1121 40th St #5102
This is an income-restricted (BMR) resale. Its price is set by an income formula, not by the market, so the gap against normal comps is not equity you own — it is a restriction you inherit, with income limits to qualify and a formula price when you sell. Scoring it against market comps would flatter it enormously, so we don't score it at all.
💵What this unit actually costs per month
33% of that payment is not the mortgage. The HOA fee alone is $45,360 over five years — money that buys you no equity. A calculator that defaulted the fee to zero would have quoted you $3,248.
Not FHA-approved. No 3.5%-down FHA financing on this unit, so the realistic floor is a 5%-down conventional loan ($24,144). Common for small associations and not a defect on its own, but it does remove FHA buyers from your resale pool.
Minimum realistic down payment here: 5% · verify on HUD's lookup
Rate is the Freddie Mac PMMS 30-year average for the week of 2026-10-08 — a national survey figure, not a quote. Tax, insurance and closing costs are estimates; your own Loan Estimate is the real number.
This building's HOA fees
6 recorded pointsReconstructed from 26 units of recorded sales at 1121 40th St — every recorded sale carries its HOA fee and date. No listing site shows this.
We have a few recorded HOA fees for this building but not yet enough to call a reliable trend, so these are the raw points — no rate implied. Its documents fill in the reserve health and assessment risk.
🏢 Get this building's full reserve & assessment report — free →✅ Positives
- On market 67 days → some leverage
- Upper floor (fl 51)
- In-unit W/D
- Garage parking
⚠️ Cons
- 10% above model fair value
- HOA $756/mo
- Photos look dim — verify light in person
🚩 Red flags
- Income-restricted (BMR) resale — price set by an income formula, not the market; buyer income limits apply and the gap vs comps is not equity
Photos
Price history (this unit)
- Aug 5, 2026 — Listed $482,888
- Mar 11, 2022 — Sold (Public Records) $465,000
- Mar 8, 2022 — Sold (MLS) $465,000
- Nov 29, 2021 — Price Changed $428,888
- Nov 2, 2021 — Price Changed $457,900
- Sep 27, 2021 — Price Changed $459,000
Description
Below Market Rate (BMR) resale opportunity! This 2-bedroom, 2-bath condominium offers approximately 758 sq. ft. and is subject to the City of Emeryville's Below Market Rate (BMR) Ownership Program and Resale Restriction Agreement. Maximum resale price: $482,888. Sale is restricted to buyers who qualify for and are approved by the City of Emeryville's BMR Program prior to the close of escrow. This 2-bedroom home requires a minimum household size of two (2) persons. Maximum 2026 household income limits (120% AMI) are: 2-person: $197,300; 3-person: $221,950; 4-person: $246,600; 5-person: $266,350. Buyers must complete the City's income certification and approval process. Offers will be opened…