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Alliance Bay Realty
2429 San Pablo Avenue, Berkeley, CA 94702
- $1,198,000
- 2,352
- SqFt
- List Price
- $1,198,000
- Days on Market
- 4
- MLS#
- ML82063628
- Living Sq. Ft
- 2,352
- Lot Size
- 5,400
- Type
- Multifamily
- Zip
- 94702
- city
- Berkeley
Property Description
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).
Additional Information
- Building Type
- Quadruplex
- School District
- Berkeley (510) 644-6150
- High School
- Berkeley (510) 644-6150
- Elementary School
- Berkeley (510) 644-6150
- Neighborhood
- Ca
- Heating
- Natural Gas
- Cooling
- No Air Conditioning
- Year Built
- 1942
- Water Sewer
- Public
- Acres
- 0.12
- Roof
- Rolled/Hot Mop
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Listing courtesy of Eymon Binesh from Marcus & Millichap. 650-546-1030
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