2231 Grant Street, Berkeley, CA 94703

2231 Grant Street is a 22-unit multifamily community built in 1967 on a 0.30-acre lot in Berkeley, California. The 16,733-square-foot, elevator-served building offers a diverse unit mix of studio, one-, and two-bedroom homes ranging from approximately 350 to 900 square feet with carport parking for 10 dedicated vehicles. Utilities are individually metered for gas and electric, with water master metered, providing operational efficiency for ownership.

The property is currently 91% occupied and generates $43,025 in monthly gross rents. With a current Net Operating Income of $308,603 and a current cap rate of 6.39%, the asset presents a compelling entry point in one of the East Bay's most supply-constrained rental markets

The property's most significant upside lies in its 24% loss-to-lease, with in-place rents averaging $1,956 per month against market rents of $2,577 per month. As tenancies naturally turn over, incoming ownership has the opportunity to drive rents toward market, with a pro forma NOI of $461,300 and a pro forma cap rate of 9.55% upon stabilization representing a meaningful value-add opportunity anchored by organic, lease-driven growth.