2243–2245 Ashby Avenue

$3,200,000

2243–2245 Ashby Ave, Berkeley, CA 94705

For Sale

Multifamily

Active

Last Updated: 08/27/2025

Details:

NOI: $182,863

Pro Forma Cap Rate : 5.71%

Building Size: 5,494 sqft

Lot Area: 8,600 sqft

Occupancy: 100%

Units: 5

Year Built: 1925

Year Last Renovated: 2023

Investment Strategy: Value Add

Highlights:

Prime Ashby Avenue location – Walk Score 93
Offered at a 5.71% cap rate
Two buildings, 5 total units
Unit mix: 6BR/2BA, 3BR/2BA, 2BR/1BA, (2) 1BR/1BA
Approved 2BR/2BA ADU in basement
Roofs updated in 2023
4 units fully renovated since 2020
5 parking spaces (7 tandem), coin laundry
Additional income upside from parking & storage

Description:

Discover a prime investment opportunity in the heart of Berkeley with this fully leased, multi-unit property at 2243–2245 Ashby Avenue, featuring a diverse unit mix and an unbeatable Walk Score of 93. Situated just minutes from UC Berkeley, the asset consists of two buildings comprising five residential units: a 6-bedroom/2-bath, a 3-bedroom/2-bath, a 2-bedroom/1-bath, and two 1-bedroom/1-bath units.

Since 2020, four of the five units have undergone full renovations, including updated kitchens, bathrooms, appliances, flooring, and modern finishes. Recent capital improvements include new roofing (2023), new exterior paint, and refinished hardwood floors. The property also benefits from coin-operated laundry and 5 designated parking spaces (up to 7 tandem).

An approved Accessory Dwelling Unit (ADU) permit offers upside potential for a 2-bedroom/2-bath unit in the 2,000 SF basement of 2243 Ashby. With strong in-place income, minimal deferred maintenance, and opportunities for additional revenue through parking and storage, this turnkey asset is ideally positioned for long-term growth in one of the Bay Area's most desirable rental markets.