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31810189
31810188

2 Locations For Sale

DK
CA 01217537
Tamarack Real Estate Services
MB
Tamarack Real Estate
Listed by Tamarack Real Estate Services, Tamarack Real Estate
$3,200,000
95 days on market
Updated 2 days ago

2218 & 2222 Grant St

Details
Property Type Multifamily, Land
Sub Type Student Housing
Units 40
Pro-Forma Cap Rate 5.00%
Pro-Forma NOI $700,000
Price per SqFt $321
Buildings 2
Stories 6
Lot Size (SqFt) 9,980
Zoning R-2
Investment Type Redevelopment

2218 Grant St, Berkeley, CA 94703

Marketing description

2218 & 2222 Grant Street consists of 2 vacant homes on 9,980 sq ft of land in an R-2 zone. In order to address local and state mandated housing requirements, this represents the perfect solution for a rising modern living solution. The site is eligible for significant new density under Berkeley's recently passed Middle Housing Ordinance and when coupled with density bonus and proximity to mass transit per California State Law - SB 79 a Developer could build up to 6 stories without any parking. There are no parking requirements for this site, as it is 5 short blocks to UC Berkeley, 2 blocks from the Berkeley Police Station, 2 blocks from Traders Joes, 2 blocks from the Main Street downtown shops and eateries, and public transportation (BART). This site is currently untitled and provides a developer to design a project that takes advantage of Berkeley's recent changes in zoning - voted and passed by the Berkeley City Council that changed Berkeley's restrictive local zoning and the State of California's new Transit Law SB 79 which goes into effect July 1, 2026 and allows up to 6 stories. This legislation unlocks ministerial approval and unprecedented density for projects like this one, within 1/2 mile of major transit - BART. Modular construction will cut costs - by 1/2 or more and can be built faster. This modern living solution will be realized by utilizing and delivering the use of modular construction.

Investment highlights

  • Prime Central Berkeley Location
  • SB 79 Compliant - Up to 6 Stories | No Parking Required - Streamlined Approvals
  • Modular Construction Advantage | 30-40% Faster - Lower Risk - Higher Quality
  • High-Demand Rental Market | Ideal for Student & Workforce Housing
  • Strong Financial Returns | Target NOI: $650K-$750K - Value: $18M-$22M+
  • Speed-to-market advantage - Deliver units 12-24 months ahead of traditional projects
  • Pre-SB 79 pricing - Market has not fully priced in density + modular upside
  • Modular cost edge - Lower total development cost per unit
  • Student housing - UC Berkeley demand is permanent and growing
  • No parking burden - Eliminates $30K-$50K/unit cost
  • Scalable prototype - Repeatable modular design -> portfolio expansion potential

Listing Contacts

DK
CA 01217537
Tamarack Real Estate Services
MB
Tamarack Real Estate
Listed by Tamarack Real Estate Services, Tamarack Real Estate

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