NEWS

Prime Berkeley Student Housing Strategy: 29 units sell for $690/SF

BERKELEY, CA (5/23/22) — NAI NorCal’s Chappell Team represents both Buyer and Seller in the off-market sale of a 29-unit multifamily investment property for $11.1M, located two blocks south of Berkeley’s Main Campus.

NAI NorCal’s Chappell Team is excited to announce the off-market sale of an ideal Berkeley student housing asset, 2333 Channing, a 29-unit, 16.3K SF building. Sold for $11,100,000 with a cap rate of 3.68% ($382K/unit, $680/SF, 15.11 GRM), the strong sale price reflects the high demand for well-located student housing assets.

2333 Channing is an exceptionally well-run multifamily building mostly used by students of UC Berkeley. It is located two blocks south of campus between Ellsworth and Dana. Built in 1908, the building underwent a major expansion to meet the high demand for housing close to campus. The building has been professionally managed and consists of twelve (12) 2-bedroom/1-bathroom units, eight (8) 1-bedroom/1-bathroom units and nine (9) studios.

Located six blocks from Downtown Berkeley’s BART station and two blocks from the edge of campus, the building is ideal for students going to class, commuting to an internship in the city or catching a flight at OAK or SFO airports. Students can get their basic supplies from a Target and Trader Joe’s that are about 7-9 blocks away. Also nearby are notorious food spots like Gather, La Note and Comal in addition to a plethora of coffee shops like Blue Bottle, 1951 Coffee Company and Peet’s. Younger students who want to focus their time and energy on academics will compete to fill vacancies in this building left behind by their graduating peers.

The Chappell Team comprises Principal Grant Chappell; Investment Advisor Jonathan Burmenko; Broker of Record Sam Hayes; and Investment Advisor Robert Chappell.