| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 78th | Best |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2161 Allston Way, Berkeley, CA, 94704, US |
| Region / Metro | Berkeley |
| Year of Construction | 2002 |
| Units | 60 |
| Transaction Date | 2022-01-28 |
| Transaction Price | $28,200,000 |
| Buyer | DWF VI VMG ALLSTON LLC |
| Seller | 2161 ALLSTON LLC |
2161 Allston Way, Berkeley CA Multifamily Opportunity
High renter concentration and a high-cost ownership market support durable apartment demand in Berkeley’s urban core, according to WDSuite’s CRE market data. Location and neighborhood amenities point to stable leasing with measured pricing power, while asset quality drives competitive positioning.
This Urban Core neighborhood rates A and is competitive among Oakland-Berkeley-Livermore neighborhoods, supported by a dense amenity base and strong schools. Restaurant density ranks 6th of 469 metro neighborhoods and park access ranks 4th of 469, placing the area in the top quartile nationally for everyday convenience and recreation. Cafes and grocery options also score well (ranks 38th and 40th of 469), aligning with resident expectations for walkable living.
The neighborhood’s housing stock skews older than average for the metro (average construction year 1940). With a 2002 vintage, the subject benefits from comparatively newer systems and curb appeal versus much of the local inventory; investors should still plan for selective modernization as the asset approaches mid-life to maintain competitive positioning.
Renter-occupied housing accounts for a high share of neighborhood units, indicating depth in the tenant base and support for multifamily demand. Neighborhood occupancy is below the metro median (ranked 450th of 469), so owners should prioritize leasing execution and resident retention, but the strong amenity context and education quality (average school ratings in the 93rd national percentile) help underpin steady demand.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, supporting a larger tenant base over the next five years. Median contract rents have risen over the past five years and are forecast to increase further, according to WDSuite’s commercial real estate analysis, suggesting continued pricing support if in-place affordability is managed thoughtfully.
Home values rank in the 99th percentile nationally and the value-to-income ratio is among the highest in the country, reinforcing renter reliance on multifamily housing in this high-cost ownership market. That backdrop supports leasing velocity and renewal capture, though elevated rent-to-income ratios warrant attentive lease management to mitigate retention risk.
Relative to the Oakland-Berkeley-Livermore metro, the neighborhood ranks 451st of 469 for crime, which is below metro average. Nationally, safety percentiles are low, signaling that operators should incorporate standard security measures and resident communication into property strategy.
Recent year-over-year indicators point to increases in both property and violent offenses. Framing this at the neighborhood—not block—level, investors typically account for this with lighting, access controls, and partnerships with local patrols, while balancing the area’s strong amenity and education fundamentals that support long-run rental demand.
Proximity to established Bay Area employers supports commuter convenience and a diversified renter pool. Key nearby anchors include Clorox, Gap, AIG, Salesforce, and Charles Schwab, which collectively add depth to demand and help sustain retention.
- Clorox — consumer products HQ (4.6 miles) — HQ
- Gap — apparel retail HQ (8.7 miles) — HQ
- AIG — insurance offices (8.7 miles)
- Salesforce.com — enterprise software HQ (8.8 miles) — HQ
- Charles Schwab — financial services offices (8.8 miles)
Built in 2002 with 60 units averaging roughly 687 square feet, the property is newer than much of the local housing stock, offering relative competitiveness in a supply set that trends older. The neighborhood’s high renter concentration, strong amenity access, and top-tier school ratings contribute to durable demand, while high ownership costs reinforce reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood NOI per unit ranks among the metro’s leaders and rent levels have trended upward, supporting a steady long-term thesis if affordability and retention are managed proactively.
Key considerations include below-metro-median occupancy at the neighborhood level and safety metrics that are weaker than regional averages. These factors warrant active leasing, resident programming, and security planning, but they are balanced by walkable amenities, income growth within a 3-mile radius, and ongoing renter pool expansion that support occupancy stability over a full cycle.
- 2002 vintage offers competitive positioning versus older neighborhood stock, with targeted upgrades to sustain performance
- High renter-occupied share and high-cost ownership market support multifamily demand depth and leasing velocity
- Amenity-rich, walkable location with strong school ratings bolsters long-term tenant retention
- Neighborhood NOI per unit and rent trends, per WDSuite, indicate capacity for steady income growth with disciplined operations
- Risks: below-metro-median occupancy and weaker safety metrics require attentive leasing and security strategies