24 Value-Add unit Trophy Asset 2451 Le Conte Ave 24 Unit Apartment Building $6,140,000 ($255,833/Unit) 5.18% Cap Rate Berkeley, CA 94709

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The Cushman & Wakefield Northern California Capital Markets Group is pleased to present 2451 Le Conte Avenue, a 24-unit trophy multifamily asset in an irreplaceable Northside Berkeley location, just steps from the UC Berkeley campus. This rare investment offering combines turn-key capital improvements with meaningful rental upside in one of the Bay Area’s most enduring and supply-constrained housing markets.
The property has benefited from a series of major capital upgrades, including new dual-pane vinyl windows throughout, a complete copper re-piping, electrical service and subpanel replacements, a new roof, and a voluntary seismic retrofit. These improvements significantly reduce near-term capital expenditure needs and enhance the property’s long-term durability, positioning it as a low-maintenance asset for new ownership.
Comprising entirely studio units, the property is currently nearly fully leased, with all but two units occupied—providing strong in-place income and operational stability. Existing rents average $1,932 per unit, offering clear upside as units turn over. Comparable renovated studios in the immediate area are achieving rents exceeding $2,500 per unit, underscoring the property’s value-add potential through rent growth and management optimization. With Berkeley rents increasing more than 21% since 2021 and continued growth expected, the income trajectory for 2451 Le Conte Avenue remains highly favorable.
Ideally located just north of campus, 2451 Le Conte Avenue offers residents unparalleled proximity to UC Berkeley and the surrounding neighborhood’s premier amenities. The property boasts a Walk Score of 92 and Bike Score of 71, reflecting its exceptional accessibility to Downtown Berkeley, the Gourmet Ghetto dining district, and a vibrant mix of retail, cafés, and cultural attractions. Easy access to AC Transit and BART further enhances connectivity across the East Bay and into San Francisco—an essential amenity for students and professionals alike.
The Berkeley multifamily market continues to demonstrate remarkable resilience, supported by a chronic housing shortage and barriers to new construction near campus. This enduring imbalance between supply and demand strengthens the long-term investment fundamentals for well-located assets like 2451 Le Conte Avenue, ensuring consistent tenant demand and sustained rent growth.

2451 Le Conte Avenue represents a rare opportunity to acquire a stabilized, extensively upgraded property with immediate cash flow and substantial future upside, anchored by an irreplaceable location adjacent to UC Berkeley and the powerful long-term dynamics of one of Northern California’s strongest rental markets.