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WM. Penn Apartments 2172 Blake St 10 Unit Apartment Building $2,700,000 ($270,000/Unit) 6% Cap Rate Berkeley, CA 94704

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Investment Highlights

This 10-unit building offers a strong foundation with a clean, well-maintained structure and a unit mix of (2) 1BDs and (8) 2BDs across 6,902 sq ft.
Just four blocks from UC Berkeley and half a block off Shattuck Ave, 2172 Blake St is positioned in one of South Berkeley’s most reliable locations.

Current 2BD rents average $2,300–$2,500/month, leaving clear room to grow toward ~$3,000+ market levels.

Executive Summary

Just four blocks from UC Berkeley and half a block off Shattuck Ave, 2172 Blake St is positioned in one of South Berkeley’s most reliable rental locations, where proximity continues to drive demand year after year. This 10-unit building offers a strong foundation with a clean, well-maintained structure and a unit mix of (2) 1BDs and (8) 2BDs across 6,902 sq ft. Current 2BD rents average $2,300–$2,500/month, leaving clear room to grow toward ~$3,000+ market levels. Several units feature oversized living rooms that may be reconfigured into additional bedrooms to better capture student demand. The building has been seismically retrofitted and is no longer on Berkeley’s soft story list, and includes gated entry, 10 parking spaces, 11 storage closets, and onsite laundry. With transit, dining, and campus just minutes away, this is a stabilized asset with meaningful upside in both income and long-term value.
TRANSPARENT PRICE. Unit 7 is vacant and can be shown via Calendly.
Contact Joey at joey.wang@loremultifamily.com with questions.
For the offering memorandum and inspection reports, go to https://www.loremultifamily.forsale/
Offers are due on Friday, May 8th at noon.
Disclaimer: The photos in this listing have been digitally enhanced.

Financial Summary (Actual - 2025) Click Here to Access	Annual	Annual Per SF
Gross Rental Income	-	-
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Net Operating Income	-	-

Financial Summary (Actual - 2025) Click Here to Access

Gross Rental Income
Annual	-
Annual Per SF	-

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	-
Annual Per SF	-

Property Facts

Price	$2,700,000	Building Class	C
Price Per Unit	$270,000	Lot Size	0.15 AC
Sale Type	Investment	Building Size	6,902 SF
Cap Rate	6%	Average Occupancy	90%
Gross Rent Multiplier	9.3	No. Stories	3
No. Units	10	Year Built	1963
Property Type	Multifamily	Parking Ratio	1.45/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low-Rise

Price	$2,700,000
Price Per Unit	$270,000
Sale Type	Investment
Cap Rate	6%
Gross Rent Multiplier	9.3
No. Units	10
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.15 AC
Building Size	6,902 SF
Average Occupancy	90%
No. Stories	3
Year Built	1963
Parking Ratio	1.45/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.