2537 Ellsworth St 9 Unit Apartment Building $5,195,000 ($577,222/Unit) 6.21% Cap Rate Berkeley, CA 94704

Compass Commercial is pleased to present 2537 Ellsworth Street, a fully renovated nine-unit apartment building located just blocks from UC Berkeley. Offered at $5,195,000, this turnkey asset has benefited from more than $825,000+ in recent (2024) permitted capital improvements, including seven (7) down-to-the-studs unit remodels, new windows, new roof, a secured parking gate, upgraded electrical panels, and fresh interior and exterior paint and finishes. The property features seven (7) spacious 3-bedroom/2-bathroom units and two (2) 3-bedroom/1.5-bathroom units, all recently updated with modern finishes and high-quality improvements. This building has a gross building area of 8,244 square feet and offers ten (10) garage parking spaces which bring an additional $1,025/month in gross income. It is off the soft-story list, and has passed sewer lateral and SB-721 inspections.
This investment provides both stability and upside, with a current cap rate of 6.21% and a market cap rate of 7.26%, along with a current GRM of 10.63 and a market GRM of 9.48. Tenants enjoy walkability to UC Berkeley, Telegraph Avenue, restaurants, cafés, and shopping, as well as easy access to BART and AC Transit. With its prime location, strong occupancy history, and extensive renovations, 2537 Ellsworth Street represents an outstanding opportunity for investors seeking a pride-of-ownership multifamily property in one of the Bay Area’s most desirable rental markets.