Overview

Description

CBRE’s East Bay Multifamily team is pleased to offer for sale 2587 Telegraph Avenue, a ±18,790 sq. ft.* commercial building on a ±18,779 sq. ft.* lot just four blocks from The University of California, Berkeley, the #1 public university in the world per US News and the #1 college in America according to Forbes’ 2021 list of America’s top colleges.

The property is ideally located South of the UC Berkeley campus, the area with the highest concentration of Cal students in the city of Berkeley, and provides the unique opportunity for a student housing Development project. The property is situated in the CT zoning district and may allow for a ±105,000 sq. ft.* mixed-use building with up to ±117* apartment units with up to of ±344* beds.

As of the 2021 Fall semester there are more than 45,000 students enrolled at UC Berkeley and the university can only provide housing for approximately 11,000 students, roughly 24% of the student population. Newly constructed student housing projects in Berkeley have been achieving an average rent per bed north of $1,950 and an average rent per square foot north of $7.70.

Built in 1986, The existing asset is ±18,790 sq. ft.* and features over 200 feet of prime Telegraph Avenue Street frontage with 5 commercial spaces. 3 of the 5 commercial spaces are currently vacant providing the unique opportunity to sign short term leases to help cover carrying costs during the entitlement phase of the future development.

*To be verified by Buyer.

Highlights

• LESS THAN 5 BLOCKS & JUST AN 8-MIN WALK TO THE ENTRANCE OF THE UC BERKELEY CAMPUS, THE # 1 PUBLIC UNIVERSITY IN THE WORLD
• FANTASTIC STUDENT HOUSING DEVELOPMENT OPPORTUNITY IN ONE OF THE MOST SUPPLY CONSTRAINED SUBMARKETS IN THE UNITED STATES
• CURRENT ZONING MAY ALLOW FOR THE CONSTRUCTION OF UP TO A ±105,000 SF MIXED-USE BUILDING WITH UP TO ±117 APARTMENTS & ±344 BEDS
• AVERAGE ASKING RENT FOR DUAL OPCCUPANCY ROOMS IN NEWLY CONSTRUCTED STUDENT HOUISNG PROPERTIES IN BERKELEY IN NORTH OF $1,950 PER BED & $7.70 PER SF
• WALKER'S PARADISE (99 WALK SCORE), BIKER'S PARADISE (95 BIKE SCORE), 1-MILE TO DOWNTOWN BERKELEY BART
• ±18,790 SF RETAIL BUILDING SITUATED ON A ±18,779 SF LOT - POTENTIAL FOR COVERED LAND PLAY DURING THE ENTITLEMENT PROCESS

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