Exceptional Berkeley 12-Unit Residential Income Property

2924 Claremont Avenue in Berkeley is a 12-unit residential income property, with an additional 13^th bonus unit, located in the desirable Claremont neighborhood of Berkeley, California.  

Built in 1922 and owned by the same owners since the early 1990s, 2924 Claremont is conveniently located near major Berkeley and North Oakland shopping, dining and recreation amenities including the Elmwood and Rockridge Districts and the Claremont Hotel Club & Spa, as well as convenient BART and freeway access.

The property consists of one 12-unit structure with a bonus non-conforming unit. The unit mix consists of nine large 1BD/1BAs units, three Studio units, and 1 non-conforming 2BD/1BA unit on the ground floor.

Per County records the building measures approximately 12,672 gross square feet and is set on a 7,100 square foot lot.

There is currently no parking with the building, and there is room on the ground floor for possible on-site laundry installation by the next owners.

Heat is provided to the units by a central boiler system with radiators in each unit.  All units are separately metered for gas and electricity and the landlord is responsible for water, sewer and garbage. The main portion of the roof on the 12-unit structure appears to be polyurethane foam, while the aprons appear to be composition shingle.

2924 Claremont presents investors with a rare opportunity to acquire a property in a coveted Berkeley neighborhood with upside potential.

The Opportunity:

• Prime Berkeley/North Oakland Location
• Upside Potential
• Blocks to Elmwood and Rockridge Amenities
• Close to Major Freeways and BART
• 5.7% CAP/11.35 GRM (Current)
• 3.3% CAP/8.42 GRM (Market)
• Strong Rent Growth Potential
• Low Vacancy Rate Area
• One Vacant 1BD/1BA Unit and 2 Vacant Studios at Close to Allow Next Owners to Bring Right to Market Rents. 

The Claremont neighborhood straddles the Berkeley and Oakland borders and features lush landscaping, curving streets that hug the canyon hills, and open space. Homes on the leafy side streets provide old-fashioned Berkeley elegance, with turn-of-the-century brown shingles, revivals, prairie-, custom contemporary-, and Tudor-styled structures offering residents a place to call home within the landscaped confines.

The landmark of this area is the majestic Claremont Hotel Club & Spa, a vast Victorian edifice perched on 22 acres in the hills. Three outdoor pools, 10 tennis courts, a full-service spa, a fitness club, and three onsite restaurants deliver stunning views, and the resort has become popular with generations of locals as a luxurious getaway.
Elmwood's shopping district on College Avenue in Berkeley offers old-fashioned shops, access to the Rockridge Bay Area Rapid Transit (BART), grocery stores, bookshops, and flower stands. Restaurants, a movies theater, and a bakery are all a short walk away. 

The Claremont Canyon Regional Preserve is 208 acres of open space managed by the East Bay Regional Park District and more than 200 acres outside of the canyon owned by the University of California, Berkeley. Garber Park, a 13-acre oak-and-bay-tree woodland south of Claremont Avenue, is owned by the city of Oakland. Trails reward ambitious hikers with panoramic views of San Francisco Bay.