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$400K Reduction - Delivered 100% VACANT 1610 Milvia St

8 Unit Apartment Building $3,600,000 ($450,000/Unit) 5.93% Cap Rate Berkeley, CA 94709

Investment Highlights

  • Four (4) 2bd/1ba units and four (4) 1bd/1ba units
  • 75% of units have been renovated, and seismic retrofit completed in 2015
  • Located just two blocks from Shattuck Avenue in the famed Gourmet Ghetto
  • Property to be delivered 100% VACANT at close of escrow
  • Amenities include eight covered off-street parking spots and an on-site laundry room
  • Only 0.5 mi to the UC Berkeley Campus and 0.7 mi to the Downtown Berkeley BART Station

Executive Summary

The Mitchell Warren Team is pleased to present 1610 Milvia Street, a well-maintained 8-unit apartment located just two blocks from Shattuck Avenue in Berkeley's Gourmet Ghetto neighborhood. The property consists of four (4) 2-bedroom, 1-bathroom units and four (4) 1-bedroom, 1-bathroom units built in 1961. The property will be delivered 100% VACANT, providing flexibility for the buyer. The units are individually metered for electricity, gas, AND WATER minimizing the operating expenses. Amenities include eight off-street parking spots, eight storage closets, and an on-site coin-operated laundry facility. Several capital improvements have been completed including a full seismic retrofit in 2017. This highly sought-after location will continue to attract premium tenants and maintain a low vacancy rate.
1610 Milvia Street is ideally located less than two blocks from Shattuck Avenue in Berkeley's Gourmet Ghetto neighborhood. Residents benefit from a range of restaurant choices including Cheeseboard, the Michelin Guide restaurant Chez Panisse, as well as a variety of other restaurants and shopping options. Students will enjoy the close proximity to the UC Berkeley campus just a short walk away. Commuters will appreciate the close proximity of city bus lines and the Downtown Berkeley BART Station allowing access to the entire Bay Area. The property features a 98 Walk Score and is considered a “Walker’s Paradise” by walkscore.com.

Property Facts

Price $3,600,000
Price Per Unit $450,000
Sale Type Investment
Cap Rate 5.93%
Sale Conditions High Vacancy Property
No. Units 8
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Manufactured Housing Mobile Home Park
  • Office Office Residential
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 0.16 AC
Building Size 6,750 SF
Average Occupancy 0%
No. Stories 2
Year Built 1961
Parking Ratio 1/1,000 SF

Amenities

  • Smoke Detector

Unit Amenities

  • Balcony
  • Dishwasher
  • Disposal
  • Fireplace
  • Hardwood Floors
  • Dining Room
  • Double Pane Windows

Site Amenities

  • Laundry Facilities

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 4 - 550
2+1 4 - 750
Walk Score ®
Walker's Paradise (98)
Bike Score ®
Biker's Paradise (97)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
058-2172-004-00
Land Assessment
$592,156
Improvements Assessment
$1,381,698
Total Assessment
$1,973,854

zoning

Zoning Code R2A, Berkeley
R2A, Berkeley
  • Listing ID: 32083250

  • Date on Market: 6/10/2024

  • Last Updated:

  • Address: 1610 Milvia St, Berkeley, CA 94709

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