| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 78th | Best |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2451 Shattuck Ave, Berkeley, CA, 94704, US |
| Region / Metro | Berkeley |
| Year of Construction | 2004 |
| Units | 100 |
| Transaction Date | 2019-09-16 |
| Transaction Price | $53,548,500 |
| Buyer | STERLING BERKELEY HASTE LP |
| Seller | EQR FINE ARTS BERKELEY LIMITED PARTNERSH |
2451 Shattuck Ave Berkeley Multifamily Investment
This 100-unit property benefits from Berkeley's strong rental market dynamics and high-income demographics. Neighborhood occupancy trends show resilience despite broader market pressures, according to CRE market data from WDSuite.
This Berkeley neighborhood ranks in the top 5% nationally for amenities and dining density, supporting strong tenant retention potential. With 96% of housing units occupied by renters and median household incomes of $132,517 within a 3-mile radius, the area demonstrates consistent rental demand from Berkeley's educated workforce.
The property's 2004 construction year aligns with the neighborhood average of 1940, indicating opportunities for strategic capital improvements and rent optimization. Neighborhood-level occupancy currently sits at 88%, while median contract rents of $1,932 reflect the area's premium positioning within the Oakland-Berkeley-Livermore metro.
Demographic projections within a 3-mile radius show household growth of 40% through 2028, with median incomes forecast to reach $159,455. This expanding renter pool, combined with Berkeley's elevated home values at $1.27 million median, reinforces rental demand as ownership costs keep households in the multifamily market longer.
The neighborhood's amenity density includes 78 restaurants per square mile and extensive childcare options, ranking 7th among 469 metro neighborhoods. These lifestyle amenities support tenant satisfaction and lease renewal rates in this competitive Berkeley submarket.
Crime metrics show this Berkeley neighborhood faces urban challenges typical of dense California markets. Property crime rates rank in the bottom 10th percentile nationally, while violent crime incidents have increased over the past year, reflecting broader regional trends affecting many Bay Area submarkets.
Investors should factor security considerations into operational planning and tenant screening processes. The neighborhood's walkable amenities and transit access may help offset safety concerns for many renters, but property management strategies should address resident security expectations in this urban core location.
The property benefits from proximity to major Bay Area corporate headquarters and regional offices, supporting workforce housing demand from well-compensated professionals.
- Clorox — consumer products (4.2 miles) — HQ
- Gap — retail corporate (8.5 miles) — HQ
- Salesforce.com — technology services (8.5 miles) — HQ
- Charles Schwab — financial services (8.6 miles) — HQ
- Wells Fargo — banking (8.9 miles) — HQ
This Berkeley property offers exposure to one of California's most educated rental markets, with 33.7% of nearby residents holding bachelor's degrees and household incomes 46% above national medians. The 2004 construction provides value-add renovation opportunities while avoiding major structural capital expenditures typical of older Bay Area housing stock.
Demographic growth projections show household formation expanding 40% through 2028, supporting sustained rental demand in a market where $1.27 million median home values reinforce renter reliance on multifamily housing. Commercial real estate analysis from WDSuite indicates neighborhood NOI per unit averaging $18,197, ranking in the top 5% of metro submarkets.
- High-income demographics support rent growth and lease stability
- 96% renter occupancy reinforces multifamily demand fundamentals
- Value-add potential from 2004 vintage and renovation upside
- Projected 40% household growth expands tenant base through 2028
- Crime trends and urban density require active property management