24-Units | 5 Blocks From UC Berkeley | Value-Add

2330 Blake Street, Berkeley, CA

IN CONTRACT

$8,000,000

Price

4.73%

Cap Rate

$378,622

NOI

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Street
Map
Overview
Cap Rate
4.73%
NOI
$378,622
Pro Forma Cap Rate
8.47%
Building Size
13,534 sqft
Lot Area
0.31 acres
Occupancy
75%
Units
24
GRM
12.34
Year Built
1958
Price Per Sqft
$591
Price Per Unit
$333,333
Floors
3
Parking Spots
20
Number of Elevators
1
Investment Strategy
Value Add
Description

OFFERS DUE THURSDAY, AUGUST 17TH BY 3:00 PM

PROPERTY TOURS ARE AVAILABLE BY APPOINTMENT

CBRE’S EAST BAY MULTIFAMILY TEAM IS PLEASED TO OFFER FOR SALE 2330 BLAKE STREET, A 24-UNIT, VALU-ADD MULTIFAMILY INVESTMENT OPPORTUNITY LOCATED IN BERKELEY, CALIFORNIA.

The asset features two studio units, sixteen one-bedroom, one-bathroom units, and six two-bedroom, one-bathroom units. Originally built in 1958, the ±13,534 sq. ft. structure is situated on Blake Street just off Dana Street and only five blocks from the University of California, Berkeley Campus.

The property’s proximity to UC Berkeley, Telegraph Avenue and Durant Avenue, the main Commercial Corridors for the Southside and South Berkeley Neighborhoods, make this an ideal student housing location for Cal students. Residents of the property are just a 10-minute walk to the entrance of campus at Bancroft & Telegraph while also being within a 10-minute walk radius of student-oriented locations such as the RSF Gymnasium, Haas Pavilion, dining halls and the Student Union building.

The property boasts a 94 Walk Score and a 96 Bike Score and has been designated as Walker and Biker’s Paradise by WalkScore.com. Daily errands do not require a car with local grocery stores such as Safeway, Wholefoods, Berkeley Bowl & Trader Joe’s being within walking distance of the property. The property is less than a mile from the Downtown Berkeley BART station. In addition, the property is just steps from AC Transit Bus Stops, providing convenient access to public transportation and connectors to Downtown Berkeley, Downtown Oakland, Emeryville, and San Francisco.

Highlights
  • 24-UNIT VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY CENTRALLY LOCATED IN SOUTH BERKELEY
  • 5 BLOCKS FROM UC BERKELEY CAMPUS, THE # 1 PUBLIC UNIVERSITY IN THE WORLD - 94 WALK SCORE, 96 BIKE SCORE, UNDER 1-MILE TO BART
  • POTENTIAL FOR DUAL OCCUPANCY & RENT BY THE BED OPERATING STRATEGY TO MAXIMIZE POTENTIAL MARKET RENT
  • CURRENT UNIT LAYOUTS PROVIDE THE POTENTIAL OPPORTUNITY TO ADD BEDROOMS TO THE EXISTING UNITS AND INCREASE POTENTIAL ACHIEVABLE MARKET RENT
  • SIX VACANT UNITS - PROVIDES AN OPPORTUNITY TO COMPLETE UNIT UPGRADES AND TAKE ADVANTAGE OF MARKET RENTS UPON THE CLOSE OF ESCROW
  • POTENTIAL OPPORTUNITY TO INCREASE UNIT COUNT THROUGH ACCESSORY DWELLING UNIT ADDITIONS AND/OR CONVERSIONS
Location
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