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Additional details
Listed by Willem Bos • COMPASS
$4,350,000
Est. payment /mo
7,891 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 7,891 sqft
Price per Sqft $551
Subdivision South Berkeley
MLS Listing ID 41145057
HOA Y/N No
Year Built 1975
Lot Size 3,760 Sqft
Property Sub-Type 5 or More Units
Source Bridge AOR
Property Description
2360 Ellsworth St sits one block from the UC Berkeley campus edge in South Berkeley, where demand is driven by enrollment. Seven units and twenty six beds, leased by the bed or by the unit, so ownership runs whichever strategy the market rewards. A 6.60% cap and 9.22 GRM going in at 96% bed occupancy, with rents nearly 10% below market. The kicker: the seller is willing to sign a master lease at $452,092 per year, lifting day one returns to a 7.22% cap and 6.76% cash-on-cash with zero leasing risk, and the owner still keeps $24,272 a year of parking and other income. Collect steady, hands-off income or step in and operate for the upside. The heavy lifting is done: $370,531 of capital invested since 2013, seismic retrofit complete, garage parking, common laundry, renovated quartz kitchens. Offered at $4,350,000, $167,308 per bed.
Location
State CA
County Alameda
Interior
Heating Natural Gas
Cooling None
Flooring Laminate, Tile
Fireplace No
Laundry Laundry Room, In Unit
Building
Lot Description Rectangular Lot
Water Public
Others
Special Listing Condition Standard
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Vicky Van Brocklin
Broker | License ID: 01512910
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