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Offer Date: October 27th
2321 Blake Street, the former home of famed English architect, George Rushforth, is a three-story 3,606 square foot six-unit multifamily property. The building is comprised of four one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and a three-bedroom/one-bathroom unit. The third story one-bedroom/one-bathroom unit is non-conforming and can be combined with the two-bedroom/one-bathroom unit to create a larger unit. As five of six units are vacant, this provides the opportunity to perform renovations and reconfigure layouts to optimize rents.
The property also has on-site parking and laundry that can generate additional income for new owner. The subject property's fantastic location is ideal for an investor who is seeking high demand from prospective student tenants, who generally offer a higher propensity for unit turnover that coincides with the school year that will allow the owner to forecast potential rent increases accurately.
2321 Blake Street is ideally located in Berkeley's Southside neighborhood, which offers prospective tenants convenient access to UC Berkeley, restaurants, cafes, and shops that will sustain increasing tenant demand. The subject property is just four blocks from UC Berkeley and is surrounded by the local amenities that Berkeley's Downtown and Southside neighborhoods have to offer. Within minutes, tenants can walk to popular restaurants and cafes such as, Angeline's Louisiana Kitchen, Pathos Organic Greek, La Note Restaurant Provencal, Venus Restaurant, Great China, Peet's Cofee & Tea, PIQ Baker, Cafe Clem, Royal Ground Coffee House, Lindgren's Coffee and Cafe, and many more. There is also a nearby Walgreen and TargetExpress, while Trader Joe's, Berkeley Bowl, and Whole Foods are about a half mile away.
2321 Blake Street is an ideal investment opportunity for the investor seeking great cash-flow and stability. With the property's proximity to UC Berkeley, prospective student-tenant demand, freedom to choose new tenants for the five vacant units, and the cyclical nature of unit turnover that this property can offer in a rent control area, it is prime for the investor seeking a stable return on investment.
