1283 University Ave, Berkeley, CA 94702

4 beds, 4 baths, 2,650 sqft
For Sale
$737,500
Zestimate®: $717,951
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Showing Thursday 7/24 from 10:30AM-12:00PMThe Pinza Group, Inc. is excited to introduce another Berkeley property! The subject property consists of eight 1bd/1bth units. Many units have been upgraded over the years with renovations that include new flooring, paint, and amenities. The property has on site laundry, a spacious lot, and is walking distance to a popular nearby park. The property is separately metered for PG&E and water making this an incredibly low expense building. Further, the unit mix is unbeatable and provides significant amount of current rent, and can be raised even further upon turnover. The property has seven Section 8 tenants which allows the owner to avoid Berkeley's horrendous rent control program and raise rents to market each year. Opportunities such as this in Berkeley are rare, so do not miss out!Centrally located only a few blocks away from the shops and restaurants on Ashby and San Pablo Avenue, this multifamily property presents a rare and lucrative investment opportunity. These large apartments allow for tremendous up-side potential and will continue to be in high demand due to their proximity to the major thoroughfares of University, San Pablo and Ashby Avenues as well as Berkeley centers of commerce. Easy access to public transportation and Bay Area highways makes this an excellent property for commuters. This is a rare opportunity for an investor to acquire a value add building in a strong rental market.This area is currently being redeveloped by well known developers who seek to take advantage of the cultural and diverse community that makes this location so attractive.The property is in close proximity to 580 and freeways, highway 24 and 13, while still being close enough to downtown Berkeley and the upscale shopping and dining area.PROPERTY IS AVAILABLE AS 8 UNITS OR TWO SEPARATE FOUR UNIT BUILDINGSCONTACT Steven Pinza, Esq. at Steve@Pinzagroup.com FOR COMPLETE MARKETING PACKAGE  MoreLess
Facts
  • Lot: 5,662 sqft
  • Multi Family
  • Built in 1943
  • 4 days on Zillow
  • Heating: Other
  • Last sold: May 1995 for $255,000
  • Price/sqft: $278
Features
  • Flooring: Linoleum / Vinyl
  • Parking: Carport
  • Storage
Additional Features
  • Living room
Appliances Included
  • Dishwasher
  • Garbage disposal
  • Microwave
  • Range / Oven
  • Refrigerator
Construction
  • Construction quality: 6.0
  • Exterior material: Stucco
  • Roof type: Other
  • Room count: 12
  • # Stories: 2.0
  • Structure type: Other
  • Unit count: 4
Other
  • Floor size: 2,650 sqft
  • Heating: Gas
  • Last remodel year: 1943
  • Laundry: Shared
  • Parcel #: 057 208102500
  • Zillow Home ID: 24837691
Home Values
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$717,951
-$4,528 Last 30 daysd
$675K
$775K
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$2,182/mo
+$38 Last 30 daysd
$1.5K
$3K
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Neighborhood for 1283 University Avenue

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Zillow predicts 94702 home values will rise 9.3% next year, compared to a 5.8% increase for Berkeley as a whole. Among 94702 homes, this home is 0.9% more expensive than the midpoint (median) home, but is priced 55.7% less per square foot.

Foreclosures will be a factor impacting home values in the next several years. In 94702, the number of foreclosures waiting to be sold is 41.4% greater than in Berkeley, and 33.9% lower than the national average. This higher local number may prevent 94702 home values from rising as quickly as other regions in Berkeley.

Learn more about forecast calculations or 94702 home values.
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