Residential Income - 2360 Ellsworth St, Berkeley, CA

$4,350,000

2360 Ellsworth St, Berkeley, CA

2360 Ellsworth St, Berkeley, CA 94704 - $4,350,000 · Multi-Family Home for Sale, photo 3

2360 Ellsworth St, Berkeley, CA 94704 - $4,350,000 · Multi-Family Home for Sale, photo 4

2360 Ellsworth St, Berkeley, CA 94704 - $4,350,000 · Multi-Family Home for Sale, photo 5

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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 100% 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.

Property details

Year built

1975

Property type

Residential Income

Lot size

3,760 sqft

Location

2360 Ellsworth St • Berkeley, CA 94704

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Listed by

Willem Bos · COMPASS

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