15 Value-Add Units | To be 100% Vacant by June 2025 | 3 Blocks From UC Berkeley

Highlights:

• RARE CHANCE TO ACQUIRE A MULTIFAMILY INVESTMENT PROPERTY IN BERKELEY’S NORTHSIDE NEIGHBORHOOD THREE BLOCKS FROM UC BERKELEY - Only 15 transactions of properties with 5 or more units have occurred in The Northside Neighborhood over the last 5 years.
• TRUE VALUE-ADD OPPORTUNITY DELIVERED MOSTLY VACANT - 12 of 15 units will be vacant by the end of 2024, with the remaining units set to be vacated by the end of May 2025 presenting a significant opportunity to renovate all units promptly.
• LARGE UNITS & CONDUCIVE UNIT LAYOUTS PROVIDE THE POTENTIAL OPPORTUNITY TO ADD BEDROOMS - With an overall average unit size of ±848 square feet and ideal existing unit layouts there is substantial potential to add at least one bedroom to each unit.
• STEPS FROM THE #1 PUBLIC UNIVERSITY IN THE WORLD - Just 0.4 miles from The Gateway Building (the future home of the College of Computing, Data Science, and Society, the first new college at UC Berkeley in 50 years where approximately 1,325 faculty, students, researchers, and staff will work together) and 0.5 miles from Moffitt Library (Center of the UC Berkeley Campus).
• UC BERKELEY HAS THE 2ND LARGEST STUDENT POPULATION & THE LOWEST PERCENTAGE OF BEDS PER STUDENT OF ANY UC CAMPUS - With nearly 45,900 students currently enrolled and approximately 11,330 available beds, UC Berkeley has a significant shortage of housing options leaving more than 75% of the student population to seek off-campus private housing.
• SUBSTANTIAL HISTORICAL AND FUTURE STUDENT, FACULTY AND STAFF POPULATION GROWTH - Since 2018, the student, faculty and staff population at UC Berkeley has increased by 11.8%. UC Berkeley plans to increase the overall population another 8.3% by 2036-2037 and must build housing on every university-owned site to keep pace.
• UC BERKELEY PROVIDED HOUSING OPTIONS ARE AMONG THE MOST EXPENSIVE OPTIONS IN THE MARKET - The average cost per bed across all UC Berkeley controlled housing options is $2,039 per month and has increased 15.26% since 2021.
• LIMITED & OUTDATED EXISTING UC BERKELEY HOUSING STOCK DRIVES RENTER DEMAND TO PRIVATELY OWNED HOUSING OPTIONS - The majority of UC Berkeley’s housing stock was constructed in the 1960s and requires significant restoration, and the increasing demand for high-quality, modern accommodations with student-focused amenities is driving tenants to modernized housing options.
• RENOVATED STUDENT FOCUSED MULTIFAMILY PROPERTIES IN BERKELEY COMMAND IMPRESSIVE RENTAL RATE - Renovated, student focused multifamily properties in Berkeley offer single, double, and triple occupancy rental options and are achieving an overall average monthly rent per bedroom of $2,222 and an average monthly rent per bed of $1,837.
• EXCELLENT HISTORICAL & FORECASTED RENT GROWTH - The average rent in the City of Berkeley has increased 58% over the last 10 years. That trend is expected to continue for the foreseeable future as average rent is expected to increase nearly 6% over the next 5 years and more than 16% over the next 10 years.
• SITUATED IN BERKELEY’S COVETED NORTHSIDE NEIGHBORHOOD, ONE OF THE MOST SUPPLY CONSTRAINED STUDENT RENTAL SUBMARKETS IN THE UNITED STATES - Very little to no new housing has been built in the Northside neighborhood over the last 50+ years. There are currently only 65 new beds proposed in the Berkeley development pipeline.
• THE BAY AREA’S EXORBITANT COST OF HOMEOWNERSHIP PERPETUATES SUPPLY-DEMAND IMBALANCE - The Berkeley median single family home sale price is approximately $1.75 million. A family making the median household income in the city of Berkeley will save 94% of their annual income by renting instead of owning.

Description:

PROPERTY TOURS ARE AVAILABLE BY APPOINTMENT. REACH OUT TO ZACHARY GREENWOOD AT (925) 238-9028 TO SCHEDULE A PROPERTY TOUR

1700 Le Roy Ave presents an exceptional opportunity to acquire a value-add apartment building located in the coveted Northside/Hilltop neighborhood of Berkeley, CA. The property is situated just 3 blocks from UC Berkeley, the # 1 public school is the United States. Built in 1930, this 16,950 SF multifamily investment property is comprised of 15 apartment units spanning 3 stories. The building is situated on a 12,500 SF / 0.29 acre lot and features an attractive courtyard, a secured garage with 16 parking spaces, and an on-site laundry facility. The property boasts a diverse unit mix of 1 studio, 10 one-bedroom units, 3 two-bedroom units, and 1 four-bedroom unit. Four units are two-story townhome style units, all of which feature private balconies. The avg. unit size at the property is 848 SF and all but one unit have a formal dining room/area, presenting the unique opportunity to add at least one bedroom in each unit.

As of the 2024 Fall semester, there are nearly 45,900 students enrolled at UC Berkeley, and the university can only provide housing for approximately 25% of the student population. With UC Berkeley experiencing a steady increase in student enrollment and a significant shortage of student housing, there's high demand for modern accommodations with student-focused amenities.

THE PROPERTY MAY BE PURCHASED INDIVIDUALLY OR WITH 2480 VIRGINIA STREET, A 8 UNIT VALUE-ADD INVESTMENT PROPERTY LOCATED 3 BLOCKS FROM UC BERKELEY.