a luxury property presented by josh dickinson
7361-7363 claremont ave, berkeley • offered at $3,450,000

Details

DETAILS
Nine-unit estate
Built 1923-1932

Lot Square Footage = 7766 + 4842 = 12,608 SF

Estate Square Footage = 4742 + 336 (garage) +  318 (ADU) + 533 (7363 Cottage) = 5929 SF

"A unique and beautifully intricate brick construction dissimilar to any other structure on Claremont, clearly built with extreme skill and preserved with care."
- Jerri Holan, FAIA, nationally-recognized architect and Berkeley Architectural Heritage Association member


Nestled into a hillside near the historic Claremont Hotel and Spa, 7361-7363 Claremont Avenue represent the romance and architecture of Berkeley in the early 1900s, yet with modern upgrades and amenities. Once part of the large land ownership of the Holabird Estate, the estate boasts unique and exceptional details including keystone arches, fireplace bricks with century old horseshoes and hidden hearth seating, grand staircases and more. In addition, a small artistic wall of Prohibition bottles can be viewed in the rear garden, a tribute to the local lore that this was once the site of Prohibition bootlegging operations. With sweeping views from almost every window, each unit has access to sundecks, balconies and a private rear garden.

7361-7363 Claremont is zoned for nine legal units, each metered separately. 7361 Claremont features a 5-plex currently with 100% occupancy, an entitled, permitted 6th unit in the right garage bay, and an entitled 7th unit, which is an expansion of the existing shed structure at the top of the property. 7363 Claremont features a quaint, studio cottage (8th unit) with floor-to-ceiling windows connecting you to nature. The 9th unit is an entitled ADU below the current cottage. 

Tucked behind the Claremont Hotel and Spa and walkable to Elmwood, Rockridge, and UC Berkeley, the secluded canyon property is just moments from the lush hiking trails of protected and serene Garber Park. Yet the cafes, stores and amenities of the Claremont District and Elmwood are around the corner, as well as access to the 13/24 freeways and AC Transit 80 to BART for commuters.

Financials

RENTAL INCOME

UNIT 1 1 BR / 1 BA $743.75
UNIT 2 1+ BR / 1 BA $891.33
UNIT 3 4 BR / 1 BA w/ laundry                      $4200
UNIT 4 3 BR / 1 BA w/ laundry                             $3850
UNIT 5 2 BR / 1 BA                                        $2285
East Garage   $300
     
UNIT 6 1BR/1BA (Garage ADU) $2500*
UNIT 7 2BR/1BA (Top ADU) $3250*
UNIT 8 Studio/1BA (7363 Cottage) $2750*
UNIT 9 1BR/1BA (7363 ADU Below Cottage) $2500*

 

 


 

 

 

* projected income

TOTALS

ANNUAL INCOME                                                 $275,641*
OPERATING EXPENSES                                        $93,718**
NET OPERATING INCOME                                  $181,923*

** Estimated at 34% of annual income


CAP RATE  5.27%
GROSS RENT MULTIPLIER  12.52

Neighborhood

Berkeley is a city that transcends its small population. While it is only the 30th largest city in California (and only 4th largest in Alameda County!), Berkeley is world renowned for academic achievement, free speech and the arts. Originally part of northern Oakland Township, the new name was adopted in 1866 after Anglican Bishop George Berkeley and applied to both the town and the College of California's new location along Strawberry Creek (later known as UC Berkeley).

Berkeley grew immensely following the 1906 San Francisco Earthquake, and again during WWII with many wartime jobs in the area at places like the Kaiser Shipyards in Richmond. Later, the city became synonymous with social change and political activism, as the hippie movement spilled out of San Francisco in the late 1960s. Berkeley was the center of national attention in 1974 when Patty Hearst was kidnapped from her apartment at 2603 Benvenue Avenue by the Symbionese Liberation Army.

Today, UC Berkeley is one of the world's top universities. The Gourmet Ghetto, inspired by places like Chez Panisse and Peet's Coffee, is a premier food destination. Brilliant masterpieces from architects Bernard Maybeck and Julia Morgan abound. Coupled with its natural amenities from the Berkeley Hills to San Francisco Bay, Berkeley is one of the most desirable places to live in the US, if not the world!

Useful Links:
City of Berkeley Homepage
Berkeley Unified School District
The Daily Californian
University of California, Berkeley

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