LEROY APARTMENTS | 9 Value-Add Units in Berkeley, CA

Highlights:

• Irreplaceable Location Just 1 Block From UC Berkeley - The property is steps from the UC Berkeley campus, ranked the #1 public university in the world by US News and Forbes, ensuring constant demand from students, faculty, and staff.
• Flexible Acquisition Opportunity - Purchase Individually or as a Portfolio - 2411 Durant Ave (9 Units), 2419 Durant Avenue (32 units) and 2525 Durant Avenue (27 units) may be acquired separately or together as a rare 68-unit value-add portfolio in Berkeley's Southside neighborhood.
• Ideal for Student Housing - With UC Berkeley’s expanding student population driving demand for off-campus housing, the property's history of student tenancy makes it well-positioned for repositioning into a modern, purpose-driven student housing operation.
• Opportunity to Increase Bedroom Count - The existing layouts may allow for the addition of bedrooms, increasing the total bedroom and bed count, catering to student renters seeking flexible housing options.
• Opportunity to Furnish Units - With Berkeley’s competitive student housing market, the property offers the opportunity to implement a rent-by-the-bed strategy, by furnishing units, thus, maximizing rental income by offering flexible room occupancy in a high-demand market.
• Strong Rent Growth & Demand - UC Berkeley’s expanding student body, combined with limited housing options, has led to significant rent increases. Average rents have grown by 25% over the last decade, with another 23% projected growth through 2035, providing solid long-term investment potential.
• High Demand Due to UC Berkeley's - Growing Population & Housing Shortage UC Berkeley has over 45,900 students & only ~11,300 available beds creating ongoing demand for off-campus housing options.
• Vintage Buildings with Character - The property features spacious units with hardwood floors, high ceilings, oversized bedrooms, classic architectural details and excellent natural light, offering opportunity for tasteful renovations while maintaining historic charm.

Description:

Offers are due Tuesday, September 30th by 5:00pm.

Property tours are available by appointment.

Disclosure package & marketing flyer available upon request.

The Cushman & Wakefield Northern California Multifamily Capital Markets Group is pleased to present The Leroy Apartments, a distinguished 9-unit multifamily asset in an irreplaceable location at 2411 Durant Avenue in the highly sought-after Southside neighborhood of Berkeley, CA. Built in 1917, this 5,603-square foot property boasts classic architectural character and presents a prime investment opportunity just steps away from the world-renowned UC Berkeley campus. Offered for the first time in more than 50 years, The Leroy Apartments represents a truly unique chance to secure a generational multifamily investment in one of the Bay Area's most dynamic rental markets.

The property’s unit mix consists of 4 studios and 5 two-bedroom units, catering to a diverse range of tenants, including UC Berkeley students, faculty, and local professionals direct adjacency to UC Berkeley. The Property offers significant value-add potential for an investor to implement property upgrades and reposition the asset as a student focused housing option.

The Leroy is offered at an attractive asking price of $3,135,000 ($348,333 per unit), with a stabilized cap rate of 5.59% and a proforma cap rate of 7.24%. The property’s stabilized rents average $2,473 per unit, while market rents average $3,011. This spread highlights strong rent growth trends and provides meaningful upside potential through repositioning and unit upgrades.

Operationally, the property is well-positioned for continued demand, featuring individually metered electricity and gas, while the landlord is responsible for water, sewer, and waste services.

Located in a highly walkable area with a Walk Score of 99 and Bike Score of 93, The Leroy offers excellent accessibility to UC Berkeley, major bus lines, and the BART system. The property’s proximity to Telegraph Avenue, Berkeley’s main commercial corridor, provides residents with convenient access to a wide range of retail and dining options.

Demand for housing in an irreplaceable location, that is well-amenitized in supply-constrained Southside submarket remains strong, driven by UC Berkeley’s ongoing bed shortage and consistent student, staff and faculty population growth. Rent growth in the area has increased by 25% over the past 10 years, and is projected to exceed 23% through 2035. This, combined with the Leroy's classic construction, irreplaceable location, and significant rent upside, makes the Property an exceptional opportunity for investors seeking both stable in-place income and long-term capital appreciation.

The property may be purchased individually or as a 3 property, 68-unit portfolio with The Keystone Apartments (2419 Durant Ave - 32 Units) and The Castle Craig Apartments (2525 Durant Ave - 27 Units).