| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 81st | Best |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2119 University Ave, Berkeley, CA, 94704, US |
| Region / Metro | Berkeley |
| Year of Construction | 2004 |
| Units | 56 |
| Transaction Date | 2016-07-26 |
| Transaction Price | $22,000,000 |
| Buyer | Mill Creek Residential |
| Seller | Equity Residential |
2119 University Ave Berkeley Multifamily Investment
Mid-2000s construction stands out in an older Berkeley core, supporting competitive leasing in a renter-heavy area, according to WDSuite’s CRE market data. Neighborhood home values sit at high levels relative to income, which tends to reinforce rental demand.
Located in Berkeley’s Urban Core, the property benefits from dense amenities and academic-adjacent demand drivers. Restaurant and cafe density ranks in the top quartile nationally, while grocery access is also strong, signaling daily convenience and walkability that supports retention and leasing velocity based on commercial real estate analysis from WDSuite.
Schools in the surrounding area post top-tier ratings (top national percentile), a differentiator for family renters and graduate households. The broader neighborhood rates A- and is competitive among Oakland-Berkeley-Livermore neighborhoods (111 out of 469), indicating solid overall fundamentals compared with many metro peers.
Construction across the neighborhood skews older (average vintage around 1940). By contrast, this asset was built in 2004, offering relatively newer systems and finishes versus the local stock. For investors, that suggests lower near-term capital needs and the potential to capture value through targeted modernization as systems age.
Renter concentration is high (renter-occupied share in the upper national percentiles), which supports a deep tenant base for multifamily. Neighborhood occupancy has trended softer in recent years versus metro norms, so underwriting should emphasize marketing execution and concessions management; however, elevated ownership costs in this high-cost market generally sustain renter reliance on multifamily housing and support long-run demand.
Within a 3-mile radius, demographics point to modest population growth and an increasing household count, alongside rising incomes and a substantial high-earning cohort. This combination expands the renter pool over time and supports pricing power, while smaller average household sizes can translate to steady demand for well-located one- and two-bedroom units.
Safety indicators for the neighborhood track below national averages (violent and property crime sit in low national percentiles), indicating elevated risk compared with many U.S. neighborhoods. Within the Oakland-Berkeley-Livermore metro context of 469 neighborhoods, this places the area below the metro median for safety.
Recent trends show a year-over-year decline in estimated property offenses, which is constructive, but levels remain elevated. Investors commonly account for this with security features, lighting, and resident engagement while weighing the area’s amenity access and employment proximity.
Proximity to established corporate employment hubs underpins steady renter demand and commute convenience for residents, notably tied to headquarters and major offices in the Oakland–San Francisco corridor. The list below reflects nearby anchors most relevant to leasing stability at this location.
- Clorox — consumer products HQ (4.8 miles) — HQ
- Gap — retail apparel HQ (8.8 miles) — HQ
- AIG — insurance (8.8 miles)
- Salesforce.com — enterprise software HQ (8.8 miles) — HQ
- PG&E Corp. — utilities HQ (9.0 miles) — HQ
Built in 2004 with 56 units, the asset is materially newer than the surrounding 1940s-average neighborhood stock, offering relative competitiveness and potentially lower immediate capital needs. Strong amenity density and top-tier schools bolster leasing fundamentals, while a high renter-occupied share signals depth in the tenant base. According to CRE market data from WDSuite, neighborhood NOI per unit trends in upper national percentiles, aligning with solid income performance for well-managed assets in this area.
Key considerations include softer neighborhood occupancy in recent years and below-average safety readings versus national benchmarks. Elevated ownership costs and sustained income growth within a 3-mile radius generally support multifamily demand, but lease management should account for affordability pressure and security measures as part of the operating plan.
- Mid-2000s vintage vs. older neighborhood stock supports competitive positioning and moderated near-term capex.
- Dense amenities and top-tier schools strengthen retention and leasing velocity.
- High renter-occupied share and proximity to major employers reinforce tenant demand depth.
- Risks: below-median neighborhood safety and softer occupancy require active leasing and security planning.