1283 University Ave, Berkeley, CA 94702

4 beds4 baths2,650 sqft Edit

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Off Market
Zestimate®: $766,535
Rent Zestimate®: $2,171/mo
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My Notes

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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  More Less 

Facts

  • Lot: 5,662 sqft
  • Multi Family
  • Built in 1943
  • Views: 5,814 all time views
  • Heating: Other
  • Last sold: May 1995 for $255,000

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
    Provided by the county assessor, this grade is based on a scale that varies by market. For more information, or to update the grade, contact the county assessor's office.
  • Exterior material: Stucco
  • Roof type: Other
  • Room count: 12
  • Stories: 2
  • 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

Zestimate Details

Zestimate
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$766,535
+$15,052 Last 30 days
$644K
$889K
Zestimate range
Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
$2,171/mo
+$17 Last 30 days
$1.6K
$3.3K
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Popularity on Zillow

5,814 all-time views
of this home (chart)

Comparable Homes

Homes like this sold for $585-962K.

$510K
$1.04M

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Neighborhood

Market guide

Zillow predicts 94702 home values will increase 6.1% next year, compared to a 2.8% rise for Berkeley as a whole. Among 94702 homes, this home is valued 12.3% more than the midpoint (median) home, but is valued 50.2% 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 76.3% greater than in Berkeley, and 1% less 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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    Nearby Schools in Berkeley

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    Disclaimer: School attendance zone boundaries are supplied by Maponics and are subject to change. Check with the applicable school district prior to making a decision based on these boundaries.

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