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1507 Prince Street, Berkeley, CA

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1507 Prince Street

Berkeley, CA 94703-2374 - Berkeley Submarket

Property Type:Retail Sub Type:Storefront Retail/Residential Status:Existing Year Built:1930
Building Size:9,600 SF Land Area:.19 AC (8,316 SF)
For Sale Price:$3,650,000 Price/SF:$380.21
Cap Rate:4.66 %
Parking:10 Surface spaces are available; Ratio of 2/1,000 SF
Features:Signalized Intersection

Sale Notes:
Berkeley Mixed Use Property Great Corner Location

For the complete offering memorandum, to schedule a tour or draft up an offer, please contact the exclusive listing agent, Jon Holmquist.

This offering consists of a prime, centrally located, mixed-use retail and apartment building, situated on the Northeast corner of Prince and Sacramento, in the City of Berkeley, CA. The building offers the prospective buyer the opportunity to acquire a fully occupied, cash flow positive investment, in a good area, which is biking distance to U.C. Berkeley. The property benefits from the high rent growth being experienced in the City of Berkeley, Oakland, and Emeryville, and is very conveniently located to the Hwy 80 Ashby on-ramp such that employment centers are easily accessed.

This property offers new buyers the best of both worlds, with the stability of four bottom floor retail tenants, and the diversification of residential income tenants upstairs. The longer-term tenants are significantly below market and offer 29.1% upside in rent upon turnover, thus ensuring an upward trend in gross rents for a new owner.

Marcus & Millichap Inc
Jon Holmquist
(415) 625-2117

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