2433 San Pablo Avenue, Berkeley, California 94702, Berkeley, 94702 - 0 bed, 0 bath
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2433 San Pablo Avenue
Berkeley, California 94702
ACTIVE
CONDITION: FAIR
0Beds
0Baths
2,352Sq Ft
5,450Lot Size
Property Price
LIST PRICE$1,198,000
EST. MARKET VALUE
$1,330,215
9% BelowMARKET VALUE
SUMMARY
This 4-unit Residential Income Asset presents a Strong Value Opportunity with a List Price of $1,198,000—positioned well below the $1,330,216 Fair Market Value by 9%. This valuation gap offers $132,216 in Instant Equity. Featuring a Condition Rating of 4, the property provides immediate rental income with significant upside through cosmetic modernization. With Individually Metered Utilities and Dedicated Parking, this is a prime acquisition for Buy-and-Hold Investors or Value-Add Developers seeking stable cash flow in the Berkeley 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 |
|---|---|---|---|---|---|---|
★ 2433 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 2429 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 property is functional but dated. The kitchen features older white appliances, basic cabinetry, and laminate countertops consistent with a renovation performed over 20 years ago. Marketed as a 'value-add' opportunity, the asset requires cosmetic and system updates to reach modern market standards, though it remains currently habitable and occupied.
PROSSTRENGTHS & OPPORTUNITIES
- Dedicated Parking
The inclusion of four surface parking spaces is a rare and highly valuable amenity in the walkable Berkeley market, significantly increasing tenant appeal and property value.
- Value-Add Potential
With 100% occupancy and rents currently 8% below market, the property offers a clear path to increase the cap rate from 5.38% to a 6.13% pro forma return.
- Efficient Utility Management
Units are individually metered for gas and electricity, which minimizes landlord operating expenses and simplifies the management of this multifamily asset.
CONSRISKS & DEFICIENCIES
- Aging Infrastructure
Built in 1942, the property may require significant ongoing capital expenditures for maintenance or modernization of older structural and mechanical systems.
- Limited Unit Diversity
The uniform mix of small one-bedroom units at 588 square feet each may limit the property's appeal to a narrow tenant demographic and lacks the flexibility of larger layouts.
About 2433 San Pablo Avenue
Fully Occupied 4-Unit Value-Add Opportunity on Berkeley's San Pablo Avenue Corridor! This uniform four-unit multifamily asset features all one-bedroom, one-bathroom apartments at 588 SF each, plus four surface parking spaces a rare and valuable amenity in this walkable Berkeley submarket. 100% occupied with in-place rents currently running 8% below market, the property offers investors dependable in-place income (5.38% cap rate) plus clear upside as rents move toward market levels (6.13% pro forma cap). Individually metered electric and gas keep operating costs predictable, while the property's location along the vibrant San Pablo Avenue corridor steps from local restaurants, cafes, and neighborhood retail supports strong, consistent renter demand. Zoned C-W (West Berkeley Commercial) under the Avenue Commercial General Plan, this well-positioned asset combines a clean, easy-to-manage unit mix with genuine rent growth potential in one of the East Bay's most enduring rental markets. Priced at $1,198,000 ($299,500/unit, $509/SF).
Property Details
Public Facts
- Property Type
- Quadruplex
- Year Built
- 1942
- Lot Size
- 5,450 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 | 5,450 | 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
$957,000
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