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1716-1732 University Ave 20 Unit Apartment Building $4,775,000 ($238,750/Unit) 6.21% Cap Rate Berkeley, CA 94703
INVESTMENT HIGHLIGHTS
- 12% Residential Rental Upside
- Extensively Renovated Asset – Over $2,600,000 in CapEx: Substantial Seismic Retrofit Completed, New Roof in 2022
- Garage Parking On-Site
- In Place Cap Rate of 6.21%
- Coin Operated Laundry Facility
- Separately Metered Gas & Electric
EXECUTIVE SUMMARY
Located just five blocks from UC Berkeley’s campus, 1716-1732 University Avenue’s studio & one-bedroom apartments come with updated kitchens and bathrooms with many units offering stainless steel appliances, granite countertops, and tile flooring. Built in 1928, the property offers an irreplaceable, infill location just walking distance from the beating heart of the city of Berkeley – the University of California, Berkeley. Residents benefit from a secure access building, abundance of storage space for bikes and being 0.7
miles from Downtown Berkeley BART.
In addition to immediate proximity to UC Berkeley, the property boasts a Walk Score of 95 and Bike Score of 100, a Walker & Biker’s Paradise where daily errands can be accomplished by foot or bike. The asset’s location is west of campus, just minutes from downtown Berkeley, home to various retail and entertainment options such as
Trader Joe’s, UC Theatre, Tender Greens, McDonalds, and more. The neighborhood is near Long Life Vehi House, Rojbas Mediterranean Grill, Sushi California, and a plethora of other succulent dining options.
The community’s well-appointed unit interiors provide variable paths for adding value to the investment. Higher student and resident density coupled with reconfiguration could translate to a durable improvement in income growth.
miles from Downtown Berkeley BART.
In addition to immediate proximity to UC Berkeley, the property boasts a Walk Score of 95 and Bike Score of 100, a Walker & Biker’s Paradise where daily errands can be accomplished by foot or bike. The asset’s location is west of campus, just minutes from downtown Berkeley, home to various retail and entertainment options such as
Trader Joe’s, UC Theatre, Tender Greens, McDonalds, and more. The neighborhood is near Long Life Vehi House, Rojbas Mediterranean Grill, Sushi California, and a plethora of other succulent dining options.
The community’s well-appointed unit interiors provide variable paths for adding value to the investment. Higher student and resident density coupled with reconfiguration could translate to a durable improvement in income growth.
PROPERTY FACTS
| Price | $4,775,000 | Apartment Style | Low-Rise |
| Price Per Unit | $238,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 6.21% | Building Size | 25,362 SF |
| Gross Rent Multiplier | 9.37 | No. Stories | 2 |
| No. Units | 20 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 1.42/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C-U | ||
| Price | $4,775,000 |
| Price Per Unit | $238,750 |
| Sale Type | Investment |
| Cap Rate | 6.21% |
| Gross Rent Multiplier | 9.37 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 25,362 SF |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 1.42/1,000 SF |
| Zoning | C-U |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Granite Countertops
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Recycling
- Smoke Free
- Storage Space
- Online Services
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 11 | - | 400 |
| 1+1 | 9 | - | 600 |
1 1
Walk Score®
Walker's Paradise (95)
Bike Score®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | 056-2011-021-00 | Improvements Assessment | $1,041,463 |
| Land Assessment | $647,395 | Total Assessment | $1,688,858 |
PROPERTY TAXES
Parcel Number
056-2011-021-00
Land Assessment
$647,395
Improvements Assessment
$1,041,463
Total Assessment
$1,688,858
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1716-1732 University Ave
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