2480 Virginia St Berkeley, CA 94709

This exceptional value-add multifamily investment property presents a rare opportunity in Berkeley's coveted Northside neighborhood. Located just three blocks from UC Berkeley, this two-story building, constructed in 1949, offers 7,142 square feet of living space on a 7,350 square foot lot. The property comprises eight units—five one-bedroom and three two-bedroom apartments, one with a private balcony—averaging 819 square feet each. The units offer potential for bedroom count increases. On-site amenities include tuck-under parking for eight vehicles, a storage room with eight private storage closets, and an on-site laundry facility. The property's strategic location near UC Berkeley, coupled with the university's significant student population and housing shortage, creates high demand for updated accommodations. The building's current vacancy (100% by June 2025) provides an ideal opportunity for comprehensive renovations to capitalize on the strong rental market. The asking price is $4,235,000, representing a price per unit of $529,375 and a price per square foot of $592.97. The property boasts a Net Operating Income (NOI) of $240,344 and a 5.68% cap rate. The property's size and amenities also present potential for accessory dwelling unit (ADU) conversions to further increase unit count and rental income. This property is ideally suited for an investor seeking to leverage the robust Berkeley rental market and the significant demand for student housing near UC Berkeley. The Alameda County Assessor's Parcel Number (APN) is 058-2193-001-01.