1902 Virginia St
Berkeley, CA 94709


  • $2,395,000
  • 7,300 Sq/ft

Details

Property Highlights
- Asking Price: $2,395,000
- Mixed Use Building Comprised of Six Apartment Units & Four Retail Units Exempt from Local Rent Control
- Stable Cash Flow & No Deferred Maintenance
- Current Rents Roughly 40% Below Market Rate, Providing Huge Opportunity for Rental Upside Upon Turnover or Buyouts
- Two Retail Units Delivered Vacant, Perfect for Owner-Occupants or Immediate Tenant Placement at Market Rate
- Various Capital Improvements, Including Multiple Structural Upgrades, Full Soft Story Retrofit, and More.
- 8.67% Market Cap & 8.26 Market GRM
- Walker's Paradise, Situated Just Blocks from Berkeley's Finest Dining, Public Transportation Options, and U.C. Berkeley
- Rare Opportunity to Acquire a Turnkey Asset in One of the SF Bay Area's Most Sought-After Rental Markets
- Conventional & Seller Carry Loan Options Available

Property Summary
Property Type: Mixed-Use
Proposed Price: $2,395,000
Number of Units: 10
Price/Unit: $239,500
Rentable SF: 7,300
Price/SqFt: $328.08
Cap Rate: 6.08%
Market Cap Rate: 8.67%
GRM: 9.12
Market GRM: 8.26
Lot Size: 3,673 SF

Property Overview
The Pinza Group, Inc. is pleased to present 1902 Virginia Street, a ten unit mixed-use investment ideally located in North Berkeley, CA. The property is comprised of two 1bd/1bth, four studios, and four retail units which are exempt from local rent control. The building is occupied by stable &
long-term tenants, providing the rare opportunity to acquire a turnkey asset with no delinquencies or deferred maintenance. Current ownership has recently completed a number of capital improvements, including a full soft story retrofit in 2016. 1902 Virginia Street is well positioned in North Berkeley, located just blocks from an array of award-winning restaurants, retail shopping outlets, public transportation options, and U.C. Berkeley.

Location Overview
North Berkeley is one of the most sought-after neighborhoods in East Bay and is located along the northern border of the University of California, Berkeley. The neighborhood is a hub for entertainment and gourmet dining, with a myriad of diverse eateries. North Berkeley is home to the Berkley Art Center, a focal point for artistic exploration and community building. North Berkley lies just north Downtown Berkeley, six miles north of Downtown Oakland, and 14 miles northwest of San Francisco, making for an easy commute to these various cities.

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Contact

Feel free to contact us for more details!

Steven Pinza

Steven Pinza

The Pinza Group

BRE: 01867691 & CA Bar: 293173