Language and Region
Currency

This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.

Email*

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Send me a copy

914 characters remaining

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

2018 Construction | 22 Fully Furnished Units 2711 Shattuck Ave

22 Unit Apartment Building $5,270,000 ($239,545/Unit) 5.39% Cap Rate Berkeley, CA 94705

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

Investment Highlights

RARE CHANCE TO ACQUIRE NEWLY CONSTRUCTED MULTIFAMILY PRODUCT IN THE CITY OF BERKELEY AT A FRACTION OF REPLACEMENT COST
THOUGHTFULLY DESIGNED FOR MINIMAL AND EFFICIENT REPAIRS & MAINTENANCE
UC BERKELEY HAS SUBSTANTIAL HISTORICAL AND FUTURE STUDENT, FACULTY AND STAFF POPULATION GROWTH

FULLY FURNISHED UNITS AND MODERN FINISHES PRESENT AN OPPORTUNITY FOR PREMIUM RENTAL RATES
STEPS FROM UC BERKELEY: THE #1 PUBLIC UNIVERSITY IN THE WORLD, 2ND LARGEST STUDENT POPULATION AND LOWEST % OF BEDS PER STUDENT OF ANY UC CAMPUS
THE CITY OF BERKELEY HAS EXCELLENT HISTORICAL & FORECASTED RENT GROWTH

Executive Summary

ASSUMABLE DEBT AVAIALBLE
- 3.93% INTEREST RATE FIXED FOR 5 YEARS
- ~60% LOAN TO VALUE RATIO AT A 1.25 DEBT COVERAGE RATIO
- 30 YEAR AMORTIZATION
THIS MAKES THIS NEW CONSTRUCTION DEAL CASH FLOW AT ROUGHLY 5% CASH-ON-CASH!
CBRE, Inc. is pleased to present an exclusive opportunity to purchase a newly constructed (built in 2018), 4-story apartment building featuring 22 fully furnished studio units on Shattuck Avenue in South Berkeley. This prime location is just steps from UC Berkeley, Downtown Berkeley, and the Southside Neighborhood. The building showcases cutting-edge prefabricated modular steel construction, offering a unique chance to acquire a modern property at an attractive basis under $240,000 per unit.
PROPERTY FEATURES & AMENITIES
• Built in 2018 With Prefabricated Modular Steel Construction
• Steps from UC Berkeley, The # 1 Public University in The World
• Walking Distance to Downtown Berkeley, Downtown Berkeley BART, & Ashby BART
• Surrounded By Berkeley’s Abundant Restaurants & Retail Amenities
• Steps From Berkeley Bowl Marketplace & Walgreens
• Secured Access with Custom High Strength Security Gate Designed & Built By Local Artist Ken Kalman
• Coin-Operated Laundry on Each Floor
• Dedicated Covered Outdoor Bike Parking for Residents
• Luxer One Package Delivery System
• On-site Zipcar Space
• Fully Fire Sprinklered
• Enclosed Garbage & Recycling Storage Area
• Low Maintenance Parklex Exterior
• Low Maintenance Courtyard with Backyard/Garden
• Built With Sustainable Materials
UNIT FEATURES & FINISHES
• Fully Furnished Interiors
• Modern Kitchen Design with:
› Custom Cabinetry with Hidden Cutting Board
› Quartz Countertops
› Electric Cooktop
› Stainless-Steel Energy Star Appliances: Convection Microwave Oven, Dishwasher, Refrigerator
› Extra Deep Stainless-Steel Sink
• Individually Controlled & Metered AC/Heat Mini Split Units
• Custom Murphy Bed with Built-In Shelving That Doubles as a Sofa
• Modern Bathroom Design with:
› Oversized Shower with Tile Surround and Glass Swinging Door
› Full-Width Vanity with Quartz Countertops & Ample Storage
› Double Towel Rack
› Porcelain Flooring
• 9 Foot Ceilings
• Operable Oversized Floor-To-Ceiling Dual Pane Windows
• Custom Blackout Fabric Roller Shades
• Enhanced Indoor Air Quality Ventilation System
• Engineered Soundproofing
• Double Closets & Extra Storage in Porcelain Tiled Foyer
• Entry Foyer with Customizable Gear Wall
• Wall Mounted Entertainment System
• Dining Area with Table & Chairs

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	-	-
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$522,338	$49.98
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$238,401	$22.81
Net Operating Income	$283,937	$27.17

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	-
Annual Per SF	-

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$522,338
Annual Per SF	$49.98

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$238,401
Annual Per SF	$22.81

Net Operating Income
Annual	$283,937
Annual Per SF	$27.17

Property Facts Under Contract

Price	$5,270,000	Apartment Style	Mid Rise
Price Per Unit	$239,545	Building Class	B
Sale Type	Investment	Lot Size	0.12 AC
Cap Rate	5.39%	Building Size	10,451 SF
Gross Rent Multiplier	10.08	No. Stories	4
No. Units	22	Year Built	2018
Property Type	Multifamily	Parking Ratio	0.1/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$5,270,000
Price Per Unit	$239,545
Sale Type	Investment
Cap Rate	5.39%
Gross Rent Multiplier	10.08
No. Units	22
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid Rise
Building Class	B
Lot Size	0.12 AC
Building Size	10,451 SF
No. Stories	4
Year Built	2018
Parking Ratio	0.1/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.