1015-1027 University Ave - Apartments FOR SALE


Berkeley, CA 94710- Northwest Berkeley
$2,000,000 USD
510-898-2122
1015-1027 University Ave, Berkeley, CA for Sale
$2,000,000 USD
Apartments - FOR SALE
1/15
null | Request Cap Rate

1015-1027 University Ave
Berkeley, CA 94710
Northwest Berkeley


HIGHLIGHTS

  • Corner building on main corridor with on-site parking and easy freeway access.
  • Amid a well-rounded mix of retail, restaurants, and commercial services
  • 10 apartments and 4 retail spaces, situated in Berkeley’s International Food District
  • Within a block of San Pablo Avenue with popular eateries such as La Marcha, Babette, Highwire Coffee, Luca Cucina,, El Patio Grill, and Acme Bar
  • 6 blocks from Fourth Street Shops with Apple Store, Design Within Reach, Vuori, Roark, CB2, Madewell, Vans, Oceanview Diner, and more!
  • Part of the West Berkeley Design Loop, a 2-mile stretch of home furnishings, accessories, and improvement stores

OVERVIEW

Value-add opportunity – West Berkeley retail/office building. On main corridor with on-site parking and easy freeway access. APN NUMBER: 57-2088-12 Corner building on a bustling commercial stretch – bridging a major freeway. Amid a well-rounded mix of retail, restaurants, and commercial services. 10 apartments and 4 retail spaces – one of which a previous tattoo shop had a fire on the interior which needs to be repaired. The other three retail tenants are paying rent and operating. The building also produces rental income from a rooftop advertising sign. In 2021, nine residential units were illegally created without City permits. To correct these violations, someone applied for a zoning permit (ZP2022-0120) to legalize the units. However, this application has been incomplete since 2023. A letter was issued requesting additional information, but we haven’t received a response since. Please see attached plans from this permit application to remedy the illegal units, which shows the existing floor plans. Situated in Berkeley’s International Food District – a growing collection of international markets and cuisine. Within a block of San Pablo Avenue with popular eateries such as La Marcha, Babette, Highwire Coffee, Thai Table, Lavender Bread & Cafe, Butterfish Sushi, Mercado 925, Luca Cucina Italiana, El Patio Grill, and Acme Bar & Company. 6 blocks from Fourth Street Shops with Apple Store, Design Within Reach, Madewell, Vans, Anthropologie, The Gardener, Lululemon, Vuori, Roark, CB2, Sur La Table, Paper Source, Oceanview Diner, and more! Part of the West Berkeley Design Loop, a 2-mile stretch of home furnishings, accessories, and improvement stores. Near many residential developments, major employment, parks, and schools. Both University Avenues and nearby San Pablo have 4 lanes, heavily traveled, in this popular, walkable West Berkeley neighborhood.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$155 USD /SF

# OF UNITS

16

PRICE/UNIT

$125,000

CAP RATE

Request Cap Rate

% LEASED

26%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

West Berkeley Retail/Office Building

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

C-W

APN/PARCEL ID

057-2088-012-00

ASK ABOUT THIS PROPERTY

Jonathan NewmanGordon Commercial Real Estate BrokerageMore Info
510-898-2122

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Jonathan NewmanGordon Commercial Real Estate BrokerageMore Info
510-898-2122

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.