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2360 Ellsworth St 7 Unit Apartment Building $4,350,000 ($621,429/Unit) 6.60% Cap Rate Berkeley, CA 94704
Investment Highlights
- One block to campus
- Strong occupancy
- Master lease option available
- Unrivaled cash flow this close to campus
- Covered parking
Executive Summary
2360 Ellsworth St sits one block from the UC Berkeley campus edge in South Berkeley, where demand is driven by enrollment to one of the world's top universities. 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.
The full Offering Memorandum is available for immediate download at 2360-ellsworth.com or reach out to willem@bosgroupcre.com or brian@bosgroupcre.com.
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.
The full Offering Memorandum is available for immediate download at 2360-ellsworth.com or reach out to willem@bosgroupcre.com or brian@bosgroupcre.com.
Property Facts
Amenities
Unit Amenities
- Balcony
- Washer/Dryer
- Granite Countertops
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Sundeck
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 350 |
| 2+1 | 4 | - | 550 |
| 6+1 | 1 | - | 1,600 |
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Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 055-1887-002-00 | Improvements Assessment | $1,256,000 |
| Land Assessment | $466,604 | Total Assessment | $1,722,604 |
Property Taxes
Parcel Number
055-1887-002-00
Land Assessment
$466,604
Improvements Assessment
$1,256,000
Total Assessment
$1,722,604
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