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House
·
for sale
USD 1,198,000
USD 510/sq.ft
2429 San Pablo Avenue
Poets Corner, Berkeley city Berkeley CCD Alameda County California
· 2,347 sq.ft · 4 Bedrooms · House
· Parking
Poets Corner, Berkeley city Berkeley CCD Alameda County California · 2,347 sq.ft · 4 Bedrooms · House · Parking
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)
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)
USD 1,198,000