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Listed by Eymon Binesh • Marcus & Millichap
$ 1,198,000
Est. payment /mo
New
2429 San Pablo Avenue Berkeley, CA 94702
2,352 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,352 sqft
Price per Sqft $509
MLS Listing ID ML82063628
HOA Y/N No
Year Built 1942
Lot Size 5,400 Sqft
Property Sub-Type Quadruplex
Source Datashare MLSListings
Property Description
Four-Unit Value-Add Opportunity in Berkeleys West Berkeley Corridor! This uniform four-unit multifamily asset has four 1-bedroom, 1-bathroom apartments at 588 SF each (2,352 SF total) on a 0.12-acre lot, with four dedicated surface parking spaces. Three of the four units are leased (75% occupied), and the vacant unit lets a buyer set it at the $2,500 market rent on day one. In-place rents average ~$2,357 per unit, about 6% below market. In-place NOI of ~$69.6K (5.81% cap, 10.59 GRM) grows to a projected ~$76.3K stabilized NOI (6.37% pro forma cap, 9.98 GRM) as the building leases up and rents reach market. Electric and gas are individually metered, keeping owner-paid utilities low. Located along San Pablo Avenue, one of the East Bays most established residential and commercial corridors, near UC Berkeley, regional transit, and local dining and retail. Zoned C-W (West Berkeley Commercial). Priced at $1,198,000 ($299,500/unit, $509/SF).
Location
State CA
County Alameda
Interior
Heating Natural Gas
Cooling No Air Conditioning
Fireplace No
Building
Water Public
Schools
School District Berkeley (510) 644-6150, Berkeley (510) 644-6150
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