8 UNITS W/ POTENTIAL TO BUILD 28+ MORE UNITS NEAR UC BERKELEY

01-20-2022
06-21-2022

2127 - 2143 Dwight Way, Berkeley, CA 94704

  • IDEALLY & CENTRALLY LOCATED IN SOUTH BERKELEY JUST 4 BLOCKS FROM THE UC BERKELEY CAMPUS,  THE # 1 UNIVERSITY IN AMERICA PER FORBES
  • 8 UNITS SPREAD ACROSS TWO FOURPLEXES ON THEIR OWN SEPARATE & LARGE PARCELS
  • COVERED LAND PLAY DEVELOPMENT OPPORTUNITY LOCATED IN A DESIGNATED OPPORTUNITY ZONE
  • CURRENT ZONING MAY ALLOW FOR THE ADDITION OF UP TO A ±16,870+ SQ. FT. RESIDENTIAL BUILDING AND THE RETENTION OF THE EXISTING 8 UNITS
  • POTENTIAL VALUE-ADD CONCEPT TO ADD BEDROOMS TO EXISTING UNITS, INCREASE OCCUPANCY AND INCREASE RENTS BY APPROXIMATELY 57% AND THE NET OPERATING INCOME
  • WALKER’S PARADISE (96 WALK SCORE), BIKER’S PARADISE (99 BIKE SCORE), 1/2-MILE TO DOWNTOWN BERKELEY BART

Property Description

CBRE’s East Bay Multifamily team is pleased to offer for sale 2127-2133 and 2137-2143 Dwight Way, 8 residential units spread across two fourplexes on their own separate and large parcels located just four blocks from the UC Berkeley Campus, the # 1 university in America according to Forbes’ 2021 list of America’s top colleges. 

The assets feature 5 X one-bedroom, one-bathroom units, and 3 X two-bedroom, one-bathroom units. Built in 1944, 2127-2133 Dwight Way and 2137-2143 Dwight Way are both ±2,586 SF, two-story structures, both on their own ±6,075 SF lot for a total combined lot size of ±12,150 SF. The properties each feature a large parking area at the rear of their respective parcels with a total of 20+ surface parking spaces. 

The properties are ideally located in a designated Opportunity Zone and may lend themselves to certain tax advantages if acquired through a Qualified Opportunity Fund. The properties are situated in the C-SA zoning district and by right may allow for a base residential building that is up to three stories and ±14,580 SF. With the State of California Affordable Housing Density Bonus, the current zoning may allow for a ±21,870 SF residential building. With concessions made available to projects that contain affordable units, there is potential that a developer would be able to retain the existing structures. Alternatively, the properties may allow for the addition of detached accessory dwelling units and/or junior dwelling units.

The properties are centrally located in the student-oriented South Berkeley/Downtown Berkeley and have been designated as a Walker’s (96 Walk Score) and Biker’s (99 Walk Score) Paradise by WalkScore.com. The properties are just over four blocks from the UC Berkeley Campus which currently has more than 42,000 students enrolled, and was just ranked the # 1 university in America by Forbes. The properties provide easy access to an eclectic mix of fine dining, shopping and entertainment options along Shattuck Avenue, the main thoroughfare for Downtown Berkeley, and the ever-popular Telegraph Avenue, the heart of Berkeley’s diverse culture and the main commercial corridor for the student dominated Southside neighborhood. Just West of the Cal Campus is Downtown Berkeley which provides a nice selection of over 150 centrally located restaurants creating an active nightlife and a lively social scene. Just a few blocks East of the properties is one of Berkeley’s most popular boroughs, Elmwood. Elmwood features College Avenue, the central arterial for shopping and fine dining in Berkeley. 

The properties offer convenient access to multiple modes of public transportation including AC Transit bus stops on Shattuck Avenue and Telegraph Avenue, the Downtown Berkeley BART station (1/2-mile from the asset) and the Ashby BART station (0.9-Mile miles from the asset). The AC Transit Bus system provides UC Berkeley Students rides free of charge making any commute a breeze. In Addition, the properties also provide convenient access to both Highway 13 and Highway 24, giving the tenants the ability to commute anywhere in the Bay Area with relative ease.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1-Bed, 1-Bath 5 640 $ 1,644
2-Bed, 1-Bath 3 640 $ 2,358

Key Property Information

Listing Status
Sold
Multifamily type
Development Opportunity
Price
$ 3,965,000
Sales price
$ 4,350,000
No. of Units
8
Cap Rate
99%
GRM / GIM
99
Average Occupancy
100%
Year Built
1944
Building Size
5,172 Sq ft
Lot Size
12,150 Sq ft
No. of Stories
2
APN
055-1890-010-00, 055-1890-009-00
Zoning Code
C-SA
No. of Parking Spots
20
Buildable Sq Ft
14580.00-16870.00
Opportunity Zone
On
Price per unit
$ 495,625
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