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Key Details
Sold Price $1,550,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Poets Corner
MLS Listing ID 41051364
Sold Date 04/15/24
HOA Y/N No
Year Built 1962
Annual Tax Amount $11,986
Lot Size 5,998 Sqft
Property Description
Great cash flow from this well maintained and managed 6-plex on a quiet street in the heart of Berkeley’s Poet District. There have been many upgrades to this 1960´s building including installation of double pane windows in all units and a complete remodel of the kitchens and baths in units 1,2,3 and 4. This included new kitchen cabinets, appliances, granite countertops, tile flooring in the kitchens and baths, and refinished hardwood floors in the bedrooms and hallways. Unit 5 also had the kitchen remodeled. New PSL installed 3/1/2024. Off-street parking for all 5 two-bedroom units. Fixed skylights in the bathrooms of units 4 and 5. Low maintenance landscaping, separate PG&E, separate water meters, and laundry room w/ leased coin operated machines. 8 blocks to North Berkeley BART, 3 blocks to West Berkeley’s vibrant restaurant district, 1 1/2 blocks to AC bus that goes to UC Berkeley and BART. 3 blocks to 3 other AC bus lines that go to Berkeley Amtrak and many other destinations. Priced at 11.39 X GRM and a 6.4% cash on cash return initially w/ existing under market rents with the potential of increased cash flow with future tenant turnover. Priced at $440 per sq. ft. & under $280k per unit. This pride of ownership building provides a solid investment for years to come.
Location
State CA
County Alameda
Interior
Heating Natural Gas, Wall Furnace
Fireplace No
Appliance Gas Water Heater, Dryer, Washer
Exterior
Total Parking Spaces 5
Others
Tax ID 561925131
Financing Cash
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Bought with Jessie Lunsford • Korman & Ng R.E. Services
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Adrian Castillo
Principal/Realtor | CA DRE#01308935
Principal/Realtor CA DRE#01308935