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Stigler Mortgage
2429 San Pablo Avenue, Berkeley, CA 94702
- $1,198,000
- 2,352
- SqFt
- List Price
- $1,198,000
- Status
- ACTIVE
- MLS#
- ML82063628
- Year Built
- 1942
- Living Sq. Ft
- 2,352
- Lot Size
- 5,400
- Acres
- 0.12
- Days on Market
- 4
- Property Type
- Multifamily
- Property Sub Type
- Quadruplex
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).
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Additional Information
- Taxes
- $20,939
- Cooling
- Yes
- Cooling Description
- None
- Sewer
- Public Sewer
- Water
- Public
- School District
- Other
- Attached Structure
- Detached
- Gross Scheduled Income
- $113,148
Listing courtesy of Listing Agent: Eymon Binesh (ebinesh@marcusmillichap.com) from Listing Office: Marcus & Millichap.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.