Description

2537 Ellsworth Street represents a fully renovated nine-unit apartment building located just blocks from UC Berkeley. Offered at $5.195m, this asset has benefited from more than $825,000+ in recent (2024) permitted capital improvements, including seven (7) down-to-the-studs unit remodels, new windows, new roof, a secured parking gate, upgraded electrical panels, and fresh interior and exterior paint and finishes. The property features seven (7) spacious 3-BR/2-BA units and two (2) 3-BR/1.5-BA units, all recently updated with modern finishes and high-quality improvements. This building has a gross building area of 8,244 square feet and offers ten (10) garage parking spaces which bring an additional $1,025/month in gross income. It is off the soft-story list, and has passed sewer lateral and SB-721 inspections. This investment provides both stability and upside, with a current cap rate of 6.21% and a current GRM of 10.63. Tenants enjoy walkability to UC Berkeley, Telegraph Avenue, restaurants, cafés, and shopping, as well as easy access to BART and AC Transit. With its prime location, strong occupancy history, and extensive renovations, 2537 Ellsworth Street represents an outstanding opportunity for investors seeking a pride-of-ownership investment.