2607 Ellsworth St, Berkeley, CA 94704
13 Unit Apartment Building | $6,100,000 ($469,231/Unit) | 4.44% Cap Rate | Berkeley, CA 94704
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $6,100,000
- Property Type
-
Multifamily
- Square Feet
- 11,150 SF
Listing Contacts
Grant Chappell
Verified Profile
Jonathan Burmenko
Verified Profile
Robert Chappell
Verified Profile
Sam Hayes
Verified Profile
- Property Info
Property Overview
2607 Ellsworth is a well located 13 unit apartment complex. The property has a desirable unit mix of (12) 2bed/1bath units, and (1)
1bed/1bath unit. Featuring ample parking, on site laundry, phone key in system, and private balconies, 2607 Ellsworth demands premium
rents. The top unit is a fully remodeled 2bed/1bath penthouse, with it's own washer dryer and fire place. Additionally, it has two private
rooftop decks, with breathtaking views of the Bay, the San Francisco skyline, and the Berkeley Hills. This is truly a rare opportunity to acquire a stable asset with ~25% in rental upside.
The City of Berkeley is well known for its large student population and stable rental market. The subject property is located just a few blocks south of campus, making it ideal for student housing. Both Ashby and Downtown Berkeley Bart Stations are just a few minutes drive from the property. Additionally, Berkeley Bowl and Whole Foods are both within a few blocks from the property. The city of Berkeley features several recreational and entertainment options such as Tilden Regional Park, UC Botanical Gardens, Berkeley Marina, the Greek Theatre, Grizzly Peak, and Lake Anza. Residents enjoy popular local dining and drinking establishments such as Eureka!, Le Note, Comal and Jupiter.
1bed/1bath unit. Featuring ample parking, on site laundry, phone key in system, and private balconies, 2607 Ellsworth demands premium
rents. The top unit is a fully remodeled 2bed/1bath penthouse, with it's own washer dryer and fire place. Additionally, it has two private
rooftop decks, with breathtaking views of the Bay, the San Francisco skyline, and the Berkeley Hills. This is truly a rare opportunity to acquire a stable asset with ~25% in rental upside.
The City of Berkeley is well known for its large student population and stable rental market. The subject property is located just a few blocks south of campus, making it ideal for student housing. Both Ashby and Downtown Berkeley Bart Stations are just a few minutes drive from the property. Additionally, Berkeley Bowl and Whole Foods are both within a few blocks from the property. The city of Berkeley features several recreational and entertainment options such as Tilden Regional Park, UC Botanical Gardens, Berkeley Marina, the Greek Theatre, Grizzly Peak, and Lake Anza. Residents enjoy popular local dining and drinking establishments such as Eureka!, Le Note, Comal and Jupiter.
Property Details
- Class
- C
- Year Built
- 1965
- Stories
- 5
- Lot Size (sq. ft)
- 6,534 SF
- Units
- 13
Highlights
- Student housing asset on southside of campus, highly demanded by undergrads
- High cash flows and strong tenant profile
- New electrical service
- Potential to increase rents 70K/year by converting nine units to 3- bedrooms
- Desirable student housing location: steps off of historic Telegraph Avenue and 0.7 miles from campus
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