2429 San Pablo AvenueBerkeley, CA 94702

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).

Property Information

Property type

Residential Income

Sub-type

Quadruplex

Year built

1942

Stories

2

Living area

2,352 Sq Ft

Lot size

0.12 acres

Parking spaces

4

Zoning

C-W

Days on market

12

MLS^® Listing#

ML82063628

Property Features

Cooling

None

Parking

Off Street

Foundation

Concrete Perimeter

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Annual taxes

$20,939

Parcel number

0561928022