Adeline Apartments
Property Address: 1831 Harmon St. Berkeley, CA 94703
Sold For: $2,350,000
Units: 6
Outstanding Mixed-Use Apartment Building in BerkeleyProperty Delivered Vacant
6% Cap Rate at Market
Incredible South Berkeley Location
Spacious 3bd Residential Units
1⁄2 Mile from Ashby BART
New Paint and Flooring
Granite Countertops, New Appliances
PROPERTY DESCRIPTION
Myerhoff & Associates exclusively presents this outstanding commercial corridor mixed-use property in the heart of South Berkeley Adeline business corridor.This elegant 1920’s style wood frame and stucco mixed-use 6-unit building is located in the burgeoning Adeline Business Corridor with favorable C-SA zoning allowing a wide variety of retail uses. Delivered entirely vacant.
The property consists of two ground floor side-by-side commercial units approximately 1200/sqft each. The upper two floors are residential units each with 3 bedrooms and 1.5 bath accessed via interior stairwell. There is a small shared backyard and rear decks off the two top floors.
THE OPPORTUNITY
Berkeley is ranked 8th highest rental market in the Bay Area and the No. 1 most expensive college town inthe country. Significant lack of housing and extremely restrictive building climate combined with exorbitant construction costs provide barriers of entry into this unique sought after market. The subject property offers an owner user or new investor the opportunity to buy into a high traffic commercial corridor at substantially below new construction costs.
PROPERTY LOCATION
Located in South Berkeley in the highly sought after Adeline business corridor and just 1⁄2 mile south of the Ashby BART station. The subject property is in an outstanding location for both Cal Berkeley students, spill over San Francisco tech workers, and owner users.