2360 Ellsworth StBerkeley, CA 94704
SOUTH BERKELEY · Alameda County
Description
2360 Ellsworth St sits one block from the UC Berkeley campus edge in South Berkeley, where demand is driven by enrollment. Seven units and twenty six beds, leased by the bed or by the unit, so ownership runs whichever strategy the market rewards. A 6.60% cap and 9.22 GRM going in at 100% bed occupancy, with rents nearly 10% below market. The kicker: the seller is willing to sign a master lease at $452,092 per year, lifting day one returns to a 7.22% cap and 6.76% cash-on-cash with zero leasing risk, and the owner still keeps $24,272 a year of parking and other income. Collect steady, hands-off income or step in and operate for the upside. The heavy lifting is done: $370,531 of capital invested since 2013, seismic retrofit complete, garage parking, common laundry, renovated quartz kitchens. Offered at $4,350,000, $167,308 per bed.
Property Information
- Property type
- Residential Income
- Year built
- 1975
- Lot size
- 0.09 acres
- Parking spaces
- 7
- Days on market
- 45
- MLS® Listing#
- 41145057
Property Features
- Cooling
- None
- Heating
- Natural Gas
- Construction
- Stucco
- Parcel number
- 5518872
Directions
Cross Street: Durant Ave.
Listing Courtesy: COMPASS - 4156609955
Presented by: Willem Bos
Licensed in the state of California.
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