1321-1325 Josephine Street | Berkeley, CA


  • $2,595,000
  • 6,758 Sq/ft

Details

Property Highlights
* Asking Price: $2,595,000
* Eight Units Comprised of One Spacious 3bd/1bth, One 2bd/2bth, Four 2bd/1bth, One 1bd/1bth, and One Studio
* 100% Occupied by Stable & Paying Tenant Base
* Two Parcels Set on a 10,800 SF Lot, Boasting Five 1-Car Garages & Onsite Coin-Operated Laundry
* Current Rents Roughly 40% Below Market Rate - Presenting a Huge Opportunity for Rental Upside Upon Turnover, Capital Improvement Pass Throughs, or Tenant Buy Outs
* Rare Opportunity to Acquire an Asset in One of the SF Bay Area's Most Sought-After Rental Markets
* Prime North Berkeley Location, Near Award-Winning Restaurants, Public Transportation & BART
* Ideal for Owner-Occupants w/ the Option to Fund Eight Units w/ 30-year Fixed Residential Financing
* 8.94% Market Cap & 8.33 Market GRM

Property Summary
Property Type: Multifamily
Asking Price: $2,595,000
Year(s) Built: 1920 & 1954
Number of Units: 8
Price/Unit: $324,375
Rentable SF: 6758
Price/SqFt: $383.99
Cap Rate: 4.18%
Market Cap Rate: 8.94%
GRM: 14.23
Market GRM: 8.33
Parking Ratio: 1:1
Lot Size: 10,800 SF

Property Overview
The Pinza Group, Inc. is pleased to present 1321-1325 Josephine Street, a well-maintained eight unit multifamily property situated in North Berkeley, CA. The buildings feature an ideal unit mix of one spacious 3bd/1bth, five 2bd/1bth, one 1bd/1bth and one studio apartment, built in 1920 & 1954. The property is comprised of two buildings on two separate parcels (APNs 60-2447-26 and 60-2447-27), set on a 10,400 SF lot boasting five off-street 1-car garages, three uncovered parking stalls, and onsite coin-operated laundry for additional income. Current rents are roughly 40% below market rate, providing huge value-add potential through annual adjustments, tenant turnover, and capital improvements. This is a rare opportunity to acquire a fully- occupied asset in one of the SF Bay Area’s most sought-after rental markets, guaranteeing minimal vacancy rates for years to come.

Location Overview
North Berkeley is one of the most sought-after neighborhoods in East Bay and is located along the northern border of the University of California, Berkeley. The neighborhood is a hub for entertainment and gourmet dining, with a myriad of eateries. North Berkley lies just north Downtown Berkeley, six miles north of Downtown Oakland, and 14 miles northwest of San Francisco.

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Contact

Feel free to contact us for more details!

Steven Pinza

Steven Pinza

The Pinza Group

BRE: 01867691 & CA Bar: 293173