reflects its 1942 build, the 8% rent-to-market gap offers clear upside for revenue growth. This asset is an ideal acquisition for Buy-and-Hold Investors or Value-Add Developers seeking stable income in a supply-constrained market.
Estimated Market Value
$1,330,215+$132,215 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Berkeley.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2429 San Pablo Avenue Subject 0 bd · 0 ba · 2,352 sqft · $566 | $1,198,000* List Price | 0 | 0 | 2,352 | $566 | - |
A 1152 1156 Francisco St Sold 0 bd · 0 ba · 1,957 sqft · $646 · 0.8 mi | $1,265,000 | 0 | 0 | 1,957 | $646 | 0.8 mi |
B 1152 Francisco St Sold 0 bd · 0 ba · 1,957 sqft · $646 · 0.8 mi | $1,265,000 | 0 | 0 | 1,957 | $646 | 0.8 mi |
C 2433 San Pablo Avenue Active 0 bd · 0 ba · 2,352 sqft · $509 · 0.0 mi | $1,198,000 List Price | 0 | 0 | 2,352 | $509 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1942, this 82-year-old property is functional and fully occupied but remains dated, as evidenced by the basic bathroom finishes and 'value-add' marketing status. While the individual metering is a plus, the age of the structure and the visible interior condition suggest it is well beyond the 20-year mark for major updates and requires modernization to reach market potential.
PROSSTRENGTHS & OPPORTUNITIES
- Value-Add Potential
With in-place rents currently 8% below market, the property offers a clear path to increase the cap rate from 5.40% to a 6.17% pro forma yield.
- Rare Parking Amenities
The inclusion of four dedicated surface parking spaces is a significant competitive advantage in the walkable but parking-constrained West Berkeley corridor.
- Operational Efficiency
Individually metered electric and gas utilities shift usage costs to tenants, keeping landlord operating expenses predictable and manageable.
CONSRISKS & DEFICIENCIES
- Aging Infrastructure
Built in 1942, the property may require significant capital expenditures for long-term maintenance or system upgrades compared to newer developments.
- Limited Unit Diversity
The uniform mix of only one-bedroom units restricts the potential tenant base to individuals or couples, lacking the stability of larger family-sized units.
About 2429 San Pablo Avenue
Four-Unit Value-Add Opportunity in Berkeleys West Berkeley Corridor! This uniform four-unit multifamily asset has four 1-bedroom, 1-bathroom apartments at 588 SF each (2,352 SF total) on a 0.12-acre lot, with four dedicated surface parking spaces. Three of the four units are leased (75% occupied), and the vacant unit lets a buyer set it at the $2,500 market rent on day one. In-place rents average ~$2,357 per unit, about 6% below market. In-place NOI of ~$69.6K (5.81% cap, 10.59 GRM) grows to a projected ~$76.3K stabilized NOI (6.37% pro forma cap, 9.98 GRM) as the building leases up and rents reach market. Electric and gas are individually metered, keeping owner-paid utilities low. Located along San Pablo Avenue, one of the East Bays most established residential and commercial corridors, near UC Berkeley, regional transit, and local dining and retail. Zoned C-W (West Berkeley Commercial). Priced at $1,198,000 ($299,500/unit, $509/SF).
Property Details
Public Facts
- Property Type
- Quadruplex
- Year Built
- 1942
- Lot Size
- 5,400 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Berkeley Unified Schools
Washington Elementary School
Grades K-5 • 1.0 mi
7/10
Malcolm X Elementary School
Grades K-5 • 1.1 mi
6/10
Jefferson Elementary School
Grades K-5 • 1.2 mi
7/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,352 | 2,492.071 |
| Lot Size | 5,400 | 4,591.214 |
| Price | $1.20M | $1.08M |
| Price per sq ft | $509 | $463 |
| Built year | 1942 | 1931 |
| HOA | $0 | $0 |
| Days on market | 19 | 147 |
Pricing History
Listed for Sale
Oct 5, 2026
$1,198,000
Initial Listing
Sold
Feb 5, 2021
$908,000
Public Record
Sold
Jul 1, 2005
$700,000
Public Record
Sold
Nov 14, 2001
$535,000
Public Record
Sold
Apr 25, 2001
$497,000
Public Record
Sold
May 2, 2000
$297,500
Public Record