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Listed by Willem Bos, DRE #02013980 • COMPASS
$ 4,350,000
Est. payment | /mo
9 Beds
4 Baths
7,891 SqFt
$ 4,350,000
Est. payment | /mo
9 Beds
4 Baths
7,891 SqFt
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 7,891 sqft
Price per Sqft $551
MLS Listing ID EB41145057
Bedrooms 9
Year Built 1975
Lot Size 3,760 Sqft
Property Sub-Type Five or More Units
Source Bridge MLS
Property Description
2360 Ellsworth St sits one block from the UC Berkeley campus edge in South Berkeley, where demand is driven by enrollment. 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.
Location
State CA
County Alameda
Area Berkeley Map Area 9
Interior
Heating Gas
Cooling None
Flooring Laminate, Tile
Laundry In Laundry Room, Laundry Area - In Unit
Exterior
Exterior Feature Stucco
Garage Spaces 7.0
Building
Lot Description Regular
Others
Special Listing Condition New, Not Applicable
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