2924 Claremont Ave

2924 Claremont Ave is a 12-unit, 12,627 SF multifamily building with a 1,000 SF space converted into a unit on the ground floor, bringing the property to 13 units and 13,627 SF. The unit mix consists of three (3) 630 SF 1bd/1ba units, seven (7) 1,000 SF 2bd/1ba units and three (3) 1,000 SF 3bd/1ba units (previously 2bd/1ba units with partial living room space converted into bedrooms). Built in 1922, the property exudes 1920s charm with original period details, including crown molding, wall fixtures, fireplaces and hardwood floors. The units are all individually metered for electricity while water and radiant heating are centrally managed.
The property is located in the timeless Claremont neighborhood which is equidistant between the edge of UC Berkeley campus (1 mi) and Rockridge BART (1 mi), attracting students and young professionals who enjoy the pace of life in the Berkeley Hills. The Claremont neighborhood is anchored by the eponymous Claremont Hotel & Spa which is perched up on the Berkeley Hills with sweeping views of San Francisco and the Bay Area from the Limewood Restaurant & Bar. The popular Berkeley Tennis Club gathers at Claremont Hotel's courts that sit across the street from dining establishments with long lines of area locals grabbing coffee at Peets, pastries at Fornee or a table at Rick and Ann's restaurant. Although the property does not offer parking, there are plenty of public transit stops nearby, especially for the 79 bus which connects to both UC Berkeley and Rockridge BART, so it can be a good fit for the smart commuter.
Investors benefit from the optionality of both pure-play income or condo conversion retail valuation. The owner has converted three (3) out of the ten (10) 2bd/1ba units into 3bd/1ba units by adding walls to the exceptionally large living rooms. Due to the successes of condominium conversions in Berkeley, especially nearby, six (6) of the units have been kept vacant for whatever investment strategy best fits the prospective new owner.