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Listed by Willem Bos • COMPASS
$ 3,868,000
Est. payment | /mo
5,760 SqFt
$ 3,868,000
Est. payment | /mo
5,760 SqFt
Key Details
Property Type Commercial
Sub Type Apt Complex
Listing Status Active
Purchase Type For Sale
Square Footage 5,760 sqft
Price per Sqft $671
Subdivision North Berkeley
MLS Listing ID 41130403
HOA Y/N No
Year Built 1963
Lot Size 5,156 Sqft
Property Sub-Type Apt Complex
Source Bridge AOR
Property Description
Located just two blocks from the University of California, Berkeley, 2015 Hearst Avenue is a well-maintained 7-unit multifamily asset in one of the East Bay's most supply-constrained and high-demand rental markets. The property benefits from consistent student and faculty demand, making it an ideal long-term hold with strong upside potential. Ownership has completed extensive capital improvements to the building's major systems, including a new roof, upgraded electrical and plumbing systems, dual pane windows, and fresh exterior paint. The property is also Soft Story and SB-721 compliant, providing added confidence for investors. With major capex already addressed, future improvements are primarily cosmetic and unit-level upgrades, creating a clear path to increasing rental income. Offered at $3,868,000, the asset equates to $552,571 per unit and $672 per square foot, with a 5.50% cap rate and 12.20 GRM. Investors can capture approximately 11.32% rental upside through renovations and operational improvements (buyer to verify). Additional income is generated through parking leased to a neighboring dental practice, along with seven storage units available for lease. Each unit also offers potential for reconfiguration to maximize rental income (buyer to verify).
Location
State CA
County Alameda
Interior
Heating Natural Gas
Cooling None
Flooring Hardwood, Partial Carpeting
Fireplace No
Appliance Dryer, Washer
Laundry Dryer, Washer
Building
Lot Description Other
Others
Special Listing Condition Standard
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Melanie Peterson-Katz
Partner | Lic# 00890767